I-Bytes Banking industry

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I-Bytes
Banking
January Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................31
3. Rewards and Recognition Updates..................................................................................................................36
4. Customer Success Updates................................................................................................................................55
5. Partnership Ecosystem Updates.......................................................................................................................57
6. Miscellaneous Updates......................................................................................................................................69
7. Event Updates....................................................................................................................................................75

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Financial, M & A
Updates Banking Industry

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Financial, M&A Updates
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ADIB (UAE) provides US$80 million (AED 293.86 million) Sharia’a-compliant
financing to Oman Shipping Company
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has signed an agreement to
provide a US$80 million Shariah-compliant Ijara facility to Oman Shipping Company
SAOC (OSC), a member of the ASYAD Group, for the financing of two VLCC (Very Large
Crude Carriers) tankers within the OSC group. The transaction represents OSC's first Sharia
based leasing "Ijarah", as well as ADIB's ongoing commitment and ability to finance
significant assets in the marine and energy sectors.Founded in 2003, OSC is today an
international full-scale shipping company having a well-diversified fleet of 53 modern
vessels (owned and chartered-in) and is a leader in shipping transportation services. The
company's business investments and growth strategy are closely aligned with the strategic
maritime transportation interests of the Sultanate's rapidly industrialising economy.ADIB
has a strong track record of delivering several landmark and award-winning transactions for
high profile Corporate and Institutional customers from across the region. In 2019, ADIB
concluded over 15 high profile transactions across structured and syndicated finance, Sukuk,
M&A and advisory products.In the Islamic Capital Markets, ADIB acted as a Joint Lead
Manager & Bookrunner on a number of high profile Sukuk mandates including Majid al
Futtaim's first ever Green Corporate Sukuk, Warba bank and Al Dar.
Executive Commentary
Head of Ship Finance at ADIB, said: "ADIB has significant experience and expertise
working on Middle East shipping deals across the full range of industry segments. Over
the years we have been able to add significant value to partners across a wide range of
innovative structures in terms of both bilateral and syndicated facilities. Completing this
transaction with OSC is a testament to the hard work our team and we are
well-positioned to build on our track record in this specialised business in order to assist
our clients in 2020 and beyond."
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Ally Financial (USA) Declares Dividend on Common Stock
The board of directors of Ally Financial Inc.declared a quarterly cash dividend of $0.19 per share of the company's common stock, a
$0.02 per share increase relative to Ally's prior quarterly cash dividend, payable on February 14, 2020 to stockholders of record on
January 31, 2020. Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $181.5 billion in assets as of
September 30, 2019. As a customer-centric company with passionate customer service and innovative financial solutions, They are
relentlessly focused on "Doing It Right" and being a trusted financial-services provider to consumer, commercial, and corporate
customers. They are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial
services and insurance products to automotive dealerships and consumers. Their award-winning online bank (Ally Bank, Member FDIC
and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including savings,
money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). Additionally, they offer
securities-brokerage and investment-advisory services through Ally Invest. Its robust corporate finance business offers capital for equity
sponsors and middle-market companies.
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Associated Bank (USA) invests $7.5M to support affordable housing in
metro St. Louis area
Associated Bank provided $7.5 million of Low Income Housing Tax Credit (LIHTC) equity for the rehabilitation of the former Granite City, Illinois YMCA
into Edison Avenue Lofts. Only 15 miles east of downtown St. Louis, the mixed-use building is located at 2001 Edison Avenue, across the street from the
City Hall in Granite City. Rise Community Development is the developer, and Boston Capital is the tax credit syndicator for the project. Built in 1924 and
vacated in 2004 when the YMCA moved to new quarters, the building will be converted into 37 apartments and 5,000 square feet of plaza-level commercial
space. Unit mix for the residential portion will include 25 one-bedroom units and 12 two-bedroom units. Building accessibility for the Edison Avenue
project will address not only financial accessibility, but also accessibility for people with disabilities. Four of the 37 units will be fully ADA compliant, and
all units will be accessible for visits by people with disabilities. The units will be affordably priced for households earning 30 to 60 percent of the area
median income.Unit amenities will include central air conditioning, dishwasher, range, refrigerator, microwave and ceiling fan. Community amenities will
include controlled entry through a fob/cell phone intercom system, a community room, fitness center, computer room, laundry rooms, elevator, art
studios/gallery, music studio and a leasing office. Rise is a nonprofit organization that partners with communities to build stronger, more equitable St.
Louis-area neighborhoods. Rise develops both affordable and market-rate housing, particularly in neighborhoods with the potential to enhance economic
diversity. They have developed or assisted in over $721 million in neighborhood redevelopment in the St. Louis area.
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BNY Mellon (USA) Declares Dividends
The Bank of New York Mellon Corporation announced that its Board of Directors authorized dividends on its common and preferred
stock as follows: Common – a quarterly common stock dividend of $0.31 per share, payable on February 7, 2020 to shareholders of
record as of the close of business on January 27, 2020.Preferred – the following dividends for the noncumulative perpetual preferred
stock, liquidation preference $100,000 per share, for the dividend period ending in March 2020, in each case payable on March 20, 2020
to holders of record as of the close of business on March 5, 2020:
• $1,011.11 per share on the Series A Preferred Stock (equivalent to $10.1111 per Normal Preferred Capital Security of Mellon Capital
IV, each representing a 1/100th interest in a share of the Series A Preferred Stock);
• $1,300.00 per share on the Series C Preferred Stock (equivalent to $0.3250 per depositary share, each representing a 1/4,000th interest
in a share of the Series C Preferred Stock); and
• $2,312.50 per share on the Series F Preferred Stock (equivalent to $23.1250 per depositary share, each representing a 1/100th interest
in a share of the Series F Preferred Stock).
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Scotiabank (Canada) completes sale of its operations in Puerto Rico and
the U.S. Virgin Islands to Oriental Bank
Scotiabank reported that it has completed the previously announced sale of its banking operations in Puerto Rico and the
U.S. Virgin Islands to Oriental Bank, a subsidiary of OFG Bancorp. This transaction supports Scotiabank's strategic decision
to focus on operations across its footprint where it can achieve greater scale and deliver the best value for customers. The
transaction will improve the Bank's credit quality as it reduces Gross and Net Impaired Loans and increases the Bank's
common equity Tier 1 (CET1) capital ratio by approximately 5 basis points.Scotiabankis a leading bank in the Americas.
They are here for every future. They help customers, their families and their communities achieve success through a broad
range of advice, products and services, including personal and commercial banking, wealth management and private
banking, corporate and investment banking, and capital markets. With a team of more than 100,000 employees and assets of
over $1 trillion (as at October 31, 2019), Scotiabank trades on the Toronto Stock Exchange and New York Stock Exchange.
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Scotiabank (Canada) invests in Federico Santa Maria University in Chile to help advance
digital innovation skills and encourage the participation of women in the fields of STEM
Scotiabank, a leading bank in the Americas, announced today a five-year academic
partnership with Federico Santa Maria University in Santiago, Chile to create the
Scotiabank Centre for Digital Transformation. As part of this academic partnership,
Scotiabank will invest USD$1,250,000 over five years benefitting an estimated 6,000
students participating in the program. The focus of the academic partnership is to
enhance research and development in digital innovation and encourage the participation
of women in the fields of science, technology, engineering and mathematics (STEM).
According to a study by the Ministry of Women and Gender Equity in 2018, only one in
four females in Chile were enrolled in a STEM academic program and only 5% of the
STEM workforce is comprised of women. The Scotiabank Centre for Digital
Transformation will also establish a wide variety of hands-on applied initiatives such as
hackathons, capstone projects and student internships in the fields of cybersecurity,
artificial intelligence, and data analytics. This investment will also support the creation
of new events and digital courses which will ensure students are able to complement
their theoretical learning with an applied experience.
"We are very proud of our academic partnership with Federico Santa María
University, one of the most recognized academic institutions in the field of
engineering and technological sciences in the country and across the Pacific
Alliance. We look forward to continue advancing digital innovations in the fields of
cybersecurity, artificial intelligence, and data analytics and broaden the participation
of women in the important fields of science, technology, engineering and
mathematics in Chile," said Ignacio (Nacho) Deschamps, Group Head, International
Banking & Digital Transformation at Scotiabank.
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Bank OZK (USA) Announces Increased Regular Quarterly Dividend
Bank OZK announced its Board of Directors has approved a regular quarterly cash dividend of $0.26 per common share payable
January 24, 2020 to shareholders of record as of January 17, 2020. The dividend of $0.26 per common share represents an
increase of $0.01 per common share, or 4.0%, over the dividend paid in the previous quarter. Bank OZK has increased its
quarterly cash dividend in each of the last thirty-eight quarters.Bank OZK (Nasdaq: OZK) is a regional bank providing
innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Bank OZK has been
recognized as the top performing bank in the nation in its asset size 13 times in the past eight years and in 2019 was named Best
Bank in the South by Money, the personal finance news and advice brand. Headquartered in Little Rock, Arkansas, Bank OZK
conducts banking operations through more than 250 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama,
South Carolina, New York, California and Mississippi and had $23.4 billion in total assets as of September 30, 2019.
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CIBC (Canada) Announces Dividend Rates for NVCC Preferred Shares
Series 41 and NVCC Preferred Shares Series 42
CIBC announced the dividend rates applicable to its Non-cumulative Rate Reset Class A Preferred Shares Series 41 (Non-Viability
Contingent Capital (NVCC)) and Non-cumulative Floating Rate Class A Preferred Shares Series 42 (Non-Viability Contingent Capital
(NVCC)) (the "Series 42 Shares"). The fixed dividend rate applicable to the Series 41 Shares, should any remain outstanding after January
31, 2020, for the five-year period from and including January 31, 2020 to but excluding January 31, 2025 is 3.909%, payable quarterly as
and when declared by the Board of Directors of CIBC. The floating dividend rate applicable to the Series 42 Shares, should any be issued,
for the three-month period from and including January 31, 2020 to but excluding April 30, 2020 is 3.911%, payable for the period as defined
as and when declared by the Board of Directors of CIBC. CIBC has designated the Series 42 Shares as eligible to participate in the CIBC
Shareholder Investment Plan. Beneficial owners of Series 41 Shares who wish to exercise their conversion right should instruct their broker
or other nominee to exercise such right during the conversion period, which runs from January 1, 2020 until 5:00 p.m. (Eastern Standard
Time) on January 16, 2020. Any notices received after this deadline will not be valid.
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CDF (Taiwan) 2019 earnings up 64% YoY to 13-year high of NT$12.849bn,
for EPS of NT$0.88
China Development Financial (hereinafter CDF) announced that its December preliminary net profit was NT$1.092bn and that 2019 net profit totaled
NT$12.849bn, translating to EPS of NT$0.88. According to CDF, 2019 earnings grew 64% YoY to the highest level in nearly 13 years, indicating stable and
balanced development of the four profit engines of banking, securities, venture capital and insurance. The Company will continue to strengthen its subsidiaries’
competitiveness as well as product development and sales capabilities, while deepening customer relations and scale, in order to enhance stable long-term
profitability. KGI Bank saw stable contribution from net interest spread, fee income and financial trading in December, with monthly net profit of NT$267mn,
taking 2019 net profit to NT$3.606bn, up 68% YoY. The bank launched a consumer-friendly new Open Banking experience at physical branches that utilizes
digital technology with streamlined internal processes. It also rolled out an instant revolving credit loan plan and a personal credit program jointly with Taiwan
Star Telecom at year end, in hopes of bringing a new experience to customers. Driven by profit contribution from brokerage, bond and underwriting businesses,
KGI Securities posted December net profit of NT$570mn, and 2019 net profit of NT$6.062bn, up 61% YoY. KGI Securities continued to develop its wealth
management business, which generates fee income, while its bond, investment banking and derivatives products businesses also made marked improvements in
terms of profit. Aside from growth in Taiwan, overseas subsidiaries in Hong Kong, Indonesia and Thailand contributed 20% of overall profit. KGI Securities will
continue with its internationalization strategy and maintain its leadership as a regional brokerage in Asia. In 2019, KGI Securities Investment Trust had
NT$172.9bn in assets under management, up 438% YoY.
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Citigroup Inc. (USA) reported Fourth Quarter and Full Year 2019 Results and
Key Metrics
• Citigroup revenues of $18.4 billion in the fourth quarter 2019 increased 7%, reflecting the higher revenues across both GCB and ICG,
in addition to growth in Corporate / Other.
• Citigroup operating expenses of $10.5 billion in the fourth quarter 2019 increased 6%, reflecting higher compensation and
volume-related expenses, along with continued investments in the franchise, partially offset by efficiency savings and the wind-down
of legacy assets.
• Citigroup cost of credit of $2.2 billion in the fourth quarter 2019 increased 15%, primarily driven by volume growth and seasoning in
North America GCB, along with volume growth and several episodic downgrades in ICG, while overall credit quality remained stable.
• Citigroup net income of $5.0 billion in the fourth quarter 2019 increased 15%, driven by the higher revenues and the lower effective
tax rate, partially offset by the growth in expenses and cost of credit. Citigroup’s effective tax rate was 12% in the current quarter
compared to 19% in the fourth quarter 2018. Excluding the previously mentioned discrete tax items in the quarter, the tax rate would
have been approximately 22%.
• Citigroup's allowance for loan losses was $12.8 billion at quarter end, or 1.84% of total loans, compared to $12.3 billion, or 1.81% of
total loans, at the end of the prior-year period. Total non-accrual assets grew 12% from the prior-year period to $4.1 billion. Consumer
non-accrual loans declined 10% to $1.8 billion and corporate non-accrual loans grew 45% to $2.2 billion.
• Citigroup's end-of-period loans were $699 billion as of quarter end, up 2% from the prior-year period. Excluding the impact of foreign
exchange translation7, end-of-period loans also grew 2%, driven by 3% aggregate growth in ICG and GCB, partially offset by the
continued wind-down of legacy assets in Corporate / Other.
• Citigroup's end-of-period deposits were $1.1 trillion as of quarter end, an increase of 6% from the prior-year period. In constant
dollars, Citigroup’s end-of-period deposits also increased 6%, driven by 7% growth in GCB and 6% growth in ICG.
• Citigroup's book value per share of $82.90 and tangible book value per share of $70.39 each increased 10% versus the prior-year
period, driven by net income and a reduced share count. At quarter end, Citigroup’s CET1 Capital ratio was 11.7%, up from the prior
quarter, driven by a reduction in risk-weighted assets. Citigroup’s SLR for the fourth quarter 2019 was 6.2%, a decrease from the prior
quarter. During the quarter, Citigroup repurchased 69 million common shares and returned a total of $6.2 billion to common
shareholders in the form of common share repurchases and dividends.
Citi CEO said, “Our earnings of $5 billion for the fourth quarter marked a strong finish to 2019. Our full year Return on Tangible
Common Equity of over 12% exceeded our target. Due to good client engagement, we drove balanced growth across our products
and geographies, closing the year with 16 consecutive quarters of loan and deposit growth. The U.S. consumer franchise saw
continued strong growth in Branded Cards and sustained its momentum in attracting digital deposits. Investment Banking
continued to gain share and, despite a lower rate environment, Treasury and Trade Solutions grew revenue as we work to ensure
our global network remains indispensable to our clients. With increased revenues and disciplined expense management, we had
positive operating leverage, even as we continued to make significant investments in the franchise.We ended 2019 with a
Common Equity Tier One ratio of 11.7% and we are on track to deliver our commitment of returning over $60 billion of capital
to our shareholders over a three-year period. We enter 2020 in a strong competitive position, from capital and liquidity to talent
and technology. We continue to invest in areas where we see opportunities for client-led growth and in our infrastructure, in light
of the enduring need to be an indisputably strong and stable institution,”.
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Citigroup (USA) Declares Common Stock Dividend; Citigroup
Declares Preferred Dividends
The Board of Directors of Citigroup Inc. declared a quarterly dividend on Citigroup’s common stock of $0.51 per share, payable on February 28, 2020 to stockholders of record on February 3, 2020. The Board of Directors of Citigroup Inc. also declared
dividends on Citigroup’s preferred stock as follows:
• 5.950% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series A, payable January 30, 2020, to holders of record on January 17, 2020. Holders of depositary receipts, each representing one-twenty-fifth of a full preferred share, will be paid
$29.75 for each receipt held.
• 5.90% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series B, payable February 18, 2020, to holders of record on February 7, 2020. Holders of depositary receipts, each representing one-twenty-fifth of a full preferred share, will be paid
• 7.125% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series J, payable March 30, 2020, to holders of record on March 20, 2020. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid
• 6.875% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series K, payable February 18, 2020, to holders of record on February 7, 2020. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid
• 5.875% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series O, payable March 27, 2020, to holders of record on March 17, 2020. Holders of depositary receipts, each representing one-twenty-fifth of a full preferred share, will be paid $29.375
for each receipt held.
• 5.950% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series Q, payable February 18, 2020, to holders of record on February 7, 2020. Holders of depositary receipts, each representing one-twenty-fifth of a full preferred share, will be paid
• 6.300% Noncumulative Preferred Stock, Series S, payable February 12, 2020, to holders of record on January 31, 2020. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid $0.39375 for each receipt
held.
• 6.250% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series T, payable February 18, 2020, to holders of record on February 7, 2020. Holders of depositary receipts, each representing one-twenty-fifth of a full preferred share, will be paid
• 5.000% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series U, payable March 12, 2020, to holders of record on February 27, 2020. Holders of depositary receipts, each representing one-twenty-fifth of a full preferred share, will be paid
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Commerzbank (Germany) acquires comdirect equity stake and holds more than 90
percent of comdirect
Commerzbank AG will acquire an equity stake in comdirect bank Aktiengesellschaft
from institutional investor Petrus Advisers Ltd. through its subsidiary Commerzbank
Inlandsbanken Holding GmbH. The purchase price has not been disclosed.Once the
transaction has been completed, Commerzbank will hold more than 90 percent of the
shares of comdirect. Meaning that Commerzbank has reached the required investment
threshold for the merger of comdirect into Commerzbank by means of a squeeze-out
under merger law. In the course of the targeted squeeze-out, comdirect shareholders will
receive a cash compensation for their shares. By integrating comdirect, Commerzbank
aims to draw on comdirect’s strong digital expertise and innovative capability for the
benefit of all Group customers in future. The integration will also give comdirect the
opportunity to scale up its offering through Commerzbank. For the customers of
comdirect, the usual product and service quality should be maintained and in the future
they will also benefit from Commerzbank's branch presence. In addition to the strategic
advantages of a merger, Commerzbank will realise significant synergy potential as a
result of the integration.
“With the increase of our comdirect stake, we have laid the basis for a swift merger
of comdirect into Commerzbank. This is an important step to quickly and efficiently
execute the integration of our successful direct banking subsidiary and realise
significant synergies. This is a key component of our Commerzbank 5.0 strategy.
With our strong multi-channel bank we will offer comdirect’s excellent brokerage
services to all Commerzbank customers,” saysChairman of the Board of Managing
Directors of Commerzbank.
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Eastern and Southern African Trade and Development Bank signs US$ 450 Million
equiv. Middle Eastern focused Multi Tranche Syndicated Term Financing
Eastern and Southern African Trade and Development Bank one of the premier multilateral development financial institutions in Africa is pleased to announce the
successful conclusion of its US$ 272,000,000 and € 160,200,000 Multi-Tranche Syndicated Term Financing. The transaction follows and upsizes TDB’s debut Middle
East focused Conventional and Islamic syndication that was signed in December 2017. The Facilities are comprised of 2-year and 3-year bullet repayment tranches, as
well as Conventional and Islamic tranches, and have been funded in US$ and Euros. Proceeds of the Facilities will be utilised for refinancing purposes and for meeting
TDB’s trade financing and general corporate requirements. Citi, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, Mashreqbankpsc and MUFG Bank, Ltd.
acted as the Mandated Lead Arrangers and Bookrunners on the transaction. Additionally, Mashreqbankpsc acted as the Structuring Bank and Documentation Agent,
Emirates NBD Capital Limited acted as the Marketing and Roadshow agent, and First Abu Dhabi Bank PJSC acted as the Global Agent, Conventional Facility Agent
and the Investment (Islamic) Agent in relation to the Facilities. The transaction was initially launched at US$ 250 Million equiv. to investors across the GCC and has
received a strong response from the market. As a result, Facilities were oversubscribed by 1.8 times and featured participation from 20 banks across the GCC with
commitments aggregating c. US$ 702 Million equiv.. The overwhelming response to the transaction is testament to TDB’s growing global reputation stemming from
its increasing success in promoting trade, economic development and regional integration across Eastern and Southern Africa. While TDB has regularly tapped the
global syndicated loan markets in the past, this transaction represents another important milestone in the expansion of its growing investor base in the Middle East
through a longer dated issuance and helped TDB successfully tap Islamic liquidity available in the region.
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Eurobank (Greece) and doValue enter into “Europe” and “Cairo” transactions
Eurobank announces that it has signed with doValue binding agreements for: (a) the sale of 80% of its
subsidiary Eurobank Financial Planning Services (“FPS”) - project “Europe” and (b) the sale of a
portion of Mezzanine and Junior Securitization Notes of the €7.5 billion multi-asset NPE
Securitization.
The key components of Europe transaction are the following:
• Eurobank has entered into a strategic partnership with doValue for the management of its Non
Performing Exposures (“NPE”) through the sale of 80% of FPS. The remaining 20% interest in the
share capital of FPS will continue to be held by Eurobank.
• Eurobank’s Troubled Asset Group (“TAG”), part of which was up to now FPS, will be transferred to
FPS.
• Eurobank has signed a 10-year servicing contract with FPS for the servicing of €5.6bn of Eurobank’s
NPE and €5.7bn of Eurobank’s retail early arrears, as well as any future production of them.
• In addition, FPS is managing the €2 billion residential mortgage NPE securitization (project
“Pillar”), Cairo securitization and third party mandates from international investors reaching a total
perimeter of approximately €26 billion, for which it will also offer real estate management services.
• The agreement values the platform at up to €360 million. More specifically, the acquisition of the
80% interest in FPS has been valued at €248 million in enterprise value (€310 million for 100%), plus
an earn-out of up to €40 million (€50 million for 100%) linked to the achievement of certain financial
KPIs over a 10-year horizon.
Eurobank CEO said: “With this milestone agreement, we are entering the final stages towards
completion of our accelerated plan for the cleanup of our balance sheet. As Eurobank delivers on
its plan, it becomes the first Greek bank to turn the corner on the major legacy issue of the NPE
stock. We are already focusing now on financing the growth of the economy in Greece and the
region and delivering returns for our shareholders of close to 10% ROE. We are delighted for an
agreement and the beginning of a long-term partnership with doValue, which - adding FPS to its
existing business in Italy and Spain - is set to establish itself as the top loan servicer and REO
manager in South Europe.”
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First Citizens Bank (USA), Entegra Bank, Select Bank Announce Agreement for
Sale of Three Entegra Branches to Select Bank
First-Citizens Bank & Trust Company, Entegra Bank and Select Bank & Trust
Company (Select Bank) announced that Select Bank has entered into an
agreement to buy three Entegra Bank branches in Western North Carolina.
These branches are being divested as required under agreements with the U.S.
Department of Justice, Antitrust Division, and the Federal Reserve in
connection with Entegra Bank's proposed merger into First Citizens Bank.
Select Bank, headquartered in Dunn, N.C., has agreed to buy Entegra Bank's
Highlands (473 Carolina Way, Highlands, N.C.), Sylva (498 East Main, Sylva,
N.C.) and Holly Springs (30 Hyatt Road, Franklin, N.C.) branches. Select
Bank was founded in 2000 and offers a broad range of retail, small business
and commercial banking products and services at 18 locations in North
Carolina, South Carolina and Virginia. As part of the agreement, Select Bank
will assume approximately $180 million in deposits and will purchase
approximately $110 million in loans.
"Today's agreement with Select Bank represents a step forward in the
merger with Entegra. Select Bank is known for its longstanding
commitment to customer service. We'll work together to ensure a smooth
transition," said Chairman and chief executive officer of First Citizens
Bank.
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First Citizens Bank (USA) Completes Merger WithEntegra Financial Corp.,
Entegra Bank
First-Citizens Bank & Trust Company announced that its acquisition of Entegra
Financial Corp. (Entegra) was effective yesterday (Dec. 31). The 18 Entegra
branch offices will initially operate as Entegra Bank, a division of First Citizens
Bank. Entegra customers should continue to bank as they normally do at their
existing branches. At a later date, Entegra Bank accounts based at 15 branches
will be converted to First Citizens Bank's systems. In addition, within six months,
as required by the Department of Justice, three Western North Carolina Entegra
branches – Holly Springs (30 Hyatt Road, Franklin, N.C.), Highlands (473
Carolina Way, Highlands, N.C.) and Sylva (498 East Main, Sylva, N.C.) – are
being sold to Select Bank & Trust Company (Select Bank) of Dunn, N.C. These
three branches are being divested as required under agreements with the
Department of Justice and the Federal Reserve following their competitive
market analysis. Customers of these three branches will receive information from
Select Bank at a later date about the transition of their accounts.
Chairman and CEO of First Citizens Bank said: "We are pleased to welcome
the customers and associates of Entegra Bank as we build on our foundation
in Western North Carolina, Upstate South Carolina and North Georgia. The
merger will allow us to better serve customers across these markets with a
wide range of financial products and services, while maintaining the
exceptional service they expect."
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First Horizon (USA) Releases 2019 Fourth Quarter and Full Year Financial
Results
Consolidated 4Q19 highlights include:
• NII up 4% compared to 3Q19 due to higher loan accretion and lower funding costs, somewhat offset by the negative impact
of interest rates on loans (including LIBOR and Prime)
• Net interest margin (NIM) increased to 3.26% from 3.21% in 3Q19; increase due to the same factors affecting NII
• Average loan growth of 2% and average deposit growth of 1% compared to 3Q19
Regional Banking 4Q19 highlights include:
• Average loans grew 3% from 3Q19 due to increases in C&I and specialty areas, with particular strength in loans to mortgage
companies; average deposits grew 1% from 3Q19
• NII up 3% compared to 3Q19 from higher loan accretion and commercial loan growth
• Fee income up 4% compared to 3Q19
Fixed Income 4Q19 highlights include:
• ADR of $1.1 million, compared to ADR of $994 thousand in 3Q19, up 7% with growth across multiple trading desks
• Steeper yield curve and market volatility favorably impacted 4Q19 activity
• Other product revenue up 9% from 3Q19 to $15.4 million
Capital and Liquidity 4Q19 highlights include:
• Declared quarterly common dividend of $.14 per share in 4Q19; dividend payout of 37%
• CET1 grew to 9.20% in 4Q19 up from 9.01% in 3Q19
• No share repurchases in 4Q19 due to the pending merger of equals with IBERIABANK
Asset Quality 4Q19 highlights include:
• Decrease in net charge-offs compared to 3Q19 largely driven by the Regional Banking commercial portfolio
• NPLs within the Regional Banking and Non-strategic portfolios decreased $5.6 million and $4.8 million compared to 3Q19,
respectively, primarily driven by improvements in the consumer real estate portfolios
• 30+ delinquencies decreased 18% compared to 3Q19, and 23% compared to 4Q18
“First Horizon had a transformative year and delivered strong performance in 2019. Our momentum continued into the
fourth quarter as we achieved higher returns, improved profitability, balance sheet growth, and stable credit quality,” said
Chairman and CEO of First Horizon. “In 2019, we delivered on synergies created by the Capital Bank merger. Those
successes provide a solid roadmap for our planned merger of equals with IBERIABANK and the acquisition of an
additional 30 branches located in attractive markets in North Carolina, Virginia and Georgia. Looking ahead, I remain
confident in our ability to continue to deliver on our strategic priorities, build shareholder value and serve even more
customers and communities across the South.”
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First Republic Bank (USA) Declares Initial Dividend on Series J Perpetual
Preferred Stock
First Republic Bank, a leading private bank and wealth management company, announced that it has declared an initial cash
dividend of $7.441667 per share on its Noncumulative Perpetual Series J Preferred Stock. This dividend equals $0.18604167 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 30, 2020 to shareholders of record as of January 16,
2020.Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth
management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional,
relationship-based service and offers a complete line of products, including residential, commercial and personal loans, deposit
services, and wealth management. Services are offered through preferred banking or wealth management offices primarily in San
Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and San Diego, California; Portland, Oregon; Boston,
Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York, New York; and Jackson, Wyoming. First Republic is a
constituent of the S&P 500 Index and KBW Nasdaq Bank Index.
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INTL FCStone(USA) Agrees to Purchase IFCM Commodities, GmbH
INTL FCStone Inc. announced that it has acquired IFCM
Commodities, GmbH out of Hamburg, Germany, which
closed on January 2.IFCM Commodities specializes in
providing commodity price risk management solutions for
base metals serving clients across Germany and continental
Europe. They have been working closely with INTL
FCStone's Metals Division since 2011, acting as their Tied
Agent serving clients in Germany and continental Europe.
This purchase is part of INTL FCStone's overall strategic plan
to expand the company's footprint in Germany and
continental Europe in order to handle European clients and
regional metals business, post-Brexit.
Global Head of Metals at INTL FCStone commented on
today's news "After nearly a decade of working together
with INTL FCStone's Metals Team as a strategic partner
handling their German client base and trade flows, we look
forward to making our partnership with IFCM
Commodities official. This is a critical step in our overall
strategy to prepare our business lines for any potential
disruption due to upcoming regulatory changes that will
impact Europe."
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INTL FCStone(USA) Acquires GIROXX GmbH in Germany
INTL FCStone Inc. announced that its London-based subsidiary, INTL
FCStone Ltd., executed a sale and purchase agreement to acquire
GIROXX GmbH in Frankfurt, Germany. Closing is conditional upon the
approval of the BundesanstaltfürFinanzdienstleistungsaufsich.Through
its digital platform, GIROXX GmbH provides online payment and
foreign exchange hedging services to small and medium sized
enterprises (SME's) in Germany, Austria and Switzerland. INTL
FCStone offers a wide range of financial services including advisory and
execution services in commodities, which will be offered to GIROXX's
corporate client base. This purchase completes a series of acquisitions
and company restructuring to ensure that all clients of INTL FCStone Ltd
are secure with their continuity of service and market access, and are
100% unaffected by Brexit.
Global Head of INTL FCStone's Global Payments Division,
commented on today's news, "Our objective is to offer SME's the
ability to hedge all parts of their production processes, and to allow
these corporates to have access to a digital payments and hedging
platform. We are clearly one of the first in this market segment to
offer such a comprehensive offering and we are excited about this
opportunity."
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NLB and KBC (Belgium) sell their stakes in life insurer NLB Vita to Sava Re
In a joint process, Nova Ljubljanskabanka (‘NLB’) and
KBC Insurance NV (‘KBC’) have agreed to sell their
respective stakes in the Slovenian 50/50 life insurance joint
venture NLB Vita to Sava Re, parent company of the Sava
Insurance Group, one of the top three insurance groups in
the Adria region. In doing so, KBC will completely
withdraw from Slovenia, a non-core market to KBC. At the
same time, NLB is fulfilling its last commitment towards
the European Commission with regard to the state aid
proceedings.
KBC Group CEO, commented as follows: “We welcome
today’s agreement with Sava Re. The deal, which will
have a negligible impact on KBC Group’s results, fits in
perfectly with our strategy to focus on our core markets.
This focus lies on retail clients, small and medium sized
enterprises and midcaps in Belgium, the Czech Republic,
Slovakia, Hungary, Bulgaria and Ireland. We are
convinced that, with the support of its new owner, NLB
Vita will be able to successfully continue developing its
business activities.”
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KeyCorp (USA) Declares Quarterly Cash Dividend On Common
Shares And Preferred Stocks; Sets Annual Meeting Date
KeyCorp announced that its Board of Directors declared the following dividends for the first quarter of 2020:
• A cash dividend of $0.185 per share on the corporation's outstanding common shares. The dividend is payable on March 13, 2020 to holders of record of such
common shares as of the close of business on March 3, 2020;
• A dividend of $312.50 per share (equivalent to $12.50 per depositary share on the corporation's outstanding Fixed-to-Floating Rate Perpetual Non-Cumulative
Preferred Stock, Series D, payable on March 16, 2020 to holders of record as of the close of business on March 2, 2020, for the period commencing on (and including)
December 15, 2019 to March 15, 2020;
• A dividend of $15.3125 per share on the corporation's outstanding Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E, payable on March
16, 2020 to holders of record as of the close of business on March 2, 2020, for the period commencing on (and including) December 15, 2019 to (but excluding) March
15, 2020;
• A dividend of $14.1250 per share on the corporation's outstanding Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F, payable on March 16, 2020 to
holders of record as of the close of business on March 2, 2020, for the period commencing on December 15, 2019 to March 15, 2020; and
• A dividend of $14.0625 per share on the corporation's outstanding Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G, payable on March 16, 2020 to
holders of record as of the close of business on March 2, 2020, for the period commencing on (and including) December 15, 2019 to (but excluding) March 15, 2020.
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National Bank of Canada Announces Dividend Rates for First Preferred
Shares, Series 32 and 33
National Bank of Canada announced the dividend rates applicable to the Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 32 (the
"Series 32 Preferred Shares") and the Non-Cumulative Floating Rate First Preferred Shares, Series 33 (the "Series 33 Preferred Shares").Holders
of Series 32 Preferred Shares, should any remain outstanding after February 15, 2020, will be entitled to receive fixed rate non-cumulative
preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank and subject to the provisions of the
Bank Act (Canada). The dividend rate for the five-year period commencing on February 16, 2020 and ending on February 15, 2025 will be
3.839%, being equal to the sum of the five-year Government of Canada Bond yield (1.589%) plus 2.25%, as determined in accordance with the
terms of the Series 32 Preferred Shares. Holders of Series 33 Preferred Shares, should any be issued on February 15, 2020, will be entitled to
receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank
and subject to the provisions of the Bank Act (Canada). The dividend rate for the three-month period commencing on February 16, 2020 and
ending on May 15, 2020, will be 3.898%, being equal to the sum of the 90-day Government of Canada Treasury Bill yield (1.648%) plus 2.25%,
calculated on the basis of actual number of days elapsed in such quarterly floating rate period divided by 365, as determined in accordance with
the terms of the Series 33 Preferred Shares.
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Nordea (Sweden) to acquire SG Finans
Nordea has entered into an agreement with Société Générale to acquire all shares in SG
Finans AS and intends to combine the business with Nordea’s pan-Nordic finance
company, Nordea Finance. SG Finans is a Norwegian domiciled subsidiary of Société
Générale and provides equipment finance and factoring solutions. SG Finans has 360
employees and operates in Norway, Denmark and Sweden. The acquisition of SG Finans
fits well into Nordea’s priority to focus on core business in the Nordics. The acquisition
supports Nordea’s new phase – to drive income growth initiatives, optimise operational
efficiency and create great customer experiences – communicated at Nordea’s Capital
Markets Day in October.The agreed purchase price for SG Finans amounts to EUR 575
million which values the company at a price-to-book multiple of 1.07x. The purchase
price will be adjusted for the equity generated up until closing. The transaction is
expected to have a positive impact on total annual income by about EUR 140 million and
consume about 35-40 bp of the Common Equity Tier 1 ratio for the Nordea Group. The
transaction is also expected to result in a minor increase in the Nordea Group’s earnings
per share and return on equity.
We are happy to announce this transaction. SG Finans runs a successful business
with very satisfied customers in three of our four home markets. This acquisition
strengthens our ability to advice and help small and medium-sized corporates with
their financial needs, says President and Group CEO of Nordea.
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Nordea (Sweden) has completed sale of LR Realkredit
Nordea announced on 11 April 2019 that the bank had entered into an agreement to sell all its shares in the Danish
mortgage institution LR Realkredit A/S to Nykredit. As previously announced, the transaction was subject to
customary regulatory approvals. Those approvals have now been received and the transaction was completed. As
stated in the press release dated 11 April 2019, Nordea is selling its shares in LR Realkredit to focus on its core
business and to find a better long-term solution for LR Realkredit. The purchase price for Nordea’s 39 per cent of
LR Realkredit amounts to approximately DKK 1.1 billion. The transaction generates a capital gain of EUR 138
million for Nordea, net of tax, at closing of the transaction.
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Piraeus Bank Group (Greece) Successfully Approves Property Sales of
€3,18 Million for 30 assets via E-bidding
Piraeus Real Estate, in cooperation with Piraeus Bank and Piraeus Leasing, completed its eigth e-bidding in November. Piraeus Bank
Group approved the sale of 30 properties, with the sale price for these properties totalling €3,18 million. The success of the latest
e-bidding is within the framework of Piraeus Bank Group real estate assets active management approach. More than 260 individuals and
legal entities expressed an interest in participating in the eighth open electronic auction. Throughout its open e-auctions, Piraeus Bank
offers financing to interested buyers.Piraeus Real Estate S.A. the Piraeus Bank Group innovative property auction website. Prior to
auction day, offers are considered on all properties at the published “Buy Now” price. Following the payment of a deposit on the Buy
Now offers, the relevant properties are removed from the e-auction website ahead of auction day. Those properties receiving more than
one “Buy Now” offers are dealt with on a first come, first served basis. In the period leading to the auction, prospective buyers can visit
the properties on prearranged dates (open days). Additional open days are held for properties that generated increased interest. Real
estate agents can become cooperating agents and register their clients via the platform.
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PNC (USA) Declares Dividend Of $1.15 On Common Stock
The board of directors of The PNC Financial Services Group, Inc. declared a quarterly cash dividend on the common stock of $1.15 per share. The
dividend will be payable Feb. 5, 2020, to shareholders of record at the close of business Jan. 17, 2020. The board also declared a cash dividend on the
following series of preferred stocks:
• Series B: a quarterly dividend of 45 cents per share will be payable March 10, 2020, to shareholders of record at the close of business Feb. 14, 2020.
• Series O: a semi-annual dividend of $3,375.00 per share ($33.75 per each depositary share, 100 of which represent one share of Series O preferred
stock) with a payment date of Feb. 1, 2020, will be payable the next business day to shareholders of record at the close of business Jan. 17, 2020.
• Series P: a quarterly dividend of $1,531.25 per share ($.3828125 per each depositary share, 4,000 of which represent one share of Series P preferred
stock) with a payment date of Feb. 1, 2020, will be payable the next business day to shareholders of record at the close of business Jan. 17, 2020.
• Series Q: a quarterly dividend of $1,343.75 per share ($.3359375 per each depositary share, 4,000 of which represent one share of Series Q preferred
stock) with a payment date of March 1, 2020, will be payable the next business day to shareholders of record at the close of business Feb. 14, 2020.
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PNC (USA) Reports Full Year 2019 Results
• Net income was $1.4 billion, a decrease of $11 million, or 1 percent.
• Total revenue of $4.6 billion grew $116 million, or 3 percent.
• Net interest income of $2.5 billion decreased $16 million, or 1 percent, due to lower loan and
securities yields substantially offset by lower rates on deposits and borrowings.
• Net interest margin decreased 6 basis points to 2.78 percent.
• Noninterest income of $2.1 billion increased $132 million, or 7 percent.
• Fee income of $1.7 billion increased $18 million, or 1 percent, driven by higher asset management
revenue and corporate service fees partially offset by lower residential mortgage revenue and
consumer service fees.
• Other noninterest income of $456 million increased $114 million reflecting higher revenue from
private equity investments and a gain on the sale of proprietary mutual funds partially offset by
negative derivative fair value adjustments related to Visa Class B common shares.
• Noninterest expense of $2.8 billion increased $139 million, or 5 percent, driven by equipment
expense for technology-related write-offs and benefits expense, including a year-end employee award
of an additional contribution to health savings accounts.
• Provision for credit losses of $221 million increased $38 million, or 21 percent, due to both the
consumer lending portfolio and reserves attributable to certain commercial credits.
• The effective tax rate was 15.1 percent for the fourth quarter compared with 17.5 percent for the
third quarter, and 16.4 percent for the full year 2019.
"PNC delivered excellent results in 2019 against the backdrop of continued change across our
industry. Earnings per share increased and we generated record revenue and positive operating
leverage for the year. Expenses were well controlled and our efficiency ratio improved. We
increased loans and deposits and leveraged our strong product set to grow clients in existing and
new markets. At the same time, we made important investments in the development of our
employees and their careers and to support employees' health and wellness and long-term
financial wellbeing. With the announced increase to our authorized share buybacks, we are well
positioned with capital flexibility for the opportunities and challenges ahead as we remain
focused on creating long-term shareholder value by doing what is best for our customers." Said
PNC Chairman, President and Chief Executive Officer
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U.S. Bancorp reports fourth quarter and full year 2019 results
4Q19 Highlights:
• Net income of $1,486 million and diluted earnings per common share of $0.90 for 4Q19,
including $272 million of notable items, net of taxes, representing a decrease of $0.18 per
diluted common share
• Returned $2,947 million of earnings in 4Q19 to shareholders through dividends and an
expanded share buyback program
• Average total loans grew 0.8% on a linked quarter basis
• Average total deposits grew 1.9% on a linked quarter basis and 6.6% year-over-year
• Nonperforming assets decreased 15.3% on a linked quarter basis and 16.2% year-over-year
FY19 Highlights:
• Full year record net revenue of $22,986 million and diluted earnings per common share of
$4.16
• Full year average total loan growth was 3.6%, 4.2% excluding loan sales during 2018
• Full year average total deposits grew 4.0% during 2019
• Positive operating leverage for full year 2019, excluding notable items, with net revenue
increase of 2.5% and noninterest expense increase of 2.4%
U.S. Bancorp Chairman, President and CEO said, “As our fourth quarter financial
results indicate we ended 2019 on a good note and we enter a new year, and a new
decade, in a strong position. Our focus on value creation supported continued customer
acquisition and deepening of existing relationships across our franchise, which in turn
drove strong account and volume growth in our fee businesses and strong loan and
deposit growth in our banking businesses. During the quarter, we returned $2.9 billion
of earnings to shareholders through dividends and an expanded share buyback program.
We remain committed to delivering best-in-class products and services and this coming
year we will continue to enhance our digital capabilities aimed at improving the
customer experience and making it simpler and more productive to do business with us.
I want to thank our employees for all their hard work in building the solid foundation
from which we will grow in 2020 and beyond.”
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VTB Group (Russia) announces IFRS results for November and 11 months of
2019
• Total assets amounted to RUB 15.7 trillion as of 30 November 2019, up 6.2% year-to-date, including
growth of loans and advances to customers (hereafter before provision charge for credit losses and
other provisions) of 3.8% year-to-date to RUB 11.9 trillion.
• Retail lending increased by 14.4% year-to-date, and decreased by 1.2% in November on the
backdrop of general slowdown of consumer lending.
• In 11M 2019 loan portfolio to legal entities remained flat year-to-date and increased by 0.4% in
November. At the same time the Group achieved robust loan growth in SME segment where the loan
book grew by 13.0% year-to-date.
• Deposits from legal entities increased by 10.9%, while deposits from individuals increased by 11.0%
year-to-date significantly outperforming the average market indicators.
• The share of customer funding in the Group’s total liabilities reached 82.2% as of 30 November
2019 (31 December 2018: 78.6%). Out of total funding from customers 42.4% was raised from
individuals as of 30 November 2019.
• As a result of accelerated growth of customer funding in 2019 the ratio of loan portfolio to customer
funding (LDR ratio) dropped to 96.4% as of 30 November 2019 (31 December 2018: 102.8%).
• As of 30 November 2019 the Group’s market share in Russia in corporate and retail funding was
21.5% (up 80 bps year-to-date) and 15.1% (up 110 bps year-to-date), respectively.
First Deputy President and Chairman of VTB Management Board, said:“In November we saw
continuation of core profitability growth trend on the backdrop of net interest margin expansion,
slowing down of costs growth, improvement of asset quality and further strengthening of balance
sheet structure. The Group’s net profit in November 2019 was RUB 17.8 billion which
corresponds to ROE of 13.3%. The results of November and 11M 2019 support our full year net
profit guidance of RUB 200 billion”.
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Solutions Updates
Banking Industry

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Arab Bank (Jordan) Launches Special Promotional Campaign For Arab
Bank - Royal Jordanian Visa Platinum Credit Card
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Solution Description
Arab Bank has launched a special promotional campaign entitled “The trip of a 100 thousand miles begins with Arab Bank - Royal Jordanian Visa Platinum
Credit Card” in collaboration with Royal Jordanian. This comes as part of the bank’s constant efforts to reward Visa Platinum credit cardholders with
value-added promotions that meet their needs and expectations. The campaign, which will run until February 15th, 2020, entitles Arab Bank – Royal
Jordanian Visa Platinum credit cardholders to double their miles for each transaction made using their Visa Platinum credit cards during the campaign period.
The campaign also entails a raffle draw scheme offering prizes up to 100,000 miles to five winners within Royal Jordanian’s frequent flyer program “Royal
Club”, which can be redeemed for airline tickets and upgrades when travelling with Royal Jordanian or any partner of the “oneworld” alliance.Isaac further
noted that the Frequent Flyer Program was recently updated to provide its members with the ability to redeem accumulated travel miles for vouchers through
the Royal Club e-store and explore the various options listed from a range of merchants. This is in addition to offering a wide range of products for customers
to gift their family and friends during the festive season as the offer is valid until February 2020. It is worth mentioning that Arab Bank – Royal Jordanian
Visa Platinum Credit Card provides a wide range of benefits to its holders, including worldwide acceptance, “LoungeKey” service providing complimentary
airport lounge access, in addition to many more offers from the “Visa Premium Privileges” program and easy access to credit card accounts anytime through
both “Arabi Mobile” and the bank’s internet banking service, “Arabi Online”.

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ICICI Bank (India) launches India’s largest API Banking portal with
nearly 250 APIs
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ICICI Bank announces the launch of an API Banking portal, consisting the maximum number of virtual APIs (application programming interfaces) put together by any
Indian bank. It enables partner companies to co- create innovative customer solutions in a frictionless manner and in a fraction of time usually taken for such integration,
thereby significantly increasing their productivity. APIs are a set of instructions, which enable third party applications to communicate with the Bank’s various
technology applications and collaborate to bring in new customer propositions. The ‘ICICI Bank API Banking portal’, which consists of 250 APIs, enables developers
of prospective partner companies across the globe to seamlessly sign up on it, create an application, select the application, test it out and get the sample code. With this,
businesses, fintechs, corporates and e-commerce start-ups can easily partner with the Bank and co- create innovative customer solutions in a frictionless manner, all from
the convenience of a single portal. The usage of ‘ICICI Bank API Banking Portal’ simplifies the process of digital collaboration for a partner company with the Bank
and reduces the time taken to develop a business solution to a few days. This significantly raises productivity for partner companies. Typically, an API integration would
take a few months. The APIs are available across an array of categories including payments & collections like IMPS, UPI payment/collection, accounts & deposits and
cards & loans. After testing the solution on the sandbox environment, developers can upgrade to the UAT environment for end to end real-time testing, post signing an
NDA with the Bank. Additionally, the portal incorporates a detailed workflow for conveniently moving the API solution to the final production stage, thereby eliminating
the hassles of manual to and fro. The ‘ICICI Bank API Banking portal launch is a step towards bringing in the benefits of ‘Open Banking’ in the industry, which is
regarded as a key enabler to drive speedy tie ups and digitisation in the country.

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Northern Trust (USA) Asset Management Launches Sustainable
Quantitative Solutions
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Northern Trust Asset Management, one of the world’s leading investment managers, announced the further expansion of its sustainability strategies, enabling
institutional investors to combine Environmental, Social and Governance (ESG) investing solutions with the manager’s expertise in quantitative investing across
developed and emerging markets. The Emerging Markets Quality Low Carbon Strategy aims to tackle climate change risk while enhancing performance through
the integration of Northern Trust’s proprietary Quality factor, which targets companies that are efficiently managed, profitable, and have strong cash flows.
Designed to invest at the intersection of low carbon and high quality, the strategy is an example of Northern Trust’s approach of delivering quantitative investment
solutions that focus on the efficient use of risk – without sacrificing performance. Driven by client demand, the strategy is executed using the investment manager’s
proven record of innovation in ESG and quantitative investing.The Emerging Markets Quality Low Carbon Strategy provides investors an environmentally cleaner
exposure to emerging markets equities with a carbon intensity reduction target of 70 percent.Other strategies, including Europe Value ESG, North America Value
ESG or Emerging Markets Multifactor ESG, incorporate a set of norm-based and business-involvement screens. Within an end-to-end risk management
framework, the strategies employ a proprietary multi-factor model using value, quality and momentum to score all investable constituents.Northern Trust Asset
Management also recently announced it had launched a World Green Transition Index Strategy, Small Cap ESG Low Carbon Index Strategy and has added thermal
coal screens to its existing suite of Custom ESG Index Strategies to align with evolving investor preferences.

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QIB (Qatar) launches First-of-Its-Kind Instant Credit Card through its
award-wining Mobile App
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Qatar Islamic Bank (QIB) announced the launch of a new 'Instant Credit Card' service that is available through its award-winning mobile app. The innovative service,
which is a first-of-its-kind in Qatar, offers pre-approved QIB customers the opportunity to instantly apply, get approval and receive a credit card tailored to their specific
needs. Eligible customers receive an SMS or notification via the Mobile App to let them know that they are qualified to apply for an instant credit card. Through QIB’s
mobile app, each customer is offered the credit card that best suits their needs and meets their credit criteria. A summary of features and benefits on each credit card is
displayed to help the customer make an informed decision on which card to pick. The customer can then choose to receive their new credit card the next business day
from the C-Ring Service Center, or have it delivered to their doorstep by Q-Post. Within just a few simple steps, the whole process to apply and get the approval for a
new credit card is completed in a couple of minutes.Over the past few years, QIB has taken strides in facilitating and accommodating customers’ digital needs. QIB's
ever-evolving innovative products and solutions offer customers a technology-driven and seamless digital banking journey. As a first step, QIB’s "Digital Onboarding"
process allows new customers to start a relationship with the Bank by opening a Current, Savings or Misk account through QIB’s Mobile App. Interested customers have
only to download the app and use QIB's digital identification technology to scan their Qatari ID (in addition to Passport for Expatriates), take a selfie and fill a few
personal details. Thereafter, they can start taking advantage of all the digital solutions that the Bank offers, including "Instant Financing" which is a fully-digital process
allowing pre-approved customers to get personal financing in a few clicks through QIB’s Mobile App.

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Credit Suisse (Switzerland) establishes SCALE Aviation to provide
conduit financing and liquidity to aviation industry
35
Credit Suisse announces the establishment of a new wholly-owned subsidiary, SCALE Aviation (SCALE). Headquartered in Dublin, Ireland,
SCALE will focus on supporting Credit Suisse’s clients in driving increased aviation investment and facilitating seamless execution of
aviation transactional activity. Credit Suisse's establishment of SCALE is a complementary extension of our existing Global Markets
Securitized Products' industry leading trading, distribution, financing, and risk management platform.SCALE will be an aviation conduit and
liquidity provider for investors, aircraft lessors, airlines, and aviation manufacturers, facilitating aviation asset acquisitions, dispositions,
capital markets financings, and investments. Targeting short-term warehousing of aviation assets, SCALE will assist aviation industry clients
with fleet transitions, financing, and ease of execution to provide greater execution certainty around portfolio trading activities. Utilizing a
global network of relationships in Credit Suisse’s leading wealth management platform as well as other divisions, SCALE's distribution of
aviation assets, and associated financing, will facilitate a broader investor base in aviation.SCALE is not an aviation lessor and will not be
building a long term investment portfolio of aircraft. We look forward to expanding our capabilities to serve our clients once SCALE
commences operations.

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ANZ (Australia) receives highest possible Foreign Currency rating in
Vietnam
36
ANZ Bank Limitedannounced that it has received the highest possible Foreign Currency rating outcome of “BB”
from Fitch, and a “BBB-” Local Currency rating.ANZVL operates in Vietnam as a locally incorporated subsidiary
of Australia and New Zealand Banking Group Limited (ANZ). Fitch Ratings is a leading provider of credit ratings,
commentary and research.Country Head Vietnam, said the Foreign Currency rating is capped at Vietnam’s
sovereign rating of BB.Vietnam is an important part of ANZ’s International network and today’s positive rating
outcome is a strong affirmation of our well-established business in the country. We look forward to continuing to
serve our Institutional customers in Vietnam and supporting their trade and capital requirements.”
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Arab Bank (Jordan) Awarded “Middle East’s Best Corporate Social Re-
sponsibility” By Emea Finance
37
EMEA Finance Magazine, headquartered in London, has awarded Arab Bank “Middle East’s Best Corporate Social Responsibility
program 2019”. The award was presented in recognition of the bank’s remarkable achievements and commitment to its sustainability
strategy.The Corporate Social Responsibility (CSR) award recognizes a single bank in the region that demonstrates a sustainable and
consistent CSR program, which provides a real and quantifiable impact on the community it operates in. Arab Bank was selected for
this award based on a number of important factors, including: a clear strategic vision and achievable objectives for the CSR program,
and the presence of external reference points in the development and execution of the program such as the standards of the Global
Reporting Initiative (GRI), one of the most widely recognized guidelines for reporting.It is worth noting here that Arab Bank has been
issuing its sustainability report annually since 2010 in accordance with the latest guidelines of the Global Reporting Initiative (GRI)
Sustainability Reporting Standards, one of the most recognized standards for reporting worldwide, reflecting the highest levels of
transparency and disclosure.
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ANB (Saudi Arabia) and ANB Invest win two prestigious awards
38
World Finance, the London-based internationally reputed financial and banking industry magazine, named Arab National
Bank “Best Retail Bank in Saudi Arabia – 2019” for the second year in a row. The magazine also named ANB Invest, the
investment arm of the bank, the “Most Focused Brokerage House in MENA”.World Finance is an international bi-monthly
print and online magazine providing comprehensive coverage and analysis of the financial industry, international business
and the global economy. The Magazine grants annual awards to various banking and investment sectors around the globe thru
a panel of judges comprising an elite group of subject matter experts. Determination of the winners for this year was based on
a set of core standards, including institution’s ability to return sustainable, consistent growth rates, plan effectively, innovate
new products and services, and enrich customer relationship and experience.
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BPI (Portugal) elected No. 1 in the Consumer Choice and Five Star
Awards
39
BPI has just been distinguished simultaneously as No. 1 in the category of Large Banks in the Consumer Choice Award 2020 and Five
Star Award 2020. Both awards distinguish brands based on surveys conducted with Portuguese consumers. In Consumer Choice,
attributed by ConsumerChoice, BPI was the Big Bank with the highest score in the attributes that matter most to consumers, such as: Low
Maintenance Costs, Service Quality, Brand Credibility, Speed of Service, Quality of Service, Transparency, Associated conditions, and
Quality of Facilities. The assessment involved 1102 consumers through mystery shopper audits, with BPI having the best overall
assessment of the five Major Banks operating in Portugal, the respondents gave BPI the best rating, with an overall satisfaction of
76.13%. The Five Stars Award results from the global appreciation of 1,312 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 field of market research. BPI obtained the title of Five Star Brand, in the category of Large Banks, with an
overall score of 71.7%, highlighting the leadership in the criteria of Satisfaction and Recommendation.
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Bank Muscat’s Asalah Priority Banking wins Signature Luxury 100
Award
40
Bank Muscat, the flagship financial services provider in the Sultanate, has won the Signature Luxury 100 award for its Asalah Priority Banking services. The Award was
received by Abdulnasir al Raisi, DGM – Premier Banking, Bank Muscat, at a grand ceremony attended by dignitaries and corporate leaders. The Signature Luxury 100
is a unique list of iconic luxury products and services that embodies the spirit of luxury. The annual list is drawn up from a number of luxury products and services that
have impressed consumers and are vetted by experts and award jurists.Bank Muscat’s Asalah Priority Banking is distinguished by access to highly personalised services
and products backed by qualified Relationship Managers (RMs) at 32 exclusive Asalah Priority Banking centres across the Sultanate. The Asalah platform delivers
outstanding service thanks to its dedicated RMs who are well trained to deliver the right solutions for each of its customers.Other premier and exclusive lifestyle benefits
include airport lounge access to more than 1,000 lounges globally, global concierge service, chauffeur service to and from Muscat International Airport, the premium
Asalah Entertainer App which has more than 2,300 “Buy 1, Get 1 Free” offers as well as offers and discounts at fine dining, entertainment, leisure, beauty and wellness
outlets. Asalah customers are also entitled to free multi-trip travel insurance for themselves as well as their immediate family members. Asalah Credit Card holders along
with a guest are entitled to free access of the Primeclass Lounge at Muscat International Airport and the Plaza Premium lounge at Salalah Airport.Asalah customers also
have access to an integrated wealth management platform through which they can invest in all classes of global assets. In addition to this, they can also access many
banking services from the comfort of their homes or offices through tablet banking, which helps with banking requirements such as opening an account, credit card
applications, consumer and auto-finance as well as bancassurance products.
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Bank Muscat (Oman) wins Oman’s Most Trusted Brand Award for fourth
consecutive time
41
Bank Muscat, the flagship financial services provider in the Sultanate, has won Oman’s Most Trusted Brand award in the banking segment for the
fourth year in running. The award endorsed top performing brands in Oman, based on public feedback obtained in a survey conducted by Apex
Media. Larger in scale, this year's awards generated over 700,000 votes in nearly 40 different categories. The online survey was conducted using
Surveymonkey, the platform used by 98 per cent of Fortune 500 companies for their surveys and market research.The brand recall for Bank Muscat
in the survey was among the highest. The survey respondents, which included Omanis and expatriates, endorsed Bank Muscat as their most trusted
banking partner in Oman. The survey findings indicated superb brand exposure and a clear competitive advantage in the brand space.As reflected
in the brand, Bank Muscat is differentiated as an Omani bank closer to the needs and requirements of its customers in the Sultanate. The brand has
ensured that it reflects a successful partnership to complement customer service excellence in line with its vision.Bank Muscat is a modern icon of
banking excellence that is marked by consistent innovation and strategic marketing initiatives. Catering to the largest range of customers in the
Sultanate, both traditional as well as a tech-savvy young population, Bank Muscat has adopted many innovative ways to build its brand. The bank
uses both traditional as well as non-conventional media like social media in taking its brand, products and services to everyone in the country.
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Money names Bank OZK (USA) “Best Bank in the South”
42
Money has named Bank OZK “Best Bank in the South” in its annual Best Banks rankings. The personal finance
brand and website, formerly published as Money magazine, ranked America's Best Banks in eight regions of the
country. Its winners were chosen based on a combination of modern-day convenience, quality checking and
savings account options, competitive ATM fees, and above-average customer service based on J.D. Power’s
2019 Customer Satisfaction study.Bank OZK has been named the top performing bank in the country in its asset
size category thirteen times over eight consecutive years by national organizations including Bank Director
Magazine, ABA Banking Journal and S&P Global Market Intelligence. Additionally, Forbes named Bank OZK
to its World’s Best Bank list in 2019.
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BDO (Philippines) is the PH’s Strongest Bank for 2nd straight year
43
BDO Unibank, Inc. keeps its #1 position in the local banking industry after The Asian Banker named it 2019’s Strongest Bank by Balance Sheet
in the Philippines for the second straight year.The Asian Banker Strongest Banks by Balance Sheet is “the most comprehensive annual evaluation
that captures the quality and sustainability of the balance sheets of the banks in the Asia Pacific, Middle East, and Africa regions.” Banks are rated
on a scale of 0-5 and ranked based on the following performance indicators: scale, balance sheet growth, risk profile, profitability, asset quality,
and liquidity. The Asian Banker underscored BDO’s healthy balance sheet and profit as well as its low non-performing loan (NPL) ratio and high
loan loss reserves to gross NPLs ratio. The country’s largest bank* recently reported growth in third quarter earnings at P32.1 billion from the
previous level of P21.5 billion in the same period last year. The bank attributes its net income to the expansion of its recurring core revenues,
complemented by the sustained increase in fee incomes and life insurance premiums. It translates to a Return on Common Equity (ROCE) of
12.5%, compared to 9.5% in 9M18. While its nine-month net income brings it closer to its full-year earnings guidance of P38.5 billion, the bank
remains steadfast in capitalizing on the country’s solid economic pace and growth opportunities in underserved and emerging markets, leveraging
its focused growth strategy, strong business franchise, solid balance sheet, and extensive geographic reach.
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SM, BDO (Philippines) cited in The Asset ESG Corporate Awards
44
SM Investments Corporation (SM) and BDO Unibank, Inc. were recognized as leaders in corporate sustainability with a Platinum
Award in the 2019 The Asset ESG Corporate Awards. Both corporates received the highest honor, Platinum Awards for the 9th
consecutive year. The Asset ESG Awards are the longest running ESG awards in Asia by leading research house, Asset Benchmark
Research (ABR). The awards are a rigorous benchmarking service for the region’s listed companies evaluated based on financial
performance, quality of governance, social responsibility, environmental responsibility, and investor relations. SM and BDO were
rated highly in these metrics, joining top corporates in the region for Excellence in Environmental, Social, and Governance
performance. The Asset also recognized SM Investor Relations Team as one of the 13 Best Investor Relations Team Awardees in the
region for their contribution and effective communication in addressing investors’ concerns. The awardees of The Asset ESG
Corporate Awards 2019 were honored at a gala dinner at the Four Seasons Hotel in Hong Kong on December 5, 2019.
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BDO (Philippines) wins The Banker’s Bank of the Year in PH
45
BDO Unibank, Inc. emerged as the Bank of the Year in the Philippines given its “focused approach on bringing the best services and loans to customers,” The Banker
said in a statement.The London-based financial publication underscored BDO’s far-reaching retail network, which enables it to serve the unique banking needs of its
clients. It also lauded the bank’s financial education program and support for micro, small, and medium-sized enterprises (MSME) through its relevant loans, as well as
its diverse range of financial services, which cover life insurance and online stock trading. Beyond banking, BDO was also recognized for getting the approval of the
Global Reporting Initiative (GRI) for integrating sustainable development into its best practices.The Banker identified the best banks in 138 countries based on their
overall performance for the past 12 months for The Banker’s Bank of the Year Awards 2019. Six regional awards as well as the best bank in the world award for the
Agricultural Bank of China were also given away.True to its “We Find Ways” philosophy, BDO continues to expand its network to give more Filipinos convenience and
access to financial services. For the country’s largest bank, every branch and ATM helps contribute to a more financially inclusive nation. While its ATMs are open 24/7,
select branches have longer banking hours and weekend banking to accommodate clients who may be unavailable during regular banking hours.BDO now has more than
1,300 branches and over 4,400 ATMs nationwide. This includes the branches of its rural bank subsidiary, BDO Network Bank, which are located in the archipelago’s
most remote areas, particularly in Mindanao.BDO Network Bank offers financial solutions, particularly loans for MSMEs like owners of sari-sari stores, water stations,
and carinderias to expand their businesses, and salary loans for teachers and government employees to provide for their families.
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CDIB Capital Group (Taiwan) Jintex Buyout Transaction Accoladed as “Most Innovative
M&A Deal” in Taiwan, launching a new chapter for local SMEs seeking transformation
46
The landmark acquisition of Jintex Corporation Ltd. by CDIB Capital Group, the private equity subsidiary of China Development Financial, was
recognized as the 2019 “Most Innovative M&A Deal” by Taiwan Mergers & Acquisitions and Private Equity Council (MAPECT). CDIB brought to
fruition the first take-private control deal in Taiwan aimed to facilitate the SMEs (small and medium enterprises) transformation and succession process,
on the back of its profound industry insight, robust investment platform and top professional talent. On accepting the award, Lionel de Saint-Exupéry,
Director and Co-CEO of CDIB, lauded his team for the efforts in structuring and executing the deal by working alongside Jintex. Commenting on the
phenomenal leveraged buyout (LBO) in Taiwan’s private equity market, he added that Jintex will become more flexible for development in the wake
of privatization and attain new heights in the coming years. He believes the deal will set a good example for SMEs in Taiwan seeking business
transformation and succession. William Ho, President of CDIB and a 25-year veteran in private equity and cross-border buyout, noted that the
foundation for Taiwan’s economy is SMEs, and that first-generation entrepreneurs are now facing four big challenges of business succession, talent
acquisition, market development and process automation. He placed a premium on corporate governance as the culture of ownership mixed with
management prevalent among Taiwanese family businesses oftentimes deter professional managers from joining them.
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Commercial Bank’s (Qatar) Digital Leadership Recognized by Three Digital
Awards from Global Finance
47
Doha, Qatar: In recognition of its leading digital services in the local market, Commercial Bank has won three awards from Global
Finance magazine: Best Mobile Banking App, Best Online Cash Management and Best Trade Finance Services, Corporate Digital
Banking. The awards add to the Bank’s list of achievements and accolades that reinforce Commercial Bank’s leadership in digital and
transaction banking innovation.The winning banks were selected on the following criteria: strength of strategy for attracting and
servicing digital customers; success in encouraging clients to use digital offerings; growth of digital customers; breadth of product
offerings; evidence of tangible benefits gained from digital initiatives; and web/mobile site design and functionality.Commercial
Bank has heavily invested in digital technology to make its banking services more convenient for customers including revamping its
Mobile Banking App, launching a first-to-market 60-second digital remittance service which rapidly credits beneficiary accounts in
over 30 countries same day, and launching more than 430,000 contactless cards with 'Tap N' Pay' technology reaching more than 2
million transactions for quick and easy purchases.
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Award-winning scientific experts behind risk management at Danske Bank
(Denmark)
48
Danske Bank’s SuperFly Analytics department, which works with risk management, has just won an international award at the RiskMinds
International conference. Among those working in the department are a number of theoretical atomic physicists. A theoretical atomic physicist may
not be the first profile that springs to mind when thinking of an ideal candidate to work in the field of banking. However, such individuals can be
found working in Danske Bank’s quantitative analytics department, SuperFly Analytics. Working together with other experts, these theoretical
atomic physicists translate the most advanced mathematical principles into models that enable Danske Bank to ensure optimal risk management
and capital allocation. A unique and diverse team united by a sky-high level of professionalism – and a team whose work has just earned
international acclaim for Danske Bank.The quantitative analysts – known colloquially as ‘the quants’ – use their mathematical acumen to price
complex financial products, thereby ensuring the management of risk.Complex mathematical calculations are the first prerequisite, but as
something exceptional, Danske Bank’s department of quantitative analytics has been focusing on increasing the speed at which these calculations
are made. By means of advanced algorithmic differentiation, the team have succeeded in creating a setup in which a super-engine can dramatically
increase the speed of the calculations that form the basis for Danske Bank’s pricing of, for example, mortgage loans.
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Emirates NBD (UAE) named 'Bank of the Year – UAE 2019' by The Banker
49
Emirates NBD, a leading banking group in the region, announced that it has been awarded the prestigious ‘Bank of the Year – UAE 2019’ award by Financial
Times’ monthly publication, The Banker, in recognition of its robust financial performance and pioneering approach to innovation in digital banking.Emirates
NBD delivered a healthy set of results for the first nine months of 2019, with net profit up 63% year-on-year to AED 12.5 billion. The bank marked many
milestones over the course of the year, including successfully completing the acquisition of Turkey-based DenizBank in the third quarter of 2019. The acquisition
represents a significant turning point in Emirates NBD’s growth story, expanding its presence to 13 countries and establishing the bank as a leading player in the
MENAT region with over 14 million customers. Another major highlight was the creation of E20., a digital business bank for SMEs and entrepreneurs. The launch
of E20. comes two years after Emirates NBD introduced Liv., its highly successful digital lifestyle bank that has already secured 300,000 customers and
counting.The recognition from The Banker follows a series of accolades received by Emirates NBD in recent months. The bank has been ranked among the top 20
in the Forbes’ third annual list of the World’s Best Regarded Companies. It was also awarded ‘Best Digital Bank in the Middle East’, ‘Best Bank in the UAE’ and
‘Best Investment Bank in the UAE’ by Euromoney Awards for Excellence 2019. In addition, Emirates NBD was named the UAE’s most valuable banking brand,
with a value of USD 4.04 billion, in The Banker’s annual brand valuation league table. The bank was also honoured for its pioneering efforts in corporate social
responsibility and employee volunteering by IMPACT2030, the corporate volunteering arm of the United Nations.
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Emirates (UAE) NBD marks sustainability milestone with three LEED Gold
certified branches in UAE
50
Emirates NBD, a leading banking group in the region, today announced that three of its branches in the UAE have been awarded LEED® Gold certification,
making it the first bank in the MENA region to launch LEED Gold-certified branches.Emirates NBD’s branches in Arabian Centre, Umm Suqeim and Burj Khalifa
branch have secured the prestigious LEED Gold certification, marking a significant milestone in the bank’s sustainability journey.The LEED (Leadership in
Energy and Environmental Design) rating system, developed by the U.S. Green Building Council (USGBC), is the foremost program for buildings, homes and
communities that are designed, constructed, maintained and operated for improved environmental and human health performance.Emirates NBD strives to
contribute to and invest in socially responsible programmes and solutions that address the United Nations SDGs, the UAE Vision 2030, and the United Nations
Environmental Programme Dubai Declaration for Sustainable Finance that was launched during the UNEP FI (UN Environment Programme Finance Initiative)’s
14th Global Roundtable under the auspices of the Ministry of Climate Change and Environment. A regional pioneer in sustainability initiatives, the bank began
formally reporting on its efforts in 2016 with the publication of its first Sustainability Report. Emirates NBD is also an active player in the Corporate Social
Responsibility (CSR) arena, in addition to being a champion of private volunteering through its Exchanger programme. The key focus areas for Emirates NBD’s
2019 CSR programme included enhancing donation platforms, promoting financial literacy, encouraging volunteering efforts, and collaboration with corporate
peers towards sustainable social responsibility.
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Metrobank (Philippines) Annual Report Bags International Award
51
Metropolitan Bank & Trust Co. (Metrobank) earned a Bronze Stevie® Award in the Best Annual Report - Publicly-Held
Corporations category during the recently concluded 16th Annual International Business Awards®. Metrobank’s 2018 Annual
Report, subtitled The Future Made Possible, was the only nominee from the Philippines that earned the accolade. The judges
lauded the report’s creative presentation, which showed Metrobank’s 2018 accomplishments and results in a magazine like
format. Aesthetically, the judges were pleased with the ‘clean, modern feel’ and ‘strong title typography’. In terms of content,
the panel was most impressed by the manner in which the report ‘shared quality information to promote interaction with target
clients.’The International Business Awards (IBA) are the world’s premier business awards program. The 2019 IBAs received
entries from organizations in 74 nations and territories.Stevie Award winners were determined by the average scores of more
than 250 executives worldwide who participated in the judging process from May through early August.
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