I-Bytes Banking industry

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I-Bytes
Banking
September Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................26
3. Rewards and Recognition Updates...................................................................................................................44
4. Customer Success Updates................................................................................................................................62
5. Partnership Ecosystem Updates........................................................................................................................73
6. Environment & Social Updates.........................................................................................................................99
7. Miscellaneous Updates.....................................................................................................................................112

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Financial, M & A
Updates Banking Industry

Financial, M&A Updates
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Agricultural Bank of China Limited Releases 2020 Interim Results
Maintaining generally stable business operation
• By the end of June, ABC’s total assets reached RMB26.47 trillion, up 6.4% over the end of the previous year. The deposit balance reached RMB20.36 trillion, representing an increase of 8.0%.
• The total amount of loans and advances granted stood at RMB14.55 trillion, an increase of 8.9%.
• The balance of NPLs was RMB207.75 billion, an increase of RMB20.54 billion from the end of previous year, and the NPL ratio was 1.43%, a slight increase of 0.03 percentage points from the end of the previous year.
• Asset quality was generally stable. The provision coverage ratio was 284.97%, maintaining at a relatively high level. In the first half of the year, ABC recorded a net profit of RMB109.19 billion, with basic EPS stood at RMB0.30.
• The return on average assets (ROAA) was 0.85%, and the weighted return on average equity (ROAE) was 11.94%. ABC successfully issued perpetual bonds of RMB85 billion and tier-2 capital bonds of RMB40 billion, raising its capital adequacy ratio to 16.42%,
an increase of 0.29 percentage points from the end of the previous year.
• The cost-to-income ratio stood at 24.64%, a decrease of 1.11 percentage points year on year.
Serving the real economy in a solid and strong way
• In the first half of the year, ABC granted RMB1.17 trillion of new loans to the real sector, an increment of RMB225.9 billion from the corresponding period of the previous year, and the interest rate of such loans was 4.44%, down 39bps from the previous year.
• In the first half of 2020, a total of RMB33.56 billion of loans were granted to 1,082 nation-wide key enterprises engaged in epidemic prevention and control. Loans to key enterprises to ensure stable production of agricultural products increased by 40% since the
beginning of the year, and loans related to hogs production doubled over the year beginning.
• Upholding the principle of “no forced early repayment, no cut-off, no delay in loan offering”, ABC provided relief support for up to 35,000 micro, small and medium-sized enterprises and individually owned businesses with loan extensions and renewals.
• ABC vigorously served the replacement of old growth drivers with new ones by granting loans to 203,400 customers from the manufacturing sector (categorized by the actual purpose of the loan) with a balance of RMB1.46 trillion, up 47,700 customers and
RMB143.62 billion respectively over the year beginning.
• The balance of loans granted to growing sectors including strategic emerging sectors and the modern service sector was RMB1,182.6 billion, up RMB107.86 billion over the year beginning.
Achieving remarkable results in poverty alleviation
• In the first half of 2020, new loans to 832 key counties of national poverty alleviation, deeply impoverished counties, and targeted poverty alleviation were higher year on year, with growth faster than the Bank’s average loan growth.
• ABC issued tailored policies to support poor counties. The outstanding loans of the 52 poor counties were RMB71.42 billion, an increase of 25.2% year on year, which was 16.3 percentage points higher than the Bank’s overall loan growth rate.
• ABC launched special programs to boost the consumption of products from poor areas and promoted the “Poverty Alleviation Mall” embedded in its mobile platform. By working with 261 central and local institutions, ABC all together purchased and promoted the
sale of over RMB0.6 billion worth of agricultural products from poor areas.
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Associated Bank (USA) completes $1.3M acquisition loan for Chicago
residential property
Associated Bank recently completed a $1,360,000 loan for 312 Properties for the acquisition of a three-story, thirteen-unit
residential building at 6700 South Clyde Avenue in the South Shore neighborhood of Chicago. The property was previously
subdivided as condominiums but operating as an apartment building. At closing, the buyer acquired all the units from the seller and
converted the building to a multi-family designation. Senior Vice President of the Commercial Real Estate division of Associated
Bank managed the loan and closing. Associated Bank’s Commercial Real Estate division is committed to providing commercial real
estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique
needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.Associated
Banc-Corp has total assets of $36 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in
Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services
from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and
commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.
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Associated Bank (USA) finances $9.6M for construction of Arvada, Colorado
medical office building
Associated Bank recently completed a $9,641,000 loan for Mortenson
Development, Inc. / Seavest Healthcare Properties, LLC, for construction of a
Class A medical office building. The 42,425-square-foot Candelas Medical
Office Building will be located at the intersection of West 91st Place and
Candelas Parkway in Arvada, Colorado.This is Associated Bank’s first
transaction for a Mortenson and Seavest joint venture. Mortenson is a
privately held Minnesota-based organization providing fully integrated
development services to clients nationwide. Seavest is a sector-focused
institutional healthcare real estate investment manager.Associated Bank’s
Commercial Real Estate division is committed to providing commercial real
estate developers/owners/operators with an array of financing solutions, in
addition to products and services that meet their unique needs. The division
has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas
and Wisconsin.
Executive Commentary
“We are pleased to partner with Mortenson and Seavest and to make it
possible for them to develop a quality healthcare facility for the Arvada
community,” said Senior Vice Presidentof the Commercial Real Estate
division of Associated Bank who managed the loan and closing.
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Santander commits R$5 billion (c. 850 million of euros) to financing basic
sanitation projects
Santander Brazil will earmark at least R$5 billion to carry out initiatives in the
country's basic sanitation sector, the legal framework for which was approved last
week. The funds could be used for different phases of water supply projects,
collection and treatment of sewerage and rainwater draining, in addition to the
management and disposal of solid waste. The facility will be used for short- and
long-term projects (up to 16 years), and costs may be reduced if certain ESG
(environmental, social and governance) targets are met. These will be previously
agreed and linked to indicators such as the number of people covered by the services,
process efficiency, the volume of water and sewerage treated, and the improvements
achieved in the health of the population.The loan terms will depend on the nature of
the projects and the purpose for which the funds are used. They may be extended, for
instance, in the form of bridge loans (advancing amounts over the long term until the
funds are released), used for liability management (cash-flow management for
companies during project execution), financing acquisitions (in the case of
privatisations) or to cover operating expenses.
"Guaranteed basic sanitation will improve the health and quality of life of
millions of Brazilians. Therefore, we are moving swiftly to release the funds
available, which can be used in strategic project phases. We are also looking into
extending this facility, if demand requires further contributions", stated Executive
vicechairman of Santander. "We have also committed to waivingpart of the
spread on the deals if ESG targets are met. In other words, companies will have
an incentive to increase the social and environmental impact of the projects."
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Banco Santander (Spain) reports underlying profit of €1,908 million for first
half of 2020 and makes non-cash goodwill and DTA impairments
Key Highlights:
• Net interest income and customer revenues remained stable year-on-year, at €16.2 billion and €21.3 billion, respectively, driven by revenue growth in Latin
America, Santander Corporate & Investment Banking, and Wealth Management & Insurance. This, combined with good cost control, resulted in net operating income
growth of 2% to €11.9 billion.
• The group is ahead of its cost saving plan, with the European region achieving more than €300 million in efficiencies in the first half of the year, representing 75%
of the bank’s 2020 target. Operating expenses fell by 2% or 5% in real terms (i.e. excluding inflation).
• The board of directors intends to propose a payment of a scrip dividend (payable in new shares) equivalent to 10 cents per share for 2019. The board is committed
to applying a full cash dividend policy as soon as market conditions normalise, subject to regulatory approvals and guidance. In line with this commitment, the bank
has accrued six basis points of CET1 capital in the quarter for a potential cash dividend against 2020 results. This is in addition to the scrip dividend for 2019 mentioned
above.
• The group has continued to provide significant financial support to customers throughout the pandemic, extending an average of €1.6 billion every day in new
lending during the second quarter and providing more than five million customers with payment holidays. Santander also ensured that its core banking services
continued to operate normally while keeping employees and customers safe. Around 90% of branches are currently open and substantially all of the banks 40,000
ATMs are operating normally.
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Santander (Spain) spins out its fintech venture capital arm while doubling
allocated funds to $400 million
Banco Santander has announced the launch of Mouro Capital, a new, autonomously managed
venture capital fund focused on fintechs and adjacent businesses linked with the financial
services industry. Mouro Capital succeeds Santander Innoventures and will have $400 million in
allocated funds after the bank doubled its current commitment. Mouro Capital will manage the
existing portfolio of Santander Innoventures, which was established in 2014 with an initial $100
million allocation, increasing to $200 million two years later. Since then the fund has invested in
36 startups in Europe and the Americas. The decision to spin out its investment arm is another
milestone in Santander’s four-year (2019-2022) €20 billion digital and technology investment
plan. The group is accelerating its digital and commercial transformation to maintain its
operational excellence while constantly improving the customer experience and innovative
services it brings to customers. Mouro Capital aims to bring its fintech expertise, global network
and strong track-record in successful investments to early and growth stage startups globally. The
fund will continue to deploy capital across Europe and the Americas, primarily leading
investment rounds with initial investments of up to $15 million and further follow-on reserves. It
will be led by general partner Manuel Silva Martínez, who joined Innoventures five years ago and
has led the fund since 2018, and senior advisor Chris Gottschalk, who joined from Blumberg
Capital in 2019.
Banco Santander executive chairman said: “The creation of our fintech venture capital fund
in 2014 has allowed Santander to lead the industry in implementing new technologies,
including blockchain, offering better services to our customers as a result. Innoventures has
almost doubled the cash invested, despite being relatively young for a venture capital fund.
Our goal is to build on that success, and by increasing our investment, while giving greater
autonomy to the fund, we can be even more agile and further accelerate the digital
transformation of the group.”
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BMO Financial Group Reports Third Quarter 2020 Results
Financial Results Highlights
Third Quarter 2020 Compared With Third Quarter 2019:
• Net income of $1,232 million, compared with $1,557 million; adjusted net income1 of $1,259 million,
compared with $1,582 million
• Reported EPS2 of $1.81, compared with $2.34; adjusted EPS1,2 of $1.85, compared with $2.38
• Revenue, net of CCPB3, of $6,000 million, up 4%
• Provision for credit losses (PCL) of $1,054 million, compared with $306 million; current quarter
includes PCL on performing loans of $608 million
• ROE of 9.4%, compared with 13.2%; adjusted ROE1 of 9.6%, compared with 13.5%
• Common Equity Tier 1 Ratio of 11.6%
• Dividend of $1.06, unchanged from the prior quarter; up 3% from the prior year
Year-to-Date 2020 Compared With Year-to-Date 2019:
• Net income of $3,513 million, compared with $4,564 million; adjusted net income1 of $3,591 million,
compared with $4,642 million
• Reported EPS2 of $5.18, compared with $6.88; adjusted EPS1,2 of $5.30, compared with $7.00
• Revenue, net of CCPB3, of $17,492 million, up 3%
• Provision for credit losses of $2,521 million, compared with $619 million, including year-to-date PCL
on performing loans of $1,338 million
• ROE of 9.3%, compared with 13.5%; adjusted ROE1 of 9.5%, compared with 13.7%
"For the third quarter, we delivered very good results in a fluid environment, demonstrating the
continued strength and resiliency of our diversified business model. We produced adjusted earnings
per share of $1.85, strong pre-provision pre-tax earnings(1) of $2.6 billion, up 12% year-over-year,
and provided prudently for loan losses and demonstrated capital strength," said Chief Executive
Officer, BMO Financial Group.We entered the COVID-19 pandemic with momentum and in a
position of strength and we have served our communities with consistent, safe and uninterrupted
access to banking services and personalized financial advice. While the pandemic continues to have a
serious disruptive impact causing lingering uncertainty and hardship for many, we are committed to
standing by our customers and employees as we move into the next phase of the economic
recovery.This quarter, we continued to deliver on our commitment to expense management, a critical
and appropriate lever in the current environment. Expenses declined 2% from the prior quarter and
year-over-year. Operating leverage for the quarter was 5.3% and year-to-date operating leverage was
strong at 2.9%.We are moving forward with a strong foundation and good operating momentum and
are well positioned to withstand both economic headwinds and recovery. We will continue to provide
unwavering support to our customers while delivering increased shareholder value through efficiency,
discipline and a strong focus on our strategic goals.”
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Scotiabank reports third quarter results
• Scotiabank reported third quarter net income of $1,304 million compared to $1,984 million in the same period last year. Diluted
earnings per share (EPS) was $1.04, down 31% from $1.50 in the previous year. Return on equity was 8.3% compared to 11.5% in the
previous year.
• Adjusted net income was $1,308 million, down 47% and EPS was $1.04, down 45% from the previous year. Return on equity was
8.3% compared to 14.3% a year ago. The results were significantly impacted by higher loan loss provisions of $2,181 million this
quarter.
• Canadian Banking reported adjusted earnings of $433 million. The Bank provided customer assistance to over 360,000 customers
in Canada, with most of these efforts deployed through Scotiabank's retail and Tangerine's digital channels. This quarter, Scotiabank
received the top ranking in the J.D. Power 2020 Canada Online Banking Satisfaction Study for our online banking speed, security and
information, as well as content experience.
• International Banking's earnings were impacted significantly this quarter as the later spread of COVID-19 reduced economic
activity across our footprint in Latin America. In recognition of the Bank's successful acquisition and integration of BBVA Chile,
Scotiabank was awarded Chile's Best Bank and Latin America's Best Bank Transformation awards from Euromoney magazine this
quarter.
• Global Banking and Markets delivered a strong quarter with reported earnings of $600 million, up 60% over the same period last
year. Earnings growth was driven by greater client activity and improved conditions in capital markets. Global Banking and Markets
remains committed to supporting clients through these challenging times by providing continued financial support.
• Global Wealth Management reported adjusted earnings of $332 million, an increase of 6% over the same period last year, driven
by strong investment performance, improved market conditions, and increased customer trading volumes. Global Wealth continued to
grow market share across the Bank's footprint. This quarter, the segment's diversified funds and portfolio solutions outperformed
market benchmarks and industry peers.
• The Bank reported a strong Common Equity Tier 1 capital ratio of 11.3% and a liquidity coverage ratio of 141%, that positions it
well to continue to support its customers, maintain its dividend, and grow across the footprint.
"Scotiabank continues to focus on its customers while remaining operationally resilient during the COVID-19 pandemic. The
Bank has strong capital and liquidity ratios and has reserved conservatively for estimated future loan losses. While our retail
banking businesses in Canada and international markets were adversely impacted by the pandemic, the Bank's performance was
aided by strong results in Global Banking and Markets and Wealth Management. Focusing on our strategy and making prudent
decisions that benefit all stakeholders - our shareholders, customers and employees - will result in a stronger Bank," said President
and CEO of Scotiabank.
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BNY Mellon Investment Management Grows Footprint with New Office in Taiwan
BNY Mellon Investment Management, one of the world’s largest investment
managers with more than US$2 trillion in assets under management, announced it
has been granted a Securities Investment Consulting Enterprise (“SICE”) business
license and opened an office in Taipei. It has also appointed Rebecca Chu as Head of
Taiwan. The SICE license will allow BNY Mellon Investment Management to
strengthen relationships with clients in Taiwan and increase brand awareness of the
business by presenting at conferences and organising educational seminars for the
local market. In addition to the new Taipei office, BNY Mellon Investment
Management has six other offices in Asia Pacific including Hong Kong, Singapore,
Shanghai, Sydney, Tokyo and Seoul.In July 2019, BNY Mellon Investment
Management appointed Taiwan Cooperative Securities Investment Trust Co., Ltd.
(Taiwan Cooperative SITE) as its master agent in Taiwan.BNY Mellon Investment
Management established its presence in Asia Pacific in 1996. BNY Mellon, the
parent company, has had a presence in Taiwan since 1973; first as a commercial bank,
and then establishing an offshore banking unit in 1995, to service its major US retail
customers.
Head of Global Distribution at BNY Mellon Investment Management,
commented: “As an investor first business, we recognised our growing client
base in Taiwan required greater client connectivity and on the ground presence.
We are delighted to be granted this license in Taipei as we offer local clients the
best of both worlds: specialist expertise from eight world-class investment firms,
backed by the strength, stability, and global presence of BNY Mellon, one of the
world’s most trusted investment partners.”
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BBVA (Spain) places $ 2 billion in a senior preferred debt issue registered with
the US SEC.
BBVA has placed this Thursday 2,000 million dollars in a senior preferred debt issue registered with the US SEC. The issue consists of two tranches,
maturing in three and five years. Of the three-year tranche, 1,200 million dollars have been placed and of the five-year tranche, 800 million. Demand
reached a maximum of 5,000 million, with 210 orders, and the book has been closed with orders for 4,500 million: 2,500 million for the three-year
tranche and 2,000 million for the five-year tranche. The good reception from investors has allowed the starting price to be lowered. The interest rate
has been fixed at the US Treasury rate.This is the third time that BBVA has launched an issue with this format, registered with the US SEC, which
allows the participation of investors from the United States and the rest of the world.Investors are mostly American (up 89.7% in the five-year bond
tranche and 79.5% in the three-year tranche). The rest of the investors come from Europe and the Middle East and, to a lesser extent, from Asia.This
operation is BBVA's seventh public debt placement this year and the second in a senior preferred format. Likewise, it is the first operation of this type
of instrument in dollar currency since October 2015. The rationale for the operation is threefold: obtain an attractive price compared to issues in euros;
optimize the MREL requirement (Minimum Requirement for own funds and eligible liabilities), with the aim of alleviating the loss of computation in
this ratio of the two senior preferred debt issues - of 1,000 million euros each - entering their last year of life in January and April 2021, respectively;
and finally, diversify the investor base in the financing of the group.
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Bendigo and Adelaide Bank (Australia) Full Year 2020 Financial Result
• Statutory net profit: $192.8 million, down 48.8 percent1
• Cash earnings after tax: $301.7 million, down 27.4 percent1
• Net interest margin: 2.33 percent, down 3 basis points1 (bps)
• Total income on a cash basis: $1.61 billion, up 0.9 percent1
• Bad and doubtful debts: $168.5 million, influenced strongly by COVID-19 collective
provision of $127.7 million1
• CET 1: 9.25 percent, up 33 bps1
• Cash earnings per share: 59.7 cents per share (cps), down 29.8 percent1
• Final dividend: Dividend decision deferred
• Total lending: $65.3 billion, up 5.1 percent1, with residential lending 3.6x system, at 9.4
percent2
• Total deposits: $67.7 billion, up 5.7 percent1, with customer deposits up 6.0 percent
Managing Director and CEO, said, “In a challenging year for Australia and the world, our
priority has been to support those impacted by COVID-19, bushfires, floods and prolonged
drought through a range of tailored measures in line with our longstanding purpose to feed
into prosperity, not off it.Last year, we announced our multi-year strategy to reduce
complexity, invest in capability and tell our story to reshape our business for the future and
deliver our vision. We know we must constantly evolve because our customers’ needs and
the environment continue to change. Whilst the events of 2020 haven’t changed our strategy,
the ongoing economic uncertainty has accelerated our need to transform.Our full year result
has been impacted by COVID-19, record low interest rates and investment costs required to
support the delivery of our strategy. Full year cash earnings were down 27.4 percent year on
year (down 2.8 percent excluding notable COVID-19 impacts3). Despite this, we delivered
total income of $1.61 billion, up 0.9 percent on the prior corresponding period, sustained
market leading trust ratings above system lending growth, and further strengthened our
balance sheet.We also continued our significant customer growth for another successive
year, with our total number of customers increasing 9.9 percent to a record 1.88 million
customers. This growth came whilst achieving a net promotor score of 32.1, which is 33.1
higher than the industry average and 35.6 higher than the average of the major banks4 - a
score we’ve consistently earned.”
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CIMB Group (Malaysia) Announces 1h20 Profit Before Tax Of Rm910
Million; Underlying Business Remains Resilient Against Shocks
Key Highlights:
• 1H20 PBT of RM910 million and Net Profit of RM785 million with lower
annualised ROE of 2.8% due to elevated loan provisions and impact of
COVID-19
• Underlying business remains resilient - total gross loans and deposits
increased by 3.9% and 7.8% respectively, with continued improvement in CASA
ratio to 38.4%
• Operating income declined by 7.3% due to a drop in markets related NOII,
while NII remained healthy with 1.4% growth, or 6% excluding modification loss
impact
• Operating expenses lower by 3.3% YoY as CIMB targets a full year cost
reduction of around RM500 million to mitigate the impact of the challenging
economic environment
• Capital position remains strong with a higher CET1 ratio of 12.9%1, while the
liquidity coverage ratio remains comfortably above 100%
Group Chief Executive Officer of CIMB Group said, “The subdued
performance in 2Q20 came within expectations and was largely attributed to
the impact of COVID-19. Moving ahead, we expect continued weaker
performance for the remainder of 2020 in line with uncertain economic
conditions, as we recognise elevated provisions arising from the impact of
MEF under MFRS9 and take impairments on specific accounts outside
Malaysia to strengthen our financial position. Our underlying business
remains resilient, and we are pleased to see that loans and deposits grew 3.9%
and 7.8% respectively, driving NII to grow by 6% YoY, excluding
modification loss impact.”
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MKB announces its IFRS financial results for 6M2020
Key results
• Net income for the first six months of 2020 grew to RUB 9.1 bln (6M2019: RUB 2.2 bln). It was driven by a significant increase in net interest income and a positive effect from operations with securities in 2Q2020.
• Return on equity for 6M2020 increased to 10.5%.
• Net interest income rose by 44.5% ytd to RUB 27.5 bln, which was driven in particular by corporate loans and debt securities.
• Net interest margin widened by 0.3 pp yoy to 2.2% in 1H2020 as interest income grew by 10.7% to RUB 78.1 bln and interest expense reduced by 1.7% to RUB 50.6 bln. Net interest income as percentage of average RWA rose by 0.8 pp yoy to
3.9% as a result of effective utilisation of the bank’s funding base amid the overall reduction of interest rates in the Russian economy.
• Net fee and commission income declined by 15.7% yoy to RUB 4.7 bln, most notably in cash collection and transfers and payments, due to the overall slump in business activity during the quarantine.
• Net income from operations with securities grew to the all-time high RUB 8.6 bln. The Bank's well-balanced liquidity management strategy and timely decision to expand its portfolio of bonds, buying mostly federal bonds (OFZ), helped it earn
more income in 2Q2020.
• Operating income (before provisions) more than doubled yoy reaching RUB 34.7 bln. Operating expense decreased by 0.5% to RUB 10.7 bln as most of major expense items were optimised. The bank continues to demonstrate a high operational
efficiency as its cost-to-income ratio (CTI) stabilised at 30.8%.
• Total assets rose by 13.6% ytd to RUB 2.8 tln driven primarily by the securities portfolio growing by 56.9% to RUB 465.4 bln due to acquisition of OFZ and currency revaluation, and the net loan portfolio expanding by 11.2% to RUB 877.4 bln.
• Gross loan portfolio rose by 12.0% ytd to RUB 929.0 bln. Its corporate and retail portions were 87.5% and 12.5%, respectively. The corporate loan portfolio expanded by 12.9% to RUB 812.5 bln mostly due to new originations and revaluation of
its FX-nominated portion in 1H2020. The retail loan portfolio expanded by 6.1% ytd to RUB 116.6 bln. This growth was mainly driven by the mortgage loan portfolio which increased by 16.4% to RUB 27.6 bln, and the car loan portfolio which
expanded to RUB 3.3 bln as a result of consolidation with Rusnarbank in May 2020.
• Loan portfolio quality is maintained at a high level: the share of non-performing loans (NPL 90+) in the gross loan portfolio declined by 0.2 pp ytd to 3.4%. However, the first half-year saw the share of second basket loans growing to 5.1% from
2.8% as at end-2019, which was mainly driven by corporate customers affected by the quarantine restrictions.
• Customer deposits, which represent 55.9% of the bank’s total liabilities or RUB 1,416.2 bln, increased by 5.7% ytd. The deposit base expanded due to an inflow of customer deposits, mainly in June, and FX revaluation. Corporate and retail
deposits demonstrate a stable positive growth, having increased by 6.9% and 3.6% ytd to RUB 912.6 bln and RUB 503.6 bln, respectively. The ratio of net loans to deposits was 62.0% for the first six months of 2020.
• The bank’s total capital according to the Basel III standards increased by 3.0% ytd to RUB 312.0 bln mainly owing to currency revaluation. The Basel III capital adequacy ratio was 19.8% and the Tier I capital ratio was 13.7%.
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The Arab Republic of Egypt's Debut US$ 2 Billion Conventional and Islamic
Syndicated Term Facility
The Arab Republic of Egypt (“Egypt”), one of the largest and most diversified emerging markets in the
MENA region, acting through the Ministry of Finance, has successfully signed its debut global syndicated
conventional and Islamic financing facility on 20 July 2020 (the “Facility”) and completed the Egyptian
Parliament approval during its session held on 18 August 2020. The Facility aims to diversify Egypt’s
sources of funding and its access to international capital market instruments. The proceeds of the Facility
would primarily be utilised to finance the country’s budgetary requirements and support the country in
safeguarding its strong economic trajectory over the past years and sustaining its strong footing to weather
the prevailing volatility in the global markets. Emirates NBD Capital Limited, the investment banking arm
of Emirates NBD and First Abu Dhabi Bank PJSC (“FAB”) acted as the Joint Global Coordinators and
Initial Mandated Lead Arrangers and Bookrunners (“IMLABs”) on the Facility. In addition, Emirates NBD
Capital acted as the Documentation Bank, and FAB as the Global Agent, Facility Agent and Investment
Agent. The Facility was anchored by the IMLABs and was launched to a select group of Islamic and
Conventional investors in general syndication. Amidst a challenging market backdrop due to the on-going
COVID-19 crisis, the transaction received an overwhelming response from the market with a 1.75x
oversubscription. The Borrower chose to exercise the green-shoe option to upsize the Facility to US$ 2
billion from the size at launch of US$ 1.5 billion. The success of this transaction reiterates the strong
regional and international investor confidence in the Egyptian economy, and its progressive credit story.
Minister of Finance, Arab Republic of Egypt, commented: “We are proud of the appetite and interest
received from regional and international banks in the syndication. It is a signal of Egypt’s successful
reform program. Amidst challenging conditions, Egypt is reaping the fruit of consistent efforts towards
enhancing its economy’s resilience. Egypt is continuously diversifying its funding sources by tapping
regional as well as Islamic sources of finance. Emirates NBD Capital and FAB, in their capacity as
Joint Global Coordinators and IMLABs, demonstrated strong competence towards successful closure
of the transaction.”
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Erste Bank (Austria) has received a commitment of 150 million euros from the EIB
for affordable housing in Austria
The European Investment Bank (EIB) has promised the Erste Bank der
oesterreichischen Sparkassen AG financing of 150 million euros to support
affordable housing in Austria. Erste Bank will add 150 million euros to the funds
made available by the EU Bank, so that over the next three years a total of 300
million euros will flow into social housing through Erste Bank.The core of the
agreement, of which 100 million euros have so far been signed and a further 50
million euros has been approved, is that financing with fixed interest rates of up to 28
years for subsidized or charitable new construction of rental apartments will be
granted and thus the rents will be secured for almost 3 decades can. The money is to
be used primarily in cities where the demand for affordable housing is particularly
high.Based on this model, framework financing for investments of 200 million
between the EIB and Erste Bank was concluded in May 2019. Almost all of these
funds have been allocated after 14 months. With them, around 2,200 affordable
apartments were or are being built for around 3,900 residents, such as the project
“Multi-Layered Living” in Vienna's 21st district by the Austrian People's Housing
Association.
Erste Bank CEO: “According to an integral study from 2019, almost half of
Austrians consider living to be no longer affordable. The prognoses are also
bleak, because three quarters of Austrians assume that housing will hardly be
affordable in 2030. Housing has become a central issue in Austria and we see it
as a social mandate to make housing affordable again. Many thanks to the EIB for
this meaningful, correct and future-oriented cooperation for thousands of
families and people. "
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ICBC posts first quarter financial results and releases Q1 COVID-19
report
Key Highlights:
• ICBC's corporate net income for the first quarter ended June 30, 2020, was $311 million, of which $300 million was attributed to ICBC and $11 million was attributed to non-controlling interest.
• A positive net income for Q1 is notable after ICBC posted a net loss of $376 million at the end of its last fiscal year (April 1, 2019 – March 31, 2020). Much of that loss was attributed to the negative impact of the COVID-19 pandemic on global markets during the
final two weeks of March, which significantly affected ICBC's investment portfolio.
• Keeping in mind that this is only the first quarter of its current fiscal year and there is continued uncertainty around the COVID-19 pandemic and other risks, ICBC is cautiously optimistic about the months ahead.
• However, the significant turn around and the continued uncertainty caused by the COVID-19 pandemic helps demonstrate how dramatically the financial picture can change in a quarter and why there is a need to evaluate the entire fiscal year before making decisions
on any potential surplus at year end.
• During most of Q1, the province was in Phases 1 and 2 of BC's Restart Plan. People were encouraged to stay close to home and avoid travel between communities unless essential. This resulted in fewer vehicles on BC roads, leading to fewer crashes and fewer
claims filed by ICBC customers, resulting in a favourable impact on current year claims costs.
• BC entered Phase 3 of its Restart Plan near the end of Q1 in late June. As more people returned to traveling on BC roads, ICBC does not expect the same reduction in claims costs in its second quarter.
• While ICBC took in lower premium revenue from fewer customers purchasing or renewing policies, and more customers cancelling their policies or reducing insurance coverage during the more restrictive phases of BC's restart plan in Q1, the impact of these changes
were offset by the reduction in claims costs during this period.
• ICBC's equity investments have rebounded after a significant drop at the end of fiscal 2019/20 in mid-March due to the downturn in global markets driven by the COVID-19 pandemic. Lower interest rates during this time led to the realization of bond gains through
trading activities. Those factors, along with the disposition of investment properties, resulted in higher investment income in Q1 this fiscal year compared to last year.
• The positive bottom line result of $311 million net income and the improvement in the investment markets have improved ICBC's equity on the statement of financial position by $1 billion; turning from a $0.5 billion deficit position at 2019/20 fiscal year-end to a
$0.5 billion surplus position at the end of Q1 fiscal 2020/21.
• Moving forward, there is continued uncertainty around investment markets and so it is not clear what ICBC's investment income will look like in future quarters. The corporation does, however, continue to closely monitor and manage its investments prudently.
• There continues to be underlying risks to ICBC's financial situation. The April 2019 product reform that introduced a limit on pain and suffering payouts for minor injuries and expanded the scope of the Civil Resolution Tribunal for certain ICBC claim disputes has
reduced claims costs and helped stabilize the system. However, claims from crashes that occurred before the reform continue to be a concern. ICBC has roughly $12 billion in open claims subject to the pre-reform rules.
• ICBC is keeping a close eye on the constitutional challenge currently before the BC Supreme Court contesting the April 2019 product reform. Should the plaintiffs be successful, the negative financial impact to ICBC's bottom line will be significant.
• ICBC is also still recovering from the recent consecutive years of net losses of more than a billion dollars. While its capital levels have been severely depleted, a positive net income for Q1 represents a step in the right direction that ICBC hopes to build on over the
remainder of the fiscal year.
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Masraf Al Rayan (Qatar) Completes Successful Issuance of USD 750 Million
Sukuk
Masraf Al Rayan Q.P.S.C. Qatar’s second largest Islamic Bank, rated A1 by Moody's with a stable outlook, has announced the successful
issuance of US$ 750 million Sukuk with a term of 5 years under the Bank’s existing US$ 2 billion Sukuk programme. MAR’s Sukuk
issuance was 4.4 times oversubscribed (c. US$ 3.3 bn). The overwhelming demand from investors has allowed the Bank to increase the
issue size from an initial US$500 m to US$750 m. The issuance was priced at a spread of 185 basis points over the 5-year mid swap
carrying a fixed profit rate of 2.21% per annum. MAR’s Sukuk issuance has attracted investors from across the globe with 41% from
Europe, 28% from Asia, 24% from MENA and 7% from US offshore accounts. By investor type, 69% were allocated to fund managers,
15% to banks and private banks, 8% to Agencies and 8% to insurance and pension funds. The success of the issuance was based on a
comprehensive marketing strategy that aimed to demonstrate the strong fundamentals of MAR and the strength of the Qatari economy
to the international investors. Al Rayan Investment, Crédit Agricole CIB, HSBC, Mizuho, MUFG, QNB Capital, Société Générale and
Standard Chartered Bank acted as Joint Lead Managers & Bookrunners on this transaction.
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NatWest supports West Kent Housing Association with £60m new funding
West Kent Housing Association has secured £110m of funding from
NatWest to support the development of new homes. The agreement
to refinance an existing £50m loan facility alongside an additional
new facility will provide net new funding of £60m offered on a
5-year revolving credit facility basis.The funding will support West
Kent Housing Association to increase its number of new homes
through plans to develop over 1,500 units from now until 2024. The
funding will also provide West Kent with much-needed flexibility
from a financial perspective.The additional funding forms part of a
recent commitment by NatWest of £3bn new funding to the housing
association sector over the next three years to increase the provision
of social housing, as well as to improve existing properties.
Finance Director at West Kent said: “At West Kent we are
passionate about the role a housing association can play in
society and believe the values of an organisation are what makes
it special. The additional funding from NatWest allows West
Kent to continue to build 300 homes each year, which are 100%
affordable housing, and the improved loan terms support our
ambition to work in partnership with others to deliver much
needed affordable homes across Kent.”
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SEB (Sweden) forms unit for investments in green technology
SEB is forming a new unit within the bank that will invest venture capital
in green technology to contribute to a sustainable transition. The green
technology sector is undergoing rapid development and will play a key role
in the transition to a more sustainable society. However, there is a shortage
of venture capital in the sector as investments in new, green technology
often take a longer time to develop and mature than traditional
venture-capital investments. SEB has therefore created a new unit, SEB
Greentech, to support Nordic companies within this sector.The unit is
starting out with SEK 300m in investment capital, with an ambition for an
increase to SEK 1b over time. It will invest in companies that develop
solutions which in a decisive way can improve the use of natural resources
and reduce negative ecological impacts. This can involve investments in
renewable energy, energy storage, water and agricultural technology,
circular business models and waste management, for example.
“This is an expression of our ambition to contribute to a sustainable
transition. It is critical that young greentech companies gain access to
funding at an early stage so they can realise the creation of technologies,
products and services that can benefit society, our customers and
shareholders”, says SEB’s President and CEO.
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Societe Generale (France) announces an additional €3 billion in financing for the
Grand Paris project
As a partner of local public sector bodies and the bank of companies involved in the Grand Paris
project, Societe Generale is actively contributing to the key environmental and social challenges of the
future and is providing €3 billion in financing for the project ahead of the 2024 Olympic Games. This
commitment comes in addition to the €2.5 billion the Group has already invested in this major project
for the Ile-de-France region since 2018.The scale of the Grand Paris project and the number of
stakeholders involved make it a driving force for the recovery as well as providing an opportunity to
think about differently about the cities of the future.Accordingly, Societe Generale and its subsidiaries
are increasing their support for the Grand Paris project and are committing €3 billion in financing by
the summer of 2024,in three strategic areas: the public sector economy, real estate development and
urban planning advisory services, and specialised financing.In recent years, public and private sector
entities and government authorities have given CSR issues real strategic importance. The public health
and economic crises facing us all underscore the urgency of designing more responsible, inclusive,
sustainable, positive impact cities. In accordance with the ambitions Societe Generale set out in its
Transform to Grow strategic plan -which takes a long-term view of the positive transformation of our
societies and economies - the Group intends to play a major role in the planning and construction of
the Paris metropolitan area.Societe Generale has far-reaching ambitions in this area, for example
through the development of carbon-free mobility solutions, the construction of eco-friendly
neighbourhoods and by achieving low carbon targets.
“The additional €3 billion in bank loans for the Grand Paris project fully reflect our Group’s CSR
commitments and our intention to help develop a vibrant metropolitan area that uses less energy
and meets the goals of the ecological transition while improving how we live together,” explained
Sponsor of the Grand Paris project and Head of Real Estate for the French retail banking
networks.
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Truist Awarded $65 Million in New Markets Tax Credit Allocation to Fuel
Community Development
Truist Financial Corporation announced it has been selected by the U.S.
Treasury Department's Community Development Financial Institution (CDFI)
Fund to receive $65 million in New Markets Tax Credit (NMTC) allocation.
The bank's subsidiary, SunTrust Community Development Enterprises (CDE),
was one of 76 recipients to receive an award. The allocation was tied for the
largest award made to any Community Development Entity. It marks the 10th
time the subsidiary has been selected as a recipient, with awards totaling $643
million in allocation authority. The NMTC program, established by Congress
in December of 2000, is designed to attract private-sector capital investment
into the nation's urban and rural low-income areas. As part of the program,
Truist is positioned to provide loans and investments with reduced interest
rates and/or non-traditional terms and conditions to support community
development projects that stimulate economic growth and create quality job,
education, and wellness opportunities for underserved populations.
"Our purpose is to inspire and build better lives and communities, and this
latest NMTC allocation is a key component of our efforts to bring our
purpose to life," said Truist NMTC Program Director. "The allocation will
enhance our ability to invest in and serve communities where we live and
work, and we take great pride in our responsibility to bring opportunities to
areas that have been historically overlooked."
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Truist Unveils Venture Capital Division with New Fintech Investment
Truist Financial Corporation announced the launch of Truist Ventures, a
corporate venture capital division created by integrating investments in
technology companies from the heritage SunTrust brand with BB&T Ventures.
The firm, which also is announcing its latest deal with global payments
network Veem, is focusing on strategic partnerships and investments to bring
novel solutions to Truist clients and deliver on the company's purpose to
inspire and build better lives and communities.Truist has appointed Vanessa
Indriolo Vreeland, a seasoned executive with more than 20 years of private
equity, venture capital and banking experience, to lead Truist Ventures.Truist
Ventures' investment focus stretches beyond traditional financial technology
into disruptive technologies that enable Truist to deliver a human touch in new
ways. It seeks companies that have the potential to help redefine financial
services and improve financial outcomes for Truist clients.
"Truist Ventures positions us at the forefront in shaping the future of
finance," said Truist Chief Digital and Client Experience Officer. "There
are many innovative entrepreneurs creating amazing technologies with the
potential to transform how people interact with their finances. Strategic
partnerships and investments in innovative founders and companies help
Truist deliver on our differentiating strategy of combining the right mix of
human touch and technology to create experiences that help our clients,
teammates and communities thrive."
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UniCredit (Italy) and the EIB: 200 million euros to support Italian SMEs and
Mid-Caps through the Covid-19 emergency
UniCredit and the European Investment Bank (EIB) agreed to provide new resources aimed at stimulating the recovery of the economy hit by the pandemic.They have
just signed an agreement that will see the EIB allocate 200 million euros to UniCredit, to lend in turn to SMEs (companies with up to 250 employees) and mid-caps (up
to 3,000 employees).The new credit line is designed to tackle the current emergency and can be used to fund new investment projects over periods of up to five years
and to cover working capital needs, in light of this extraordinary period for the Italian economy.The funding is intended for companies all over Italy, in all production
sectors: agriculture, handicrafts, industry, commerce, tourism and services.The EIB funds can be used for projects with individual costs of up to 25 million euros, and
cover 100% of costs not exceeding 12.5 million for each project.UniCredit and the EIB have agreed to apply extraordinary eligibility criteria to this credit line for
companies.Specifically, the loans can be used to finance working capital, including salaries, taxes, pension contributions, administrative and other operating costs, as
well to provide multifunctional credit lines, even for extending or renewing existing working capital financing. Only purely financial and/or property transactions are
excluded.The credit line complements the support provided by the Italian 'Liquidity Decree', meaning that the EIB funds can be combined either with the direct
guarantee from the SME Guarantee Fund or from SACE (the publicly participated Italian agency for exports and internationalization), with obvious benefits when it
comes to final pricing.The new agreement between UniCredit and the EIB follows on from a series of recent deals to support SMEs, mid-caps and agricultural
businesses in Italy.In the last five years, UniCredit has channelled about 5 billion euros in EIB funding to Italian companies, financing more than 4,000 projects.
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VTB Group (Russia) announces IFRS financial results for July and 7M
2020
The Group achieved strong business growth in 7M 2020 despite the impact of the COVID-19 pandemic
• Loans and advances to customers (hereinafter before provisions) amounted to RUB 12.5 trillion as of 31 July 2020, up 9.1% since the
beginning of the year; adjusted for the effect of currency revaluation, the increase was 4.3%. In July 2020, the total loan portfolio increased by
4.7%; adjusted for the effect of currency revaluation, the increase was 2.9%.
• Loans to individuals increased by 1.5% in July to RUB 3.7 trillion (29% of the total loan portfolio); adjusted for the effect of currency
revaluation, the increase was 1.4%. Loans to individuals increased by 8.6% from the beginning of the year; adjusted for the effect of currency
revaluation, the increase was 8.2%. Mortgage lending continued to grow at a faster pace, with the mortgage loan portfolio increasing by 1.8% in
July and by 12.8% for 7M 2020.
• Loans to legal entities increased by 6.0% in July; adjusted for the effect of currency revaluation, loans to legal entities increased by 3.6%.
In total, loans to legal entities increased by 9.3% in 7M 2020 and amounted to RUB 8.9 trillion as of 31 July 2020; adjusted for the effect of
currency revaluation, the increase was 2.7%.
• VTB Group’s share of corporate and retail lending in Russia stood at 17.6% and 18.0%, respectively.
• As of 31 July 2020, customer funding totalled RUB 12.1 trillion. In July 2020, total customer funding increased by 2.2%; adjusted for the
effect of currency revaluation, customer funding increased by 0.4%. Since the beginning of the year, customer funding has grown by 10.3%;
adjusted for the effect of currency revaluation, the increase was 4.3%.
• Funding from legal entities increased by 2.1% in July; adjusted for the effect of currency revaluation, funding from legal entities increased
by 0.6%. Since the beginning of the year, funding from legal entities has increased by 13.3% and amounted to RUB 6.7 trillion as of 31 July 2020;
• Funding from individuals increased by 2.2% in July; adjusted for the effect of currency revaluation, funding from individuals increased by
0.2%. Since the beginning of the year, funding from individuals has increased by 6.8%, amounting to RUB 5.4 trillion as of 31 July 2020;
• The share of customer funding in the Group’s total liabilities increased in 7M 2020 to 79.6% (79.2% as of 31 December 2019). VTB
Group’s market share in corporate and retail funding in Russia amounted to 20.5% and 14.9%, respectively.
• As a result of the faster growth in customer funding, the loans to deposits ratio (LDR) decreased to 96.1% as of 31 July 2020 (98.2% as of
31 December 2019).
President and Chairman of the Management Board of VTB Bank, said: "In July, we continued to achieve solid growth in business volumes
and core revenues like interest and fee & commission income. However, the repercussions of the sharp decline in business activity caused
by the COVID-19 pandemic in July, as well as in 2Q 2020, drove up provisions and put pressure on the Group’s overall profitability.VTB’s
net profit for seven months of 2020 amounted to RUB 43.0 billion, which corresponds to a return on equity of 4.3%. In light of this, the
Supervisory Board decided to recommend that the Annual General Meeting of Shareholders approve dividend payments for 2019 in the
amount of RUB 20.1 billion, which will enable us to maintain the required capital adequacy levels and ensure business growth against the
backdrop of decreasing profitability.VTB’s key priority until the end of the year is to build up provisions on the basis of a conservative
assessment of the economic situation, while actively expanding the client base, curbing costs growth and pushing ahead with technological
transformation. This will create a solid foundation to improve financial performance and deliver on our goals.”
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Wells Fargo (USA) Finances Columbia Threadneedle’s Project Victoria
Acquisition
Wells Fargo & Company announced that its subsidiary, Wells Fargo Bank N.A. (London Branch),
has provided debt financing to Columbia Threadneedle Investments (Columbia Threadneedle),
part of Ameriprise Financial, Inc. The senior term loan of £163.5 million funded Columbia
Threadneedle’s acquisition of the Project Victoria portfolio, a group of property assets purchased
from the UK’s Manchester Airports Group (MAG). Wells Fargo was the sole underwriter for this
transaction.Columbia Threadneedle is the global asset management group of Ameriprise
Financial, a leading U.S.-based financial services provider and a long-term client of Wells Fargo.
MAG operates three UK airports in Manchester, London Stansted, and the East Midlands and is
owned by the IFM Global Infrastructure Fund, Manchester City Council, and the Greater
Manchester Borough Councils. Columbia Threadneedle had been negotiating the acquisition
with MAG prior to the global COVID-19 pandemic.The Project Victoria portfolio comprises a
range of mixed-use assets at MAG’s airports. The portfolio includes asset classes such as hangars,
offices, and logistics units that support the operations of the airports, as well as a large amount of
land with development potential. A significant portion of the portfolio’s rent is derived from
long-dated income streams in the form of ground leases at assets that include hotels and cargo
handling facilities.
“Project Victoria is a unique opportunity to acquire an extensive portfolio of assets with
defensive characteristics, situated alongside critically important transport hubs in the UK.
Despite challenging market conditions, we are delighted to have leveraged our banking
platform to support Columbia Threadneedle in this significant property investment,” said
Head of UK commercial real estate at Wells Fargo. “Wells Fargo remains committed to our
core clients through market cycles, and by providing a bespoke financing solution to
Columbia Threadneedle, we look forward to further deepening our relationship with them
and Ameriprise Financial.”
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ANZ (Australia) launches digital lending platform for small business
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Solution Description
ANZ launched a new online lending platform to provide small businesses with conditional approval for up to $200,000 in unsecured
lending in as little as 20 minutes.Developed in partnership with DemystData, ANZ Online Business Lending syncs with Accounting
Software Platforms (ASPs) Xero, QuickBooks and MYOB.Businesses connect their ASPs to the bank’s credit platform to share
historical financial information, allowing ANZ to provide a decision on conditional lending in less than 20 minutes and full approval
within two days.ANZ Group Executive Australia Retail and Commercial Banking said: “While the current economic crisis will be
devastating for some businesses, there has also been a great deal of resilience and some will be able to come out the other side even
stronger. We’re also starting to see new businesses being created to meet emerging customer needs.Customers using ANZ’s online
business lending application will have access to fixed and variable-term loans as well as overdraft facilities.Also in July ANZ
provided an update for businesses still needing to access support packages. Since the original program was announced in March, ANZ
has provided repayment deferrals on more than 100,000 home, personal, small business and commercial accounts.

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ANZ (Australia), Commonwealth Bank, IBM, Scentre Group and Westpac
expand Lygon platform
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ANZ, Commonwealth Bank of Australia, Westpac, IBM and Scentre Group have announced the expansion of a successful blockchain platform,
Lygon, that reduces the time to issue a bank guarantee from one month to one day. Lygon completed a successful pilot last year that transformed
the cumbersome, paper-based, slow and costly bank guarantee process into digital form. These financial guarantees are often required as part of a
retail property lease and from September, early adopters will be able to join and use the platform to save time and reduce fraud risks.Running on
IBM Public Cloud, the Lygon platform is designed as a new piece of infrastructure at the crossroads between finance and technology. It looks to
pain points across the whole business ecosystem that could not be solved by the participating organisations in isolation. Following a successful
pilot in July 2019 among a test group of more than 20 Australian businesses, Lygon successfully onboarded new applicants to the platform in less
than 15 minutes and supported a number of other common bank guarantee processes including amendments and cancellations.With the
commercial launch of Lygon comes the next stage of development to expand the range of digitised bank guarantees it provides to customers and
to explore expansion into New Zealand and other international markets. These developments are expected to enable the transformation of entire
business processes for customers with operations in multiple countries and with cross-border guarantees that are more commonly used for trade.

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Bank of Ireland launches Green Bond Framework
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Bank of Ireland has launched a framework that will enable the Bank to issue Green Bonds and finance additional projects across
renewable energy, green buildings, and clean transportation. This follows the launch of the Bank’s Sustainable Finance Fund last
year, which has provided c€600 million to date in green loans to homeowners and businesses. Bank of Ireland has also reduced the
carbon intensity within its own operations by 40% since 2011. The improvement in the Bank’s Responsible and Sustainable Business
profile has been recognised by an enhanced rating from Sustainalytics, a global leader in sustainability advisory and ESG ratings.
Bank of Ireland became a signatory to the UN Principles for Responsible Banking in 2019 and a supporter of the Task Force on
Climate-related Finance Disclosures (TCFD) in 2020, signifying the Bank’s drive to help address climate risks. The recently-agreed
Programme for Government sets out ambitious targets for Ireland to halve carbon emissions over the course of the next decade. The
Green Bond Framework is another important step in Bank of Ireland’s journey as it defines the loans or investments eligible to be
financed through its green bonds.

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BNY Mellon's Pershing Expands Alternative Investment Capabilities; Becomes
First Custodian to Integrate via API with CAIS and iCapital Network
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BNY Mellon's Pershing ("Pershing”) announced integrations with CAIS and iCapital Network, the two most prominent alternative investment platform
sponsors, through its enterprise-wide Application Program Interface (API) Store. The move underscores Pershing's commitment to leveraging
technology to deliver increased efficiencies and a seamless experience to clients. Pershing has offered access to alternative investments through its
Alternative Investment Network1 for more than 10 years, with registered investment advisor (RIA) balances on the network doubling over the past three
years. Integrations with CAIS and iCapital are expected to contribute to that growth by automating document workflows between these providers and
the Pershing platform. CAIS and iCapital Network provide advisors with access to private equity, private credit, hedge funds and other alternative
investments by offering a curated menu of select diligencedproducts and providing an end-to-end technology platform and automated operational
workflows. With minimums starting as low as $25,000, these platforms provide advisors the opportunity to access sophisticated investment solutions
to help advisors meet the needs of high-net-worth investors.Moving forward, advisors will only need to pre-populate required documents—including
the Pershing Private Investment Form—on the alternative investment platform where the product is offered. These completed, executed documents will
then be automatically uploaded to the Pershing platform, eliminating the need for manual uploads and reducing the potential for human errors. Further,
advisors will be able to use e-Signature on Pershing's required form as part of these integrations.

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

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Barclays (UK) expands FX footprint in Singapore with launch of new FX
trading and pricing engine
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Barclays announced that it will deploy its latest FX trading and pricing engine in Singapore, under the Monetary Authority of Singapore’s
(MAS) FX Trading Hub strategy. This marks Barclays’ latest milestone as it continues to strengthen its FX presence in Asia Pacific.
Barclays will be building out a local instance of BARX, one of the leading FX trading systems globally. This will include the rollout of
the latest BARX Direct technology which combines next-generation pricing algorithms with ultra-low latency co-location connectivity.
With the BARX infrastructure being based in Singapore, local and regional market participants will be able to leverage existing BARX
functionality while benefitting from increased price discovery, lower latency and improved quality of execution. Furthermore, BARX
Direct for 1-month Non Deliverable Forwards (NDFs) will provide tighter and more accurate prices with reduced latency through
localised co-location client connectivity and price discovery.BARX is Barclays’ cross-asset electronic trading platform, which enables
clients to optimize execution performance by accessing deep pools of liquidity through Barclays innovative and evolving trading
technology solutions. Clients can trade with BARX across equities, fixed income, futures and FX.

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CBA (Australia) Launches No Interest Payment Card, Commbank Neo
32
CBA announced it is launching its first no interest payment card for customers, CommBank Neo.CommBank Neo will provide customers with up to $3000 of credit, with no interest payments,
no late payments, no foreign currency fees, and best of all for a fixed monthly fee.These rewards offer *eligible customers real benefits through CommBank Neo as they provide access to
cashback offerings from a range of retailers.For example a customer may receive a $15 cash back offer when they spend at one of the 80+ retailers. This makes the monthly fee even greater
value for CommBank Neo customers.CommBank Neo offers customers certainty and control over their spending through a simple, easy to understand product. The product does not provide
access to cash advances or gambling. Customers will be refunded their monthly fee if they have no purchases in a month and the card balance is zero.This card can be used anywhere that
Mastercard is accepted.
CommBank Neo features include:
• Three credit limits of $1,000, $2,000 and $3,000
• A low monthly fee of $12 for $1,000 limit; $18 for $2,000 limit; and $22 for $3,000 limit
• No late fees
• No cash advances
• No foreign exchange fees
• No monthly fee if card is not used and the card balance is zero
• Access to exclusive rewards via our loyalty program, CommBank Rewards which offers cash back offerings to 80+ retailers. This makes CommBank Neo even more rewarding.
• Minimum repayment of $25 or 2 per cent of your closing balance, whichever is greater

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Credit Suisse (Switzerland) to launch the new "CSX" digital banking
offering
33
Credit Suisse is launching "CSX" – a digital banking offering that enables clients to conduct their daily banking in a swift, straightforward and
convenient manner using an app. In addition to this digital offering, clients can receive personal advice at branches or by phone if needed. "CSX"
combines the flexibility and cost effectiveness of a digital bank with the comprehensive range of services and expertise offered by Credit Suisse
as an established full-service bank with Swiss roots. As part of the further development of its market presence in Switzerland, Credit Suisse has
also created a new branch concept that connects the digital world with personal advice. Credit Suisse enables its clients to choose how they wish
to conduct their daily banking business and interact with the bank when doing so: digitally, by phone or in person at a branch. With the launch of
this new digital offering and new branch concept, Credit Suisse has enhanced its range of services and is meeting its clients' need for
straightforward banking solutions combined with reliable, personal advice.At the end of October 2020, Credit Suisse will launch "CSX" and "CSX
Young" – digital banking services for new clients that enable them to conduct all of their banking business by smartphone. CSX combines the
expertise and experience of Credit Suisse with the user-friendliness of a digital-only bank. The new banking offering includes a private account in
CHF, a Debit Mastercard for online use that waives foreign transaction fees, and an app with various self-service functions. Even the onboarding
process can be completed swiftly and easily right from the app.

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Danske Bank (Denmark) launches payments from accounts with other
banks in Danske Mobile Banking
34
Danske Bank is the first to offer a new mobile solution that enables Danske Bank's customers to transfer money through Danske Mobile
Banking from payment accounts that the customers have with other banks. Danske Bank customers with accounts and facilities with
several banks can now use Danske Mobile Banking to transfer money from all the customer's accounts – including accounts with other
banks.Since 2018, customers have been able to see accounts with other banks, and this new opportunity to also be able to pay from the
accounts is the second step in Danske Bank's work to provide customers with new digital services and a better overview of the economy
as a result of Open Banking.The new solution is carried out via the Nordic API Gateway platform, which has combined access to all
Nordic banks' data in one place.As from September 2019, all banks have had to comply with the European Payment Directive PSD2,
which means that banks must open up their systems so that third parties can offer their customers financial services linked to the accounts
that customers may have with the bank.This allows for new innovative solutions that ultimately benefit the consumer. The solutions can
be provided from banks as well as from companies that develop financial technology, called FinTechs.

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ICICI Bank (India) introduces use of satellite data to power credit
assessment of farmers
35
ICICI Bank announced the usage of satellite data—imagery from Earth observation satellites—to assess credit worthiness of its customers belonging to the farm sector. The Bank is the first
in India and among few globally to use satellite data to measure an array of parameters related to the land, irrigation and crop patterns and use it in combination with demographic and financial
parameters to make expeditious lending decisions for farmers. This use of innovative technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can
now get better access to credit. Additionally, since the land verification is done in a contactless manner with the help of satellite data, credit assessments are being done within a few days as
against the industry practice of upto 15 days.This initiative gains significance at a time when people are advised to stay indoors and avoid travel in the wake of the Coronavirus pandemic. This
use of satellite data provides quick and technically sound analysis of the land, crop and irrigation patterns from remote locations, without the need of the customer or a bank official having to
visit the land. It offers farmers the significant advantage of reliable data being provided to the Bank without any hassles of travel, operational or logistical expenditure to them.
Some of the key satellite data being used by the Bank are:
• Rainfall and temperature data of past years
• Soil moisture levels in past years
• Surface water availability
• Trends in crop sowing including crop name, tentative sowing & harvesting weeks, crop health and yields
• Agriculture land location details including latitude, longitude and boundary of the land
• Nearby locations of warehouses and mandis

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ICICI Bank (India) launches ‘Home Utsav’, a virtual property exhibition
36
ICICI Bank announces the launch of ‘Home Utsav’, a virtual property exhibition that digitally showcases real estate projects by renowned developers from key cities across the
country. The exhibition is available for everyone, including ICICI Bank’s customers and those who are not customers of the Bank. It offers them enhanced convenience, as they
can simply browse through these projects online, from the comfort of their home and office. They can also avail exclusive offers such as attractive interest rates, special
processing fees and digital sanction of loans, on buying a property through this exhibition. In addition, ICICI Bank’s customers enjoy further benefits as they can avail of the
Bank’s pre-approved and insta series of products. The first ‘Home Utsav’ exhibition has been launched for the Mumbai and Pune region, where over 100 projects by more than
60 developers are being showcased. The exhibition can be accessed on www.homeutsavicici.com. The Bank will organise ‘Home Utsav’ in some other big cities across the
country including Bengaluru, Chennai, Hyderabad, Kolkata and Delhi NCR, and Gujarat.
Key benefits of ‘Home Utsav’ include:
• Wide range of projects by leading developers
• Attractive home loan interest rates
• Special processing fees
• Digital sanction of loan through Express Home Loan
• Exclusive direct discounts by developers

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ICICI Bank (India) integrates FASTag at Vashi toll plaza in Navi Mumbai
37
ICICI Bank announced that it has integrated FASTag technology at Vashi toll plaza in Navi Mumbai, in association with Maharashtra State Road
Development Corporation Limited (MSRDC). This integration enables commuters to seamlessly pay toll charges using FASTag issued by any bank, and
experience a hassle-free journey. It is completely contactless which ensures safety of the commuters during COVID-19 pandemic. With this, ICICI Bank
becomes the first bank to integrate FASTag at Vashi toll plaza. The Bank will shortly integrate FASTag at other toll plazas in Mumbai suburbs including
Airoli, Dahisar, Mulund and Thane. FASTag is a brand name owned by Indian Highways Management Company Ltd. (IHMCL) which carries out electronic
tolling and other ancillary projects of National Highway Authorities of India (NHAI). This Radio Frequency Identification Device (RFID) tag is affixed on
the windscreen of the vehicle. It is an easy to use, rechargeable tag which enables automatic deduction of toll charges and lets the vehicle pass through the
toll plaza without stopping for cash transaction. ICICI Bank is by far the leader in the Electronic Toll Collection (ETC) market in terms of both value as well
as volume of average daily transactions on FASTag. In August 2020, the Bank commanded nearly 40% market share in terms of value of average daily
transactions. The Bank recorded over 20 lakh average daily transactions in the month. The FASTag platform allows motorists to pay at multiple FASTag
enabled toll plazas using a single tag. Currently, the Bank handles 220 toll plazas on state and national highways. This represents nearly 32% of the toll plazas
that are currently operational under the FASTag programme.

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Intesa Sanpaolo (Italy) Launches Xme Studiostation, The Loan To
Families To Support The Study From A Distance
38
Intesa Sanpaolo launches XME StudioStation, the loan designed to allow families to meet the expenses related to the purchase of
hardware, software and the fee for an Internet subscription to allow the continuous use of remote education essential following
the lockdown.Thanks to the coverage of the Intesa Sanpaolo Fund for Impact, micro-loans from 500 to 1,500 euros will be
disbursed, repayable from 12 to 48 months at a 0% rate, the long amortization brings the installment to a maximum of 31 € per
month, or 1 euro per day . All families with dependent children and ISEE can access the loan up to a maximum of 40,000
euros.Covid-19 has changed the model of school education, from classic frontal training to distance learning. From an initial
assessment of distance learning, it appears that 2 out of 3 high school students take lessons interactively, connecting via video
conference with the professors, thanks to the most advanced platforms and 6 out of 10 middle school students use the latest
generation software. rather than limited to the use of the electronic register or the mere assignment of tasks.However, the data
indicate that about 20% of students could not follow distance learning due to the lack of technological equipment. It is estimated
that around 1 million students are in this condition.

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Northern Trust (USA) Launches New Cloud-Based Insurance Accounting
and Analytics Application
39
Northern Trust announced the launch of its new cloud-based reporting application which further enhances its Insurance Investment Accounting and Analytics
Services solution, developed to support the full spectrum of investment portfolio reporting and management needs for U.S. insurance companies. The platform
incorporates Northern Trust's award-winning interactive digital interface with the power of the SAP Financial Asset Management (FAM) System data to provide
an end-to-end solution covering all asset classes. The advanced cloud-based interface automates and streamlines insurance accounting and reporting processes,
allowing for self-service and on-demand analysis of information. Users can interact with their portfolio data through visual dashboards with direct access to
underlying securities data. The platform answers the accounting needs of insurers as they face both heightened regulatory reporting requirements and an
industry-wide push for digital transformation.
The Investment Accounting and Analytics Services solution allows insurance companies to:
• Identify trends, risks and opportunities through the ability to view and analyze underlying data;
• Interrogate data more quickly and finely by drilling down into detailed views;
• Assess the impact of portfolio changes via intuitive user dashboards and detailed data analysis;
• Access summary reports including underlying investments, visual change analysis and multiple accounting basis views, including U.S. Statutory, GAAP and
Tax.

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Riyad Bank (Saudi Arabia) launches virtual assistant to answer
customers inquires
40
As a part of the digital transformation strategy, Riyad Bank launches virtual assistant service to answer the customer’s
questions about the services, products, branch locations, and ATM. This service includes answering the customer's inquiries
automatically 7/24 via artificial intelligence technology, their answers will be a bout the products and the provided services
as accounts, credit cards, Mada, finance, investment, digital channels, transfer fees and products (account statement, cheques,
and debut transfer letter). This service comes as a part of Riyad Bank’s efforts to expand its interactive channel system by
using advanced methods in banking technology. Its worth to mention that Riyad bank considered as a strategic partner with
multiple global platforms that’s in line with the digital development internationally, also it is a strategic partner with a number
of local and international enterprise to provide innovative solutions in the financial technology and create new opportunities
in the digital industry.

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RBC (Canada) makes banking more accessible with fully digital account
open processes
41
As the demand for digital solutions continues to rise, RBC announced the launch of enhanced digital deposit account open processes for personal and business clients, providing them with the
flexibility to fully open an account from wherever it is most convenient for them.In designing these solutions, RBC anchored the client experience around four fundamental features:
• Access: COVID-19 and the need for physical distancing has placed pressure on Canadians’ access to many basic services. Fully digitizing the end-to-end account opening process enables more
Canadians to quickly, conveniently and safely start banking with RBC, supporting their personal or business needs. This is especially relevant for people in rural communities, where travelling to a
branch may be difficult; for elderly and at-risk individuals who want to avoid public settings; and for newcomers who still need access to banking services even though they may need to self-isolate
upon arriving. For business owners, it allows them to access RBC’s banking services from their place of business, so they can spend less time on administrative tasks and more time with their clients.
• Industry-leading security: The remote account open solutions are powered by new, industry-leading ID verification technology (IDV). IDV verifies a client’s government-issued identification
against the security features and characteristics of their driver’s license, passport or ePassport. This is combined with new document management capabilities that make sharing sensitive documents
more secure.
• Simplicity and convenience: Canadians now have three convenient ways to open an account: remote self-serve, remote advisor-assisted, and in person at a branch. Underpinning the remote account
open experience are four innovative capabilities that provide added value for the client. For example, business clients with multiple owners no longer have to worry about having all owners together
in one place. The new IDV, e-signature and document upload capabilities create a seamless experience allowing multiple owners to verify their identities, and complete their signing responsibilities.
Also, both personal and business clients can set their client card PIN remotely, get enrolled in online and mobile banking, and begin transacting immediately after completing the process.
• Connection to advice: The remote advisor-assisted option provides clients with the same advice and expertise they would experience in-branch. And, the personal account open process uses IDV
to automatically populate a client’s information in their account profile, saving time on administrative tasks and, when working with an advisor, frees time to have richer conversations about their
banking needs.

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Ulster Bank offers free accounting software for small businesses
42
Ulster Bank is continuing its support for Northern Ireland’s small businesses by providing free access to leading accounting software
FreeAgent. Customers in Northern Ireland with a business bank account can now access the FreeAgent platform, which is used by over
100,000 small businesses throughout the UK, free of charge. And as long as the bank account is retained, customers will have unlimited access
to the FreeAgent platform. FreeAgent is HMRC-recognised and compatible with the government’s Making Tax Digital (MTD) initiative,
which first launched in 2019 for compulsory VAT-registered businesses earning over £85,000. Next year, MTD will be widened further to
include many more businesses. FreeAgent helps to simplify the tax process by automatically categorising transactions and enabling customers
to upload expense receipts directly into their accounts. The software can also be linked with businesses’ bank accounts to consolidate banking
and accounting services in one place, giving small business owners more time to concentrate on running their business. For businesses that
opt-in, data relating to a company’s accounts can be shared with the bank to better inform decision-making and to help it support customers
to plan and grow their business. Also included with the FreeAgent platform is its free mobile app which boasts many sophisticated features
such as enabling customers to send invoices, upload expense receipts, track time and manage their business finances while on the go.

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SCB 10X introduces “Mhao-Mhao,” a one-stop wholesale e-commerce platform connecting
manufacturers and online merchants to support Thai SMEs in navigating the New Normal era
43
SCB 10X keeps developing and innovating, following its key concept of believing in “people” and listening to “customers” about their needs. In line with that
philosophy, SCB 10X has recently introduced “Mhao-Mhao (wholesale),” a wholesale e-commerce platform connecting online merchants with manufacturers and
brand owners. Via the platform, which is offered free of charge, manufacturers, brand owners, and wholesalers can clear their inventories and reach more online
merchants through wholesale, distribution, and zero-inventory management. This is an effort to help Thai SMEs adapt to the New Normal business models,
especially small players. A character Nong Mhoo (Little Piggy) has been introduced to promote recognition of the “Mhao-Mhao” platform as a mascot bringing
prosperity to merchants, manufacturers, and brand owners. In Thai, the expression “mhoo-mhoo” means easy for target groups and suggesting easy sales and
profits via the platform. During a one-month trial period there was a warm welcome from leading manufacturers and brands, including ADVICE IT, AMANDO,
ANELLO, ANITECH, BODUM, BOSSINI, ESPRIT, ETAM, FN OUTLET, JOSEPH JOSEPH, MALEE, RADLEY, ZWILLING, DOI KHAM, and small
wholesalers. There are now thousands of registered sellers on the “Mhao-Mhao” platform and the number is expected to reach 500,000 by the end of 2020.
Challenges manufacturers currently face include low traffic and fewer visitors to their online channels, higher and higher advertising fees, narrower reach by
in-house advertisements compared to those by agencies, and a large number of rivals in the marketplace. All roads head online, and now there are also rivals from
China. Players are searching for new platforms, such as membership-based commerce, a direct sales e-commerce platform featuring subscription membership. But
these business models actually focus more on raising income through membership fees than they do on connecting users.

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ADIB (UAE) awarded ‘Best UAE Islamic Digital Bank 2020’ by Global
Finance magazine
44
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has been named 'Best Islamic Digital Bank in the UAE' for 2020 by Global Finance
magazine. This prestigious accolade is awarded to the world's leading digital banking service providers. ADIB's digital banking offer, which forms the basis
of the bank's growth strategy, has been greatly accelerated during the COVID-19 pandemic. ADIB has recorded high levels of digital adoption across its retail
and corporate banking services in the first half of 2020, and nearly 60% of ADIB's retail customers are now active on digital channels. During this period,
99% of retail financial transactions, including payments and fund transfers, as well as 93% of non-financial services, including personal information updates,
were conducted digitally. ADIB has also witnessed similar trends in its corporate banking segment. Over 60% of ADIB's business customers have actively
used ADIB Direct, an innovative banking platform providing automated trade finance services. With recent enhancements to the platform, ADIB generated
a 65% growth in digital payments, and a 28% increase in new users.With the evolving needs of its customers in mind, ADIB has launched several innovative
solutions and products. For retail customers, ADIB introduced ongoing enhancements on the mobile app, including the launch of the Express Finance service
which provides qualifying customers with instant access to personal finance. In response to the banking needs of its corporate clients, ADIB has updated its
digital transaction banking and trade finance platforms with the launch of ADIB Direct eFX, enabling businesses to access FX services to support their
imports and exports with just a few clicks.
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ADIB Securities (UAE) receives 5-Star Brokers Excellence Rating from
DFM
45
ADIB Securities, the leading Islamic brokerage firm in the UAE and a wholly owned subsidiary of Abu Dhabi Islamic Bank (ADIB),
has received a 5-Star Brokers Excellence Rating for the year 2019 from Dubai Financial Market (DFM).Launched in 2018, the
scheme provides an ongoing mechanism enabling brokerage firms to identify strengths and gaps based on an annual evaluation
conducted by experts, the results of customer satisfaction surveys, as well as onsite visits to companies' headquarters and call
centres.Ranked the number one Islamic brokerage in the UAE, ADIB Securities provides a range of products to accompany the bank's
wealth management offering. ADIB Securities provides a best-in-class trading experience, with intuitive trading tools, expert insight,
and competitive rates using state-of-the-art technology.ADIB Securities' team of experienced professionals work closely with clients
to complement the digital offering with personalised guidance. The firm allows clients to trade equities on US markets, including the
New York Stock Exchange and NASDAQ, as well as providing access for customers to trade on the Saudi Stock Exchange
(Tadawul), the Middle East's largest bourse.
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