Popular has been able to deleverage faster than peers by gathering deposits rather than shrinking its loan book. This has allowed Popular to maintain its leadership in recurrent profit while adjusting rapidly to changes in funding costs due to the short duration of its lending book. Even in a complex environment, Popular has managed to remain the most efficient bank in Spain. The acquisition of Pastor will improve Popular's efficiency further through annual synergies. Popular has reduced its wholesale dependence by €19 billion over 4 years while maintaining a robust second line of liquidity.
Option Implied Volatility for Small Cap StocksRYAN RENICKER
Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
Option Implied Volatility for Small Cap StocksRYAN RENICKER
Actionable trade ideas for stock market investors and traders seeking alpha by overlaying their portfolios with options, other derivatives, ETFs, and disciplined and applied Game Theory for hedge fund managers and other active fund managers worldwide. Ryan Renicker, CFA
KBank fx & rates strategies the shortest distance between two points is a s...KBank Fx Dealing Room
or so they say. Low USD dollar liquidity is a cue for the rise in USD/THB volatility
„ As we are in the year of the Rabbit, the markets will tend to be jumpy…with events in Tunisia and Egypt again highlighting USD perceived safe haven stature
„ Resumption of political activities following end of emergency decree is giving a good excuse for foreign investors to take some money off the table
„ …and reintroduces more uncertainty in the USD/THB picture
„ Our main theme for USD/THB downside remains unchanged…but our 4Q11 USD/THB target is scaled back to 29.00 from 28.00
„ Indications from the central bank along with its perceived preference for a less stronger baht coupled with rising commodity prices prompts us to revise up our 4Q11 BOT repo target to 3.25% from 2.75%
Angel Ron: Banco Popular Gs conference Crisis Junio 2010Banco Popular
Presentación elaborada por Banco Popular para dar a conocer las posibles estimaciones y previsiones con respecto al desarrollo futuro del negocio y los resultados financieros del Grupo Banco Popular, que se derivan de las expectativas del Grupo Banco Popular y que, por su propia naturaleza, están expuestas a factores, riesgos y las circunstancias que podrían afectar los resultados financieros de tal manera que podría no coincidir con dichas estimaciones y previsiones.
KBank fx & rates strategies the shortest distance between two points is a s...KBank Fx Dealing Room
or so they say. Low USD dollar liquidity is a cue for the rise in USD/THB volatility
„ As we are in the year of the Rabbit, the markets will tend to be jumpy…with events in Tunisia and Egypt again highlighting USD perceived safe haven stature
„ Resumption of political activities following end of emergency decree is giving a good excuse for foreign investors to take some money off the table
„ …and reintroduces more uncertainty in the USD/THB picture
„ Our main theme for USD/THB downside remains unchanged…but our 4Q11 USD/THB target is scaled back to 29.00 from 28.00
„ Indications from the central bank along with its perceived preference for a less stronger baht coupled with rising commodity prices prompts us to revise up our 4Q11 BOT repo target to 3.25% from 2.75%
Angel Ron: Banco Popular Gs conference Crisis Junio 2010Banco Popular
Presentación elaborada por Banco Popular para dar a conocer las posibles estimaciones y previsiones con respecto al desarrollo futuro del negocio y los resultados financieros del Grupo Banco Popular, que se derivan de las expectativas del Grupo Banco Popular y que, por su propia naturaleza, están expuestas a factores, riesgos y las circunstancias que podrían afectar los resultados financieros de tal manera que podría no coincidir con dichas estimaciones y previsiones.
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
Angel Ron: Junta General de Accionistas 2012 en un entorno de crisisBanco Popular
Angel Ron asegura que Banco Popular continúa REFORZANDO sus
palancas de gestión diferenciadoras ante la crisis económica en la que está inmersa España.
Qualitative and quantitative analysis of sustainable banks compared with global systematically important institutions.
The analysis may be not complete and only indicate a small scope of each banks qualities. All figures have been researched and retrieved from publicly available documents. The full report with details can be retrieved on request.
Brian X. Tierney, American Electric Power executive vice president and chief financial officer presented to an audience of investors at the Credit Suisse Energy Summit in Vail, Colo., on Feb. 8, 2011.
A webcast of the presentation can be accessed through the Internet at http://www.aep.com/investors/webcasts/.
During the conference, AEP reaffirmed its 2011 ongoing earnings guidance of $3.00 to $3.20 per share.
Potenciar el empleo de las personas con discapacidad para favorecer su acceso laboral y hacer efectivo el principio de igualdad de oportunidades es el principal objetivo de Proyectos Impulso, que en su quinta convocatoria, ha reconocido las iniciativas presentadas por Fundación MIFAS, la Asociación Española de Esclerosis Lateral Amiotrófica (ADELA) y la Asociación Madrileña de Amigos y Familiares de Personas con Esquizofrenia (AMAFE), atendiendo a criterios como su carácter innovador, el efecto multiplicador, la viabilidad y sostenibilidad de las mismas, así como el impacto social sobre la integración socio-laboral, la formación y el empleo directo que pueda generar para personas con capacidades diferentes.
El presidente de Popular, Ángel Ron, ha reafirmado el modelo de negocio de la entidad, basado en los particulares y las pymes, un segmento de mercado rentable en el que mantiene un liderazgo indiscutible, con un 17% de la cuota de mercado. El banco mantiene un fuerte compromiso con pymes y autónomos, con 40.000 millones de euros de financiación concedida en balance. El 63% de la producción crediticia de 2016 se ha destinado a las pequeñas y medianas empresas y a los autónomos.
Popular incluído en el índice de sostenibilidad de FTSE4GoodBanco Popular
FTSE Russell (el nombre comercial de FTSE International Limited y Frank Russell Company) confirma que el Banco Popular Español ha sido evaluado de forma independiente de acuerdo con los criterios de FTSE4Good, y ha cumplido con los requisitos para convertirse en un componente de la serie de índices FTSE4Good. Creado por el proveedor de índices FTSE Global Russell, FTSE4Good es un índice de acciones que está diseñado para facilitar la inversión en compañías que cumplen con las normas reconocidas a nivel mundial de responsabilidad corporativa. Las empresas de la serie de índices FTSE4Good han cumplido estrictos criterios ambientales, sociales y de gobierno, y están posicionadas para capitalizar los beneficios de la práctica empresarial responsable.
Ángel Ron y la Asociación de Jóvenes de Granada firman un acuerdo para impuls...Banco Popular
Popular y la Asociación de Jóvenes Empresarios de Granada han firmado un acuer o de colaboración, para establecer las bases de una cooperación activa orientada a la mejora, el desarrollo y el crecimiento de los negocios de los jóvenes empresarios de Granada, poniendo a su disposición una oferta de productos adaptados a sus necesidades. De la misma forma y fruto de este acuerdo, Popular pone a disposición de los empresarios asociados a AJE Granada, gestores de empresas y especialistas, con el objetivo de concertar reuniones personalizadas, analizar cada empresa y poder ofre er así el servicio más adecuado
Popular y Ron firman un acuerdo con la asociación de empresarios hosteleros d...Banco Popular
Popular y la Asociación Provincial de Empresarios de Hostelería de Almería -ASHAL- han firmado un acuerdo de colaboración con el fin de impulsar la financiación de sus socios y que éstos puedan disfrutar de los productos y servicios del banco en las mejores condiciones. Entre estos productos, destacan Tenemos un Plan para autónomos, el Préstamo/Leasing o la Cuenta PYME.
Popular compensa el 100% de sus emisionesBanco Popular
En 2015, Popular ha compensado la totalidad de sus emisiones directas de CO2 en España y, por tercer año consecutivo, ha conseguido la “Etiqueta CeroCO2 Compensado”, iniciativa impulsada por ECODES.
Ángel Ron: depósito nómina Gasol y préstamo nómina Banco Popular
Con el fin de reforzar la vinculación de los clientes y apoyar así la positiva evolución de Tenemos un Plan, por la cual y desde el pasado mes de octubre los clientes vinculados han aumentado en más de 142.000, Popular lanza el Depósito Nómina Gasol y el Préstamo Nómina, productos que completan la oferta financiera de Tenemos un Plan con las siguientes características:
Acuerdo firmado entre Popular y el colegio de farmaceúticos de Granada Banco Popular
Popular y el Colegio Oficial de Farmacéuticos de Granada han firmado un acuerdo de colaboración con el fin de apoyar el desarrollo de las farmacias de la provincia de Granada, no solo por su capacidad de crear puestos de trabajos directos e indirectos, sino como agentes generadores de riqueza y con un alto componente de atención social. En 2015, en la provincia de Granada, Popular aumentó la contratación de crédito a pymes y autónomos un 17,4% más, hasta alcanzar los 252,6 millones €.
Popular firma un nuevo acuerdo con CEOPANBanco Popular
Ángel Ron y el Popular han firmado un acuerdo con la Confederación española de organizaciones de panadería, CEOPAN. Se trata de un acuerdo de
colaboración por el que el banco pone a disposición de CEOPAN, productos específicos como el Préstamo
Equipamiento Panadería y/o Pastelería,la Cuenta pyme, la Cuenta de crédito, o el Renting Popular.
Pastor y Gciencia premian a las mejores iniciativas empresariales de las univ...Banco Popular
Una docena de empresas pertenecientes a diversos sectores productivos han sido preseleccionadas para participar
en la elección final de ganadores de los Premios Galicia Spin-Off, organizados por Pastor y el portal Gciencia y que
distinguen a las mejores iniciativas empresariales surgidas en los grupos de trabajo de las universidades gallegas. El
jurado ha comenzado sus deliberaciones para conceder los galardones que se conocerán en las próximas semanas.
Las dos categorías del Premio (Idea Emergente y Sello de Calidad) reconocen, respectivamente, a una spin-off que
haya irrumpido en los últimos dos años con una idea innovadora y a una empresa que destaque por su trayectoria de prestigio a lo largo de los últimos años. En el apartado Idea Emergente habrá además dos finalistas que, como
ocurrirá con el ganador, tendrán una oferta especial para financiar su proyecto innovador por parte de Pastor.
Popular completa una nueva emisión de cédulas Banco Popular
Popular ha completado hoy una nueva emisión de cédulas hipotecarias por un importe total de 750 millones € y a
un plazo de seis años. La emisión confirma el respaldo que los mercados de capitales otorgan a Popular, con una
respuesta muy positiva tanto a nivel de inversores internacionales -con un 66% de la demanda- como nacionales, que representaron el 34% restante.
Popular gana 188 millones de euros, un 7,2% másBanco Popular
El beneficio neto de Popular en el primer semestre fue de 188 millones €, un 7,2% más que en el mismo periodo
del año anterior. La nueva contratación de crédito, de 12.039 millones €, aumenta un 19,9% respecto al
primer semestre de 2014. De la misma forma, el crédito a pymes y autónomos aumenta un 32,5% y como
consecuencia de todo ello, el banco mejora su cuota de mercado en crédito en 31 p.b. hasta llegar al 7,64%.
Popular y Pau Gasol presentan Popular Pau Gasol Academy 2015Banco Popular
Popular y Pau Gasol han presentado hoy en el CAR (Centro de Alto Rendimiento) de Sant Cugat del Vallés (Barcelona) ‘Popular Pau Gasol Academy 2015’. Este campus se lleva a cabo del 4 al 11 de julio y está dirigido a niños y niñas de entre 12 y 17 años. Pau Gasol y su equipo técnico dirigen el campus y enseñarán a los más jóvenes los fundamentos del baloncesto. El entrenamiento, la competición y las charlas técnicas serán las actividades
básicas a realizar, en un campus que se enmarca dentro de la estrategia de Popular de Impulso al deporte, como valor fundamental en la formación de los más jóvenes.
Ángel Ron y el Popular completan una nueva emisión de cédulas con el tipo his...Banco Popular
Popular ha completado hoy una nueva emisión de cédulas hipotecarias por un importe total de 1.000 millones € y a un
plazo de diez años. La emisión confirma el respaldo que los mercados de capitales otorgan a Popular, con una respuesta muy positiva tanto a nivel de inversores internacionales -con un 78% de la demanda- como nacionales, que representaron el 22% restante.
La emisión, que consiguió atraer el apetito inversor y alcanzó una sobresuscripción de 1,4 veces, fijó un cupón del 1%, el tipo histórico más bajo para Popular en un plazo de diez años. La última emisión de cédulas realizada por Popular en abril de 2014 fijó un cupón del 2,125% para un plazo de cinco años y medio.
Popular y Ángel Ron lanzan un seguro individual de ahorro a largo plazoBanco Popular
Con la finalidad de fomentar la cultura del ahorro entre sus clientes y que puedan beneficiarse de
importantes ventajas fiscales, Banco Popular ha lanzado el seguro individual de ahorro a largo plazo,
denominado Ahorro Bonificado Creciente SIALP, con una excelente rentabilidad garantizada
del 2% para el año 2015. Este producto está dirigido a los clientes que quieran constituir un capital para el futuro a medio y largo plazo con importantes ventajas fiscales, ya que los rendimientos generados están exentos de
tributación si han transcurrido al menos cinco años desde la primera aportación.
Ángel Ron y el Popular lanzan sus nuevas hipotecasBanco Popular
Banco Popular lanza al mercado sus nuevas ofertas de préstamos hipotecarios, tanto para la
oferta ofrecida en la red de sucursales, como para su filial de banca por internet, Oficina Directa.
Ángel Ron yPopular emiten 500 mm€ en deuda seniorBanco Popular
Banco Popular ha completado hoy con éxito una nueva emisión de deuda senior, por un importe total
de 500 millones € a un plazo de cinco años. La emisión confirma el respaldo que los mercados
de capitales otorgan a Banco Popular, con una respuesta muy positiva tanto a nivel de inversores
internacionales -con un 74% de la demanda- como nacionales, que representaron el 26% restante.
El Popular, presidido por Ángel Ron, organiza una visita solidaria al Hospita...Banco Popular
Ocho de los deportistas que el pasado mes de abril recibieron las becas de Impulso al Deporte por de Banco Popular y la Asociación de Deportistas han realizado hoy una visita navideña solidaria al Hospital San Rafael de Madrid. Las becas de Impulso al Deporte son nueve y están destinadas a nueve jóvenes deportistas. Comienzan en 2014 y finalizarán en 2016 con los JJOO de Río. Dentro de este programa, un deportista de élite y reconocido prestigio apadrina y es el mentor del deportista becado, diseñando, junto a la Asociación de Deportistas su programa de desarrollo y estableciendo los objetivos a conseguir por el apadrinado.
Ángel Ron y el Popular financian tres proyectos que favorecen la integracion ...Banco Popular
Estos tres proyectos sociales han sido propuestos por accionistas de Banco Popular y contarán con una financiación de 23.000 € cada uno, otorgada por el banco.
Fundación Konecta se ha encargado de la coordinación global de la convocatoria, así como del análisis de las propuestas y la preselección de los finalistas de entre los 52 proyectos recibidos.
El Pastor y El Popular firman un acuerdo para fianaciar a los empresarios cor...Banco Popular
Banco Pastor y Banco Popular han firmado hoy un acuerdo con la Confederación de Empresarios de La Coruña para financiar a los empresarios coruñeses. Las más de 40.000 empresas coruñesas integradas en las más de sesenta organizaciones territoriales y sectoriales que conforman la Confederación de Empresarios de La Coruña son las beneficiarias potenciales del acuerdo de colaboración refrendado esta mañana en las instalaciones de la patronal coruñesa.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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Falcon Invoice Discounting: Optimizing Returns with Minimal Risk
Angel Ron: European Banks Conference. Crisis
1. Morgan Stanley
European Banks Conference
'Creating Value in a Deleveraging Environment'
Jacobo González-Robatto, Group CFO
London, October 6th 2011
London, 28th March 2012
2. Disclaimer
This presentation has been prepared by Banco Popular solely for purposes of
information. It may contain estimates and forecasts with respect to the future
development of the business and to the financial results of the Banco Popular
Group, which stem from the expectations of the Banco Popular Group and
which, by their very nature, are exposed to factors, risks and circumstances that
could affect the financial results in such a way that they might not coincide with
such estimates and forecasts. These factors include, but are not restricted to, (i)
changes in interest rates, exchange rates or any other financial variables, both
on the domestic as well as on the international securities markets, (ii) the
economic, political, social or regulatory situation, and (iii) competitive pressures.
In the event that such factors or other similar factors were to cause the financial
results to differ from the estimates and forecasts contained in this presentation,
or were to bring about changes in the strategy of the Banco Popular Group,
Banco Popular does not undertake to publicly revise the content of this
presentation.
This presentation contains summarised information and may contain unaudited
information. In no case shall its content constitute an offer, invitation or
recommendation to subscribe or acquire any security whatsoever, nor is it
intended to serve as a basis for any contract or commitment whatsoever.
2
3. Over the past years, Popular has been able to deleverage faster than
peers by gathering deposits rather than shrinking our loan book…
Loans evolution. CAGR 2007-2011 (%) Popular Loans/deposits ratio (%)
1.1
-39pp
174% 174%
149%
136% 135%
-0.1
-0.2
POP Average peers System
Deposits evolution. CAGR 2007-2011 (%)
10.5
2007 2008 2009 2010 2011
7.0
3.9
POP Average peers System
Loans & deposits ex repos. Peers: SAN Spain, BBVA Spain, BTO, BKT & SAB (adjusted for Guipuzcoano). CABK & BKIA: 2007 data not available.
System: Banks & Saving banks. 3
Source: Quarterly reports and BoS
4. … While maintaining our leadership in recurrent profit…
Pre-provision profit over total assets 2011(*)
1,27%
+
Bank 1 1.23%
Bank 2 1.21%
Caja 1 1.16%
Bank 3 1.10%
Bank 4 0.98%
Caja2 0.86%
Capacity to
generate
Caja 3 0.73% recurrent
Bank 5 0.73% profits
Caja 4 0.60%
Caja 5 0.52%
Caja 6 0.42%
Caja 7 0.37%
Caja 8 0.32%
Caja 9 0.30% -
Source: Sabadell; BBVA España; Caixabank; Santander España; Pastor; KutxaBank; Unicaja; Bankinter; Ibercaja; BFA ; NovaCaixaGalicia; Caixa Catalunya;
Banca Cívica & Unimm Last available information (sep-dec 2011)
(*) Popular ratio calculated over average total assets 4
5. … This has been possible thanks to our unique business model, which
counts with the shortest assets duration within the industry and allow us
to adjust rapidly our spreads
Frontbook Spreads vs Euribor 3M (bps.) Loans breakdown by duration
+304bps.
Maturities <
483 1 year
Maturities > 27%
1 year
386
73%
318 324
210
179
The short duration of our lending book is
allowing us to reprice and transfer changes
(*) in funding costs
2007 2008 2009 2010 2011 2012
(*) January & February 2012
5
6. Even in a complex environment, Popular has managed to remain the
most efficient bank in the system… while Pastor synergies will allow us
to improve further
Popular & Pastor Efficiency1 Pre-Synergies
132%
83.0%
73.8%
Average 61.6% 67.1%
58.4% 58.8% 61.4% 61.7%
51.1% 52.3% 53.1% 55.0%
42.1% 44.4% 45.7% 46.1%
P o pular P o pular + Sabadell CaixaBank B BK B ankia Unicaja Pasto r Bankinter Ibercaja Catalunya NCG BMN B. Cívica Unnim CAM
P asto r C.
Pastor Annual Synergies (€m) Popular+Pastor Efficiency ratio (%)
147
44.4
40.4
74
2012E 2014E POP+PAS Pre-Synergies POP+PAS Post-Synergies
Note: Information as of 2011 except Unicaja, Ibercaja, CatalunyaCaixa, NCG y BMN (latest figures available)
1. General and administration costs over gross margin
6
7. In 4 years, we will have reduced by EUR19Bn our wholesale dependence,
maintaining a robust second line of liquidity…
Evolution of the commercial gap1
(€, million)
-18,541
-14,844 Second Line of Liquidity
38,130 29,086 23,512 23,286 c.19Bn (post LTRO) : Up to €12 Bn*
Maturities more than
covered: €14 Bn of LTRO vs
€8 Bn maturities
89,599 88,106 88,864 89,921
Access to the markets: We
remain one of the few
-51,469
players with access to the
-59,021 -65,352 -66,636 markets: €750 Mn of senior
debt issued in March
2008 2009 2010 2011 2012E
1GAP:Loans: Total loans to customers (net)- Other credits- Repos- Valuation adjustments of Repos – ICO Credit lines - Securitisations; Deposits:
Demand deposits + time deposits +Other accounts and valuation adjustments + Collection accounts (included in Other financial liabilities)
ICO Credit lines: credit lines to SMEs prefunded by State
* Pastor collaterals up to €2bn included 7
8. … And we have the highest capacity to optimize our capital base due to
our conservative IRB models. We will show already some progress in
2012
RWA/Net Loans (%) POP vs. Spanish peers
91 87 87
77 76 Spanish
68 63 Average
53
European
Average
Bank 1
Bank 2
Bank 3
Bank 4
Bank 5
Bank 6
Bank 7
pop
RWA for mortgages portfolios Euro & Spanish peers (%)
32
23 23
20 20
18 18
16 16
12
6
German
Italian
German
Italian
French
French
Spanish
Spanish
UK 1
UK 2
Pop
1
2
1
2
1
1
2
2
8
9. Outlook 2012
The deleveraging process of the Spanish Financial System will remain for a
couple of years.
In this environment, a recurrent pre-provision profit remains the key to
create value.
Due to our unique business model, we expect net interest income to grow
in 2012. This margin expansion will be come on the back of asset spread
improvement and funding cost containment rather than further carry
trade. Therefore, we believe this improvement is structural rather than a
one-off.
Cost to Income ratio to remain best-in-class not only in Spain but also in
Europe on the back of fresh synergies.
After 2012 clean-up and the expected pre-provision improvement, we
expect the underlying profitability of the bank to be in the top quartile of
the industry“new normal”.
9
10. Morgan Stanley
European Banks Conference
'Creating Value in a Deleveraging Environment'
Many Thanks.
Happy to take any questions.
10
12. On EBA, an update and a confirmation of our full confidence in bridging
the gap to the new EBA definitions without any kind of State capital
injection
Reconciliation reported CT1 and new EBA CT1
10.04% 1.35%
0.20% 0.03% 0.97% (*)
0.08% 7.41%
Reported CT1 MCNs Intangibles Insurance and IRB Models B-2.5 and other CT1 EBA 4Q11
4Q11 financial stakes
Capital measures submitted to comply with the new EBA capital requirements
Excess
0.67% 10.60% capital
0.92%
0.78% 0.54%
0.25% 0.57%
1.06%
7.41% (*)
Sovereign
buffer
9.00%
Minimum
capital
required
EBA CT1 Internal capital 2010 MCNs 2009 MCNs Exchange retail Other capital CT1 EBA Jun-12
December-11 generation conversion conversion / preferred optimization (1)
Exchange shares
(*) Without the impact of the sovereign buffer
(1) Capital optimization (ie; Improvement of collaterals or development of internal models;…) 12
13. Deals to reinforce our capital base
Deal Amount EBA CT1 Balance Sheet Coupon payment Coupon Conversion price Conversion Nº of shares to Nº of shares Annual gross
impact on P&L
(Mn€) compliant consideration accounting method date be issue in 2012 fully diluted fully diluted basis
(Mn of shares)
1,128 (*) Yes Subordinated debt Through Net Interest 6.75% April 2018 0 +76 Mn €
Exchange of preferred Floating. At market Maximum 376
shares into MCN Income prices Mn of shares
compliant with EBA
500 Yes Subordinated debt Through Net Interest 8% June 2012 166 166 +40 Mn€
2010 MNC conversion Floating. At market
into equity Income prices
700 Yes Equity Equity 7% 0 100 0
2009 MCN exchange Fixed price December
into MCN compliant (7.1€/share) 2014
with EBA
Pastor deal MCN 700 (**) Yes Subordinated debt Through Net Interest 7.5% +56 Mn €
Floating. At market October 2017 0 233
Income prices
(*) Final amount pending to the take up
(**) Terms of the deal to be announced
13