ACG European Capital Tour - Paris.
Spotlight on risk protection trends in private M&A.
Heloise Husson, Unit Leader M&A, Chartis
Jay Rittberg, VP M&A, Chartis
Jean-Patrice Labautiere, Partner, Allen & Overy
The document discusses the adoption of SWIFT's MT798 standards for facilitating multi-banking in trade finance. It outlines that major corporates and banks are adopting the standards, and that leading trade finance vendors have solutions that are compliant. The standards help enable end-to-end connectivity between parties and avoid issues of proprietary formats. They also provide benefits around costs, legal complexity, and know-your-customer processes for both banks and corporates.
(1) First Horizon National Corporation reported a net loss of $35 million in Q3 2009, an improvement from a $105 million net loss in Q2 2009. (2) Noninterest income increased 7% quarter-over-quarter due to debt repurchase gains, while noninterest expense decreased 13% due to lower restructuring charges. (3) The provision for loan losses decreased 29% from $260 million to $185 million as credit quality stabilized.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
SANTANDER NETWORK-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Banco Santander España (Santander Network). Presentación en el Investor Day 2011 de Enrique García Candelas, director general de Banca Comercial España. En inglés
GLOBAL BANKING AND MARKETS-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Santander's Global Banking & Markets division (GB&M) provides a disclaimer noting that statements in the presentation involving future performance are forward-looking and actual results could differ materially from expectations. GB&M has a unique business model based around leveraging Santander's local banking presence in key markets to provide global banking services. It has achieved strong double-digit revenue growth and market share leadership positions in Latin America through this integrated global-local network approach and conservative risk management practices. Going forward, GB&M aims to further develop capital-light and fee-generating businesses while expanding with Santander into new international markets.
This document provides an agenda and overview for a seminar on extending trade business using new ICC and SWIFT standards for supply chain finance. The seminar will discuss SWIFT's innovations in multi-banking trade standards, ICC's new Bank Payment Obligation instrument and benefits for corporates, first BPO case studies and live BPO banks, the corporate perspective on BPO, and how to get started with ICC and ISO 20022 standards. Various speakers will discuss topics including trade volumes increasing to $48.5 trillion by 2025 and the opportunity for banks to expand financing services from traditional letters of credit to the new BPO which enables bank-assisted open account trade.
- Banco Santander (Brasil) S.A. presented information on its operations and financial results in Brazil
- Santander is the 3rd largest private bank in Brazil with a market share of 11% in loans and strong distribution platform of over 3,600 branches
- Integration of Banco Real and Santander Brasil is largely complete, with cost synergies of R$1,545 million achieved, exceeding expectations by R$145 million
- Managerial loan portfolio grew 15.8% year-over-year in IFRS and 17.4% including acquired portfolios, with corporate loans up 24.2% and SME loans up 14.7%
The document provides an overview of BI&P's 2Q11 results presentation. It begins with standard disclaimer language about forward-looking statements and risk factors. The presentation then discusses BI&P's new strategic direction after a capital increase and partnership with new investors. Key points include expanded credit portfolio, stable funding sources, adequate capital and liquidity levels, and profit impacted by loan loss provisions and conservative liquidity strategies.
The document discusses the adoption of SWIFT's MT798 standards for facilitating multi-banking in trade finance. It outlines that major corporates and banks are adopting the standards, and that leading trade finance vendors have solutions that are compliant. The standards help enable end-to-end connectivity between parties and avoid issues of proprietary formats. They also provide benefits around costs, legal complexity, and know-your-customer processes for both banks and corporates.
(1) First Horizon National Corporation reported a net loss of $35 million in Q3 2009, an improvement from a $105 million net loss in Q2 2009. (2) Noninterest income increased 7% quarter-over-quarter due to debt repurchase gains, while noninterest expense decreased 13% due to lower restructuring charges. (3) The provision for loan losses decreased 29% from $260 million to $185 million as credit quality stabilized.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
SANTANDER NETWORK-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Banco Santander España (Santander Network). Presentación en el Investor Day 2011 de Enrique García Candelas, director general de Banca Comercial España. En inglés
GLOBAL BANKING AND MARKETS-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Santander's Global Banking & Markets division (GB&M) provides a disclaimer noting that statements in the presentation involving future performance are forward-looking and actual results could differ materially from expectations. GB&M has a unique business model based around leveraging Santander's local banking presence in key markets to provide global banking services. It has achieved strong double-digit revenue growth and market share leadership positions in Latin America through this integrated global-local network approach and conservative risk management practices. Going forward, GB&M aims to further develop capital-light and fee-generating businesses while expanding with Santander into new international markets.
This document provides an agenda and overview for a seminar on extending trade business using new ICC and SWIFT standards for supply chain finance. The seminar will discuss SWIFT's innovations in multi-banking trade standards, ICC's new Bank Payment Obligation instrument and benefits for corporates, first BPO case studies and live BPO banks, the corporate perspective on BPO, and how to get started with ICC and ISO 20022 standards. Various speakers will discuss topics including trade volumes increasing to $48.5 trillion by 2025 and the opportunity for banks to expand financing services from traditional letters of credit to the new BPO which enables bank-assisted open account trade.
- Banco Santander (Brasil) S.A. presented information on its operations and financial results in Brazil
- Santander is the 3rd largest private bank in Brazil with a market share of 11% in loans and strong distribution platform of over 3,600 branches
- Integration of Banco Real and Santander Brasil is largely complete, with cost synergies of R$1,545 million achieved, exceeding expectations by R$145 million
- Managerial loan portfolio grew 15.8% year-over-year in IFRS and 17.4% including acquired portfolios, with corporate loans up 24.2% and SME loans up 14.7%
The document provides an overview of BI&P's 2Q11 results presentation. It begins with standard disclaimer language about forward-looking statements and risk factors. The presentation then discusses BI&P's new strategic direction after a capital increase and partnership with new investors. Key points include expanded credit portfolio, stable funding sources, adequate capital and liquidity levels, and profit impacted by loan loss provisions and conservative liquidity strategies.
Citigroup reported financial results for the first quarter of 2002, with the following highlights:
- Core income increased 5% compared to first quarter 2001 to $3.859 billion. Net income increased 37% to $4.843 billion, helped by a gain on sale of stock by a subsidiary.
- Global Consumer segment saw increases in core income for Cards (2%), Consumer Finance (35%), and Retail Banking (29%) compared to first quarter 2001.
- Capital ratios improved, with Tier 1 capital ratio at 9.13% versus 8.56% in first quarter 2001, reflecting Citigroup's overall financial strength.
- Total assets were $1.057 trillion
- Citigroup's third quarter earnings summary showed a strong balance sheet with improved tangible common equity of $102 billion and a stable Tier 1 capital ratio of 12.7%.
- Several of Citigroup's business lines saw record revenues including the Institutional Clients Group and Transaction Services. Regional consumer banking also saw revenue and deposit growth.
- Credit losses declined slightly but remained elevated with improving trends in international markets and mixed results in the US. Assets in Citi Holdings were down $32 billion in the quarter and $281 billion from their peak.
- Citigroup is focused on its core historical strengths and shifting away from businesses reliant on wholesale funding and developed market credit to more stable and profitable
BPO session featuring DB, JPM, Bank of China and Bank of Tokyo MitsubishiAndré Casterman
The document provides an update on the Bank Payment Obligation (BPO) project led by the ICC Banking Commission. It outlines the objectives of developing BPO rules as a new industry-wide instrument to facilitate electronic matching and payment of international trade transactions. The agenda includes presentations from SWIFT, banks, and technology partners on how BPO can complement existing trade instruments, support supply chain finance, and leverage ISO 20022 standards for structured data exchange. Tentative timelines are provided for drafting and approving BPO rules by 2013.
Citigroup reported financial results for the second quarter of 2007. Net income increased 18% year-over-year to $6.226 billion. Revenue grew across most business segments, led by a 64% increase in Markets & Banking revenue. Income from continuing operations rose 18% to $11.238 billion for the first half of the year. However, capital ratios declined slightly due to asset growth outpacing capital increases. Overall, Citigroup achieved strong revenue growth and higher profits compared to the previous year.
Catalyst Market operates in Poland for 3 years. The main objective of the establishment of this market was to set up a trading platform for investors eager to invest on debt market and issuers looking for capital to boost their growth.
This document provides an agenda and overview for an ICC briefing on supply chain finance and the Uniform Rules for Bank Payment Obligation (UR BPO). The briefing will update trade bankers on the progress of the UR BPO rules, share next steps ahead of their formal adoption in April 2013, and encourage industry participation. The agenda includes introductions from banking commission representatives, an explanation of the new UR BPO, the ICC BPO project timeline and deliverables, accounting and capital treatment considerations, the corporate need for new open account trade rules, and a BPO case study from BP Chemicals. The ICC Banking Commission is a leading global rulemaking body for the banking industry focused on trade finance rules and guidelines.
The document summarizes ABN AMRO Bank's nine months 2012 results. Key highlights include:
- Satisfactory underlying net profit of EUR 1,201m for 9M2012, up 22% from 9M2011, driven by lower impairments on Greek exposures and lower expenses.
- Operating income increased 5% to EUR 5,624m while the underlying cost/income ratio improved to 59% from 63% in 9M2011.
- Impairments were down 23% to EUR 762m mainly due to a EUR 500m charge in 9M2011 on Greek exposures, offset by higher impairments in other business segments.
- Capital and liquidity positions remained strong
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within Global Consumer, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America.
Banco Santander (Brasil) S.A. is one of the largest private banks in Brazil, with market shares of 11% in loans and 8% in deposits. In the first half of 2010, the bank reported net profits of R$3.5 billion on total assets of R$245 billion. Santander Brazil has over 3,500 branches across the country, integrating its acquisitions to create synergies and efficiencies. The bank is focused on growing its retail banking business through its Conta Integrada product.
The document summarizes BI&P's 3Q11 results presentation. Key points include:
- BI&P has laid the foundation for its new strategy with a new vision, management team, and strategic plans focused on results and credit quality.
- Net profit increased 45% in the quarter with improvements in net margin, efficiency ratio, and returns.
- The credit portfolio grew 6.6% in the quarter focused on quality corporate clients, with corporate loans growing 35%.
- 70% of loans mature within 360 days and credit quality remains stable with most loans rated A or better and strong collateral coverage.
Apresentação do evento deutsche bank global emerging markets 15 a 17.09.10risantander
Banco Santander (Brasil) S.A. presented information about its operations in Brazil. It is the 3rd largest private bank in Brazil by total assets, with an 11% market share of loans in the Brazilian banking system. The presentation was provided for informational purposes only and contained forecasts that involve risks and uncertainties. Past performance and predictions are not a guarantee of future performance, and the company is not obliged to update the information in light of new events or circumstances.
The document summarizes Banco Santander's risk management report for 2011. It discusses the bank's principles of risk management including independence of the risk function, involvement of senior management, and collegiate decision making. It then summarizes Santander's exposure to different types of risk in 2011, including credit, market, operational, and liquidity risks. It also discusses the bank's economic capital analysis and management of regulatory changes.
The document discusses Paraná Banco's consolidated financial statements and pro forma statements for 1Q07. It notes that the statements were prepared according to Brazilian corporate law and regulatory standards. The document also contains a disclaimer that forward-looking statements are based on management expectations and are not guarantees of future performance.
Angel Ron: Banco Popular Third Quarter 2012 Results CrisisBanco Popular
Banco Popular, the organization headed by Angel Ron, presents the results obtained in the third quarter of 2012.
According to the results, Banco Popular expects to finish the year keeping the line in terms of results obtained in these months.
Banco Popular also points at that althought the crisis is not over, we will keep reinforcing our
Provisions
The document provides an overview of BI&P's 3rd quarter 2012 results. Key highlights include:
- Expanded credit portfolio grew 6.5% quarter-over-quarter to R$3 billion, with higher quality loans.
- Non-performing loans declined and coverage ratios increased.
- Revenue from services grew 40% year-over-year.
- Net profit increased 29% over the previous quarter to R$3.1 million.
- The bank continues improving portfolio quality while expanding in targeted industry niches.
The document provides an overview of 3M Company, a diversified technology company with over 35 business units organized into six sectors. In 2011, 3M reported $30 billion in global sales, with 66% from international markets. Key financial objectives include 9-11% earnings growth and 4-6% organic revenue growth through 2020. 3M aims to increase innovation through R&D investments averaging 5.3% of sales annually and derive 30% of sales from new products. Risks include currency volatility and weak economic conditions in some markets. 3M maintains a strong financial position with over $4.5 billion in cash flows and low debt.
The document provides highlights from BI&P's 4Q11 results presentation. It summarizes that BI&P's loan portfolio grew 13% in 4Q11 and 31% in 2011, with corporate loans increasing 47% in the quarter and 150% for the year. Net profit increased 41% in the quarter through higher net interest margins and improved profitability ratios. The document also notes that BI&P is in the final stages of migrating to a higher-level corporate governance segment of the stock exchange.
capital one Q3 2008 Capital One Financial Earnings Conference Call Presentationfinance13
Capital One reported third quarter 2008 results with the following highlights:
1) Diluted EPS from continuing operations was $1.03, down from $1.21 in the third quarter of 2007 driven by higher provision expense.
2) Credit performance was largely in line with expectations, with managed charge-off and delinquency rates up from the previous quarter.
3) The balance sheet and diversified funding remained strong, with available liquidity of $32 billion and deposit growth of $6 billion from the previous quarter.
Citigroup reported financial results for the first quarter of 2002, with the following highlights:
- Core income increased 5% compared to first quarter 2001 to $3.859 billion. Net income increased 37% to $4.843 billion, helped by a gain on sale of stock by a subsidiary.
- Global Consumer segment saw increases in core income for Cards (2%), Consumer Finance (35%), and Retail Banking (29%) compared to first quarter 2001.
- Capital ratios improved, with Tier 1 capital ratio at 9.13% versus 8.56% in first quarter 2001, reflecting Citigroup's overall financial strength.
- Total assets were $1.057 trillion
- Citigroup's third quarter earnings summary showed a strong balance sheet with improved tangible common equity of $102 billion and a stable Tier 1 capital ratio of 12.7%.
- Several of Citigroup's business lines saw record revenues including the Institutional Clients Group and Transaction Services. Regional consumer banking also saw revenue and deposit growth.
- Credit losses declined slightly but remained elevated with improving trends in international markets and mixed results in the US. Assets in Citi Holdings were down $32 billion in the quarter and $281 billion from their peak.
- Citigroup is focused on its core historical strengths and shifting away from businesses reliant on wholesale funding and developed market credit to more stable and profitable
BPO session featuring DB, JPM, Bank of China and Bank of Tokyo MitsubishiAndré Casterman
The document provides an update on the Bank Payment Obligation (BPO) project led by the ICC Banking Commission. It outlines the objectives of developing BPO rules as a new industry-wide instrument to facilitate electronic matching and payment of international trade transactions. The agenda includes presentations from SWIFT, banks, and technology partners on how BPO can complement existing trade instruments, support supply chain finance, and leverage ISO 20022 standards for structured data exchange. Tentative timelines are provided for drafting and approving BPO rules by 2013.
Citigroup reported financial results for the second quarter of 2007. Net income increased 18% year-over-year to $6.226 billion. Revenue grew across most business segments, led by a 64% increase in Markets & Banking revenue. Income from continuing operations rose 18% to $11.238 billion for the first half of the year. However, capital ratios declined slightly due to asset growth outpacing capital increases. Overall, Citigroup achieved strong revenue growth and higher profits compared to the previous year.
Catalyst Market operates in Poland for 3 years. The main objective of the establishment of this market was to set up a trading platform for investors eager to invest on debt market and issuers looking for capital to boost their growth.
This document provides an agenda and overview for an ICC briefing on supply chain finance and the Uniform Rules for Bank Payment Obligation (UR BPO). The briefing will update trade bankers on the progress of the UR BPO rules, share next steps ahead of their formal adoption in April 2013, and encourage industry participation. The agenda includes introductions from banking commission representatives, an explanation of the new UR BPO, the ICC BPO project timeline and deliverables, accounting and capital treatment considerations, the corporate need for new open account trade rules, and a BPO case study from BP Chemicals. The ICC Banking Commission is a leading global rulemaking body for the banking industry focused on trade finance rules and guidelines.
The document summarizes ABN AMRO Bank's nine months 2012 results. Key highlights include:
- Satisfactory underlying net profit of EUR 1,201m for 9M2012, up 22% from 9M2011, driven by lower impairments on Greek exposures and lower expenses.
- Operating income increased 5% to EUR 5,624m while the underlying cost/income ratio improved to 59% from 63% in 9M2011.
- Impairments were down 23% to EUR 762m mainly due to a EUR 500m charge in 9M2011 on Greek exposures, offset by higher impairments in other business segments.
- Capital and liquidity positions remained strong
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within Global Consumer, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America.
Banco Santander (Brasil) S.A. is one of the largest private banks in Brazil, with market shares of 11% in loans and 8% in deposits. In the first half of 2010, the bank reported net profits of R$3.5 billion on total assets of R$245 billion. Santander Brazil has over 3,500 branches across the country, integrating its acquisitions to create synergies and efficiencies. The bank is focused on growing its retail banking business through its Conta Integrada product.
The document summarizes BI&P's 3Q11 results presentation. Key points include:
- BI&P has laid the foundation for its new strategy with a new vision, management team, and strategic plans focused on results and credit quality.
- Net profit increased 45% in the quarter with improvements in net margin, efficiency ratio, and returns.
- The credit portfolio grew 6.6% in the quarter focused on quality corporate clients, with corporate loans growing 35%.
- 70% of loans mature within 360 days and credit quality remains stable with most loans rated A or better and strong collateral coverage.
Apresentação do evento deutsche bank global emerging markets 15 a 17.09.10risantander
Banco Santander (Brasil) S.A. presented information about its operations in Brazil. It is the 3rd largest private bank in Brazil by total assets, with an 11% market share of loans in the Brazilian banking system. The presentation was provided for informational purposes only and contained forecasts that involve risks and uncertainties. Past performance and predictions are not a guarantee of future performance, and the company is not obliged to update the information in light of new events or circumstances.
The document summarizes Banco Santander's risk management report for 2011. It discusses the bank's principles of risk management including independence of the risk function, involvement of senior management, and collegiate decision making. It then summarizes Santander's exposure to different types of risk in 2011, including credit, market, operational, and liquidity risks. It also discusses the bank's economic capital analysis and management of regulatory changes.
The document discusses Paraná Banco's consolidated financial statements and pro forma statements for 1Q07. It notes that the statements were prepared according to Brazilian corporate law and regulatory standards. The document also contains a disclaimer that forward-looking statements are based on management expectations and are not guarantees of future performance.
Angel Ron: Banco Popular Third Quarter 2012 Results CrisisBanco Popular
Banco Popular, the organization headed by Angel Ron, presents the results obtained in the third quarter of 2012.
According to the results, Banco Popular expects to finish the year keeping the line in terms of results obtained in these months.
Banco Popular also points at that althought the crisis is not over, we will keep reinforcing our
Provisions
The document provides an overview of BI&P's 3rd quarter 2012 results. Key highlights include:
- Expanded credit portfolio grew 6.5% quarter-over-quarter to R$3 billion, with higher quality loans.
- Non-performing loans declined and coverage ratios increased.
- Revenue from services grew 40% year-over-year.
- Net profit increased 29% over the previous quarter to R$3.1 million.
- The bank continues improving portfolio quality while expanding in targeted industry niches.
The document provides an overview of 3M Company, a diversified technology company with over 35 business units organized into six sectors. In 2011, 3M reported $30 billion in global sales, with 66% from international markets. Key financial objectives include 9-11% earnings growth and 4-6% organic revenue growth through 2020. 3M aims to increase innovation through R&D investments averaging 5.3% of sales annually and derive 30% of sales from new products. Risks include currency volatility and weak economic conditions in some markets. 3M maintains a strong financial position with over $4.5 billion in cash flows and low debt.
The document provides highlights from BI&P's 4Q11 results presentation. It summarizes that BI&P's loan portfolio grew 13% in 4Q11 and 31% in 2011, with corporate loans increasing 47% in the quarter and 150% for the year. Net profit increased 41% in the quarter through higher net interest margins and improved profitability ratios. The document also notes that BI&P is in the final stages of migrating to a higher-level corporate governance segment of the stock exchange.
capital one Q3 2008 Capital One Financial Earnings Conference Call Presentationfinance13
Capital One reported third quarter 2008 results with the following highlights:
1) Diluted EPS from continuing operations was $1.03, down from $1.21 in the third quarter of 2007 driven by higher provision expense.
2) Credit performance was largely in line with expectations, with managed charge-off and delinquency rates up from the previous quarter.
3) The balance sheet and diversified funding remained strong, with available liquidity of $32 billion and deposit growth of $6 billion from the previous quarter.
This document provides an overview of BI&P's 4th quarter results presentation. It highlights that BI&P's expanded credit portfolio grew 2.6% quarter-over-quarter and 21% year-over-year to R$3.1 billion. The corporate segment represented 59.3% of the portfolio. Credit quality improved with 79.1% of the portfolio rated AA-B. Net profit was R$3.6 million in 4Q12, up 15.8% year-over-year. BI&P continued developing new product offerings and niche expertise in areas like agricultural bonds and corporate ecosystem services.
Global Corporate and Investment Banking President Gene Taylor presented on the division's strategy for growth between 2006-2011. The goals are to increase revenues by $10 billion and earnings by $3 billion through deepening client relationships, increasing market share internationally, and strategically deploying capital. Global Investment Banking Head Brian Brille then discussed the strategic themes of integrated delivery of Bank of America's capabilities, capturing largest fee pool opportunities including becoming a top 3 investment bank in the US, and growing the international presence including becoming a top 10 investment bank in Europe.
1. Santander Chile outlines its strategy from 2011-2013 to deepen its focus on commercial banking, especially middle-upper income individuals and mass market customers, by expanding client bases and cross-selling more products.
2. The strategy also aims to improve client relationship management and expand efficiently while managing risks conservatively.
3. Santander Chile targets solid growth and sustainable returns through this strategy by achieving double digit annual growth in key metrics like cross-sold clients and net operating income after provisions.
1) Paraná Banco reported a 27% increase in net income for 1Q09 versus 4Q08, totaling R$20.3 million. Return on equity was 10.4% and return on assets was 3.9%.
2) The loan portfolio totaled R$1,336.3 million in 1Q09, a decline of 0.4% over the previous quarter. Delinquency rates remained stable at 2.4%.
3) Insurance operations through JMalucelli Seguradora were profitable, with a return on equity of 37.8% and a large customer portfolio in surety bonds and reinsurance.
From boom to bust and recovery: the role of the banking systemLatvijas Banka
Presentation by MārtiņšKazāks, PhD, Deputy Group Chief Economist of Swedbank at Country workshop: "EU Balance-of-Payments assistance for Latvia: Foundations of Success" organized by the European Commission, Directorate General for Economic and Financial Affairs, and the Bank of Latvia.
Brussels, March 1, 2012
This document discusses several key points:
1. A study by CGAP found that customers had difficulty understanding and interpreting interest rates and loan costs. They were more focused on weekly payments than total costs.
2. The study also found customers did not comparison shop for loans and lacked understanding of financial terms, limiting their ability to analyze offers.
3. Participants reported issues like hidden fees, aggressive collections, and poor service. Very few knew of the government agency protecting financial consumers.
4. Further research is needed to help customers better understand disclosure documents and make informed financial decisions.
capital one Lehman Conference Presentationfinance13
Capital One provides a presentation on its financial performance and positioning. It discusses (1) executing on its vision of national lending and local banking, (2) delivering an operating profit of $463M despite significant credit headwinds, and (3) decisions that position it to navigate cyclical challenges and deliver value over the cycle through resilient businesses, conservative risk management, and lower lending lines.
Itaú corretora meeting with buy-side analysts on accounting for the sector ...Gafisa RI !
The document discusses key accounting practices used by Gafisa, a Brazilian real estate company. It explains that Gafisa uses the percentage of completion method to recognize revenues over time as construction progresses. It also uses special purpose entities (SPEs) for real estate investments to address third party interests, construction financing requirements, and tax/accounting matters. The legal structure involves Gafisa holding ownership stakes in multiple SPEs, which in turn hold ownership positions in joint venture projects with other real estate developers.
This document discusses MetLife's commercial mortgage portfolio. It notes that MetLife originated and holds over $36 billion in commercial mortgages, with about 1,000 loans concentrated in core property types like office and retail. In contrast to securitized loans, MetLife's focus is on sustainable income properties with relatively low leverage, as they originate loans to own rather than to sell. The document compares the current recession to the early 1990s recession, noting lower new supply, vacancies, and delinquency rates heading into the current downturn compared to the early 1990s, putting MetLife's portfolio in a stronger position currently.
Thiet ke Bao cao thuong nien -Vina 2010 (vnl)Viết Nội Dung
VNL's annual report for 2010 showed:
1) VNL achieved a 3.2% increase in NAV per share to $1.36, reversing losses from the previous year, driven by sales of residential units.
2) Vietnam's real estate market saw strong performance in low and mid-range residential sectors and improved hospitality, while office and retail remained slow.
3) The Chairman notes investors remain concerned about Vietnam's macro issues and want clarity on performance and the manager's ability to realize proceeds and return value to shareholders.
Presentación a analistas de la reforma del sistema financiero. Banco de España Francisco Álvarez Cano
Daniel Pérez, jefe de la división de análisis de estabilidad financiera del Banco de España, explicó el sábado a los analistas financieros junto al Director General de Regulación, José María Roldán, las medidas para la reforma del sistema financiero aprobadas el viernes por RDL y anunciadas el jueves por el Ministro de Economía, Luis de Guindos.
Las medidas se estructuran en tres:
1, provisiones específicas de 25.000 millones para cubrir pérdidas esperadas en activos problemáticos (fundamentalmente suelo);
2, incremento de capital de 15.000 millones para solventar incertidumbres respecto a la valoración de estos activos (suelo y viviendas en construcción),
y 3, provisiones de 10.000 millones que cubran potenciales migraciones de los activos sanos (148.000 millones) a los problemáticos.
Similar to ACG European Capital Tour: Spotlight on risk protection trends in private M&A (20)
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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ACG European Capital Tour: Spotlight on risk protection trends in private M&A
1. Spotlight on risk protection trends in
private M&A
Héloise Husson, Unit leader M&A, Chartis
Jay Rittberg, Vice president M&A, Chartis
Jean-Patrice Labautière, Partner, Allen&Overy
2.
3. Market overview
– Analysis of the terms of recent private M&A deals on which we advised in 2011-2012
– Not legal advice !
Increased buyer protection Cash at completion remains king
– Extremely seller-friendly private M&A market before the credit
crunch
– Incremental movement in 2009 and 2010 – Certain funds financing remains the norm
– More meaningful shift in 2011-2012 to a buyer-friendly – Payment in full at completion is also the norm
environment
– Instances of earn-outs borne out in a few deals
– Examples of the buyer-friendly features seen in 2011 and
2012
4. Completion accounts making a comeback in corporate sales (1)
Corporate and other non-private equity sellers
100%
– Private equity sellers sell on
90% Price Adjustment 68%
a locked box basis 80%
– Price adjustments in private equity 70%
sales agreed for a specific reason 60%
– Position in relation to corporate and 50%
2009
2008
other non-private equity sellers is
40%
more revealing 2010
30%
– Completion accounts are now 2011
much more common 20%
10%
0%
Locked Box 32%
5. Completion accounts making a comeback in corporate sales (2)
Corporate and other non-private equity sellers
100%
Net tangible
– Net debt and working capital 90% Price Adjustment assets
Working capital
adjustments are frequently used 80%
– Box usually locked on the basis of 70% Net debt and
audited accounts working capital
60%
– Most common limitation period for 50%
2009
2008 Net assets
claiming under a locked box
2011
provision was six months from 40%
2010
completion 30% Management
accounts
– None of the locked box provisions 20%
included any form of financial limit 3
Audited
accounts
10%
0%
Locked Box Longer months
Claims
7-12 Period
months
6 months
6. Buyers insisting on "worst case scenario" MAC and termination rights
• Rarely seen during "pre-credit crunch" years
• This altered in 2010
• “Business MAC”
• “Market MAC” are generally carved out
• “Worst case scenario MAC“
No termination rights Limited Termination MAC based on MAC - Generic
for material Carve-out for changes
2011
termination rights specific events financial MAC
breach of in economic
warranty effect
defined conditions
20% 16% 8% 20% 24% 78% 12%
2010
28% 16% 4% 16% 24% 12%
7. Buyers insisting on "worst case scenario" MAC and termination rights (2)
– Material breach – Loss of two out of top – 25% diminution in value of
of title warranty five customers shares or assets of target
– Material breach – Revocation of material – Reduction in
of pre-completion licences revenues/assets or increase
covenants – Criminal proceedings in costs/liabilities of Xm in
or material litigation next 12 months
– Cessation of – Change likely to reduce
operations in more current year profits by Xm
than one location
EXAMPLES EXAMPLES EXAMPLES
No termination rights Limited Termination MAC based on MAC - Generic
for material
2011
termination rights specific events financial MAC
breach of
warranty effect
defined
20% 16% 8% 20% 24% 12%
8. Corporate sellers offering full warranty coverage
6% No repetition
• Private equity sellers will generally only
give title and capacity warranties and a no
leakage covenant
Title, capacity and
• Management will generally give full 50%
solvency warranties
repeated
warranties but with limited recourse
• Corporate and other sellers give at least Limited
22%
"reasonable but limited" coverage repetition
• Repetition of representations and Full
26% 22% repetition
warranties at closing is the norm
2010 2011
9. Carve-outs to data room disclosure more common
• In previous years, extremely common for the entire
data room to be disclosed against the warranties
• Specific disclosures not uncommon
• Fair disclosure is the norm
• Carve outs to data room disclosure more common
Disclosure
Data room disclosed - no or specific disclosures against
title, capacity and solvency warranties
Data room disclosed - Data room disclosed – where
excluding documents…. warranties ringfenced specific
disclosed after data….. room 26% disclosures also ringfenced
7%
closed….…
General
disclosure bundle
4%
disclosed 15%
34% 7% Data room disclosed – specific
Data room 7% disclosures against identified
warranties
disclosed
Specific
disclosures only
10. Thresholds for warranty claims lower
1,000+
800
– Difficult to determine a market practice
for de minimis levels 600
Deal size
– In 2010, thresholds in the 1.5% to 3%
range were most common
400
– Levels fell in 2011-2012
– Thresholds rather than deductibles
200
0
Threshold
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0%
(% deal value)
De minimis
0 120 240 360 480 600 720+
(’000)
11. Caps variable and time limits unchanged
– Caps for warranty claims variable but average is 25-35%
– 100% cap for the title and capacity warranties
– Time limits for claims largely unchanged (18 months)
– Time limits for claims under the tax warranties are generally applicable statutes of limitation
Cap Time limit (for non-tax warranties)
2 years
15% 15% 15% 1 year
15% 24%
10% 10% 10% 20 months
9%
5% 5% 5% 5% 5%
0-9% 11-19% 20% 21-29% 30% 31-39% 40% 50% 61-69% 71-79% 100%
52%
(% of deal value) 18 months
12. Increasing use of escrow accounts and W&I insurance
• Escrow accounts securing warranty claims
• Escrow arrangements for other purposes
• Set off mechanisms if deferred consideration or loan notes
• Rep and warranty insurance more widespread
Escrow amount (% of deal value) Escrow period (months)
6
20% 12
12
14% 18
10% 20
9% 30
5% 5% 36
3% 2% 48
13.
14.
15. Trends in US M&A and Role of Insurance
• Highly competitive auctions for quality businesses
• Many buyers are more risk averse after 2008 credit crisis
• Buyers that allow sellers to exit an investment with all or substantially all of
their consideration at closing may have an advantage over other bidders
• Transactional Insurance allows buyers and sellers to shift deal risks to the
insurance markets.
16. Trends in US Transactional Risk Management
• More requests for insurance and bound policies in 2012 than any year on record
• As market has matured over 15 years, more entrants have joined.
• Increased capacity allows for towers of up to $300 - $400 million
• Increased competition and increased demand has caused stabilization of rates and terms.
• Rates on line of 2-3.5% of limit.
• Retentions in range of 1-3% of deal value.
• Just 6 years ago, rates and retentions were as much as double current market levels.
17. Trends in US Representations and Warranties Purchasing
• Repeat Buyers Represent Greater Percentage of Deals
• Private Equity Continues to Drive M&A Insurance Market
• Other Large Scale Buyers Include:
• Individuals and VC funds selling to large corporations
• Strategic acquirers competing with private equity firms in auctions.
• Cross-border transactions
18. Trends in US Representations and Warranties Insurance Claims
• Some markets see claims on almost 1:4 deals.
• Millions of dollars in claims paid.
• Representations most frequently claimed against:
• No undisclosed liabilities
• Compliance with laws
• Financial statements
• Positive claims experience has allowed markets to be more competitive on certain terms
and to streamline underwriting process.
19. Traditional solutions in French transactions
• Additional Representations and warranties/sweeper
• Broader/larger indemnities
• Purchase Price adjustments, earn-out , reduction of purchase price
• Bank guarantee (including first demand)
• Escrow arrangement
• W&I Insurance remains an « out of the box »solution
20. Examples of strategical uses in France 1/3
• Auction bid : European Target (French parent)
• US corporate Bidder
• Extensive US type reps and warranties catalogue
• Italian Seller with limited credit
• Low warranty cap (1% of the VT)
Excess insurance bridged the gap to win the deal
21. No Insurance Insurance
Transaction Value Transaction Value
Can be
reduced to
zero
SPA CAP Escrow Insurance limit
Seller’s exposure
SPA threshold SPA Threshold
22. Examples of strategical uses in France 2/3
• Exit of French FCPs from a US Target
• Substancial transaction value
• High cap and extensive catalogue reps on business
• French FCPs, minority shareholders
• Reps exposure limited to title and maximizing return on
investment
Insurance on title warranties provided clean exit to FCPs
23. Examples of strategical uses in France 3/3
• US PE fund sale before liquidation
• Target includes a French subs. closing a site
• Ongoing social litigation blocking the sale
• Foreign investor refuses to bear the risk
• Specific indemnity tailored for this risk
Insurance on specific indemnity provided certainty