GRUPPO CARIGE
London
March 31st - April 2nd , 2009
GRUPPO CARIGE
1
Agenda
Carige Group at a glance
Key financial highlights
Strategic Priorities
FY08 results
GRUPPO CARIGE
2
Banca Carige Group today
~53,000 small
shareholders
Fondazione CR
Genova e
Imperia
i
44.08%
CNCE
14.99%
Assicurazioni
Generali
4.09%
Market
36.84%
Banca Carige SpA
Cassa di Risparmio di Genova e Imperia
Banking
Insurance
Finance
• Banca Carige
• Carige Vita Nuova (life)
• Carige AM SGR
• CR S
Savona
• Carige
C i
A
Ass.ni
i (non
(
lif
life))
• Creditis
C diti (C
(Consumer
Trustee
• Centro Fiduciario
credit)
• CR Carrara
• BM Lucca
• B. Cesare Ponti
5,906
EMPLOYEES
Main Companies Only
1.9 M CUSTOMERS
(1.2 M BANKING; 0,7M ASSURANCE)
643 BRANCHES &
378 INSURANCE OUTLETS
EQUITY
3.3 € BILLION
Operational data as at Dec 31,2008
GRUPPO CARIGE
3
Growth through a long season of acquisitions
Year
CAPITAL COLLECTED
€m
Year
105
1993 - 99
1994 95
1994-95
IPO
1996-97
Bond conversion into new shares
61
1997
Capital increase underwritten
by La Basilese
46
1998
Capital increase underwritten
by institutional investors
1991-06
ACQUISITIONS
€m
C
Cassa
di Ri
Risparmio
i di S
Savona
228
Insurance companies
317
Banca del Monte di Lucca
74
2000
21 branches from Banco di Sicilia
60
2001
61 branches from Intesa
277
1999-02-06
116
1999
Capital increase underwritten
by CNCEP, CDC, WestLB
236
2002
42 branches from Capitalia
127
2001
Issue of a LT2 loan (renewed in 2006)
400
2003
Cassa di Risparmio di Carrara
174
Capital increases and issue of
subordinated convertible bonds
521
2004-08
2008
Capital increase
957
2008
Issue of subordinated loans (T1,
(T1
LT2, Ut2, T3)
510
2003-06
Total 2,952
GRUPPO CARIGE
61
Banca Cesare Ponti
2008
79 branches from Intesa Sanpaolo
853
2008
40 branches from Unicredit
115
Total 2,286
4
…realizing a more and more diversified network
The network today
1/1
58/
/
72/ 53
24
56/19
ex Unicredit
branches
7
46/
30
47/29
643
20/ 18
28/19
France
252/14
1
56/ 24
57/21
40
79
4/ 11
4/11
1/ 5
2/6
13
14
33/ 35
40/37
522
2
137
2
2
9/34
7
6
11/
ex ISP
branches
7
4
69 / 60
new
branches
24
1989
2007
TODAY
100%
72%
71%
96%
48%
39%
3
3
11/23
25
27
37/
53
63/51
Banking branches
Insurance outlets
GRUPPO CARIGE
643
378
% of Branches
in
Northern Italy
% of
Branches
in Liguria
Operational data
5
Among the top 10 Italian banking Groups
Market Cap(1) (€b)
25
• Ordinary shares
• Savings shares
19
Total Assets 1H08
(2)
#5
3.5 €b
0.4 €b
(€b)
#8
1,060
628
5
5
3,9
2
2
2
2
207
2
UCI
Domestic Branch Network 1H08
6,543
5,142
(1)
UCI MPS
2,285 1,931
,
1 214
1,214
BP
(#)
MPS
46
UBI BPER BPM
31
30
21
BC
CE
BPS
(2)
(€b)
#8
#8
726 603 514
BC
51
Customer Loans 1H08
374
140
UBI BPER BPM
BP
121
599
643 including
ex Unicredit
branches
3,094
ISP
(2)
ISP
130
CE
97
80
273
BPS
UCI
ISP
MPS
UBI
BP
38
32
BPER BPM
19
16
15
BC
CE
BPS
Data as at March 23, 2009
Data do not include the 40 ex Unicredit branches
(2)
First 10 banks by capitalization at 1H08
GRUPPO CARIGE
Operational data and accounting data (1H08 report)
6
Among the top 10 Italian banking Groups
C/I (%) 1H08
Core * C/I (%) 1H08
(1)
62.1% 62.1% 62.5% 63.1% 63.2%
57.0% 57.5% 60.8% 61.2% 61.4%
#2
42.9%
BPER BC
CE
UBI
UCI
BP
MPS BPM BPS
CE
ISP
(1)
58.7%
56.4% 57.5% 57.9%
52.2% 53.5% 53.8% 54.5%
61.5%
MPS
UBI
BPS
BC
BPER BPM
UCI
BP
ISP
#4
(*) Core cost income = Core revenues/Operating costs
Tier 1 and Total Capital Ratio (%) 1H08
(1)
Net NPL ratio (%) 1H08
(1)
#1
10.5
2.1
10.2
10.2
10.1
2.8
2.7
3.8
9.9
9.8
9.5
9.4
9.4
2.8
2.9
3.8
4.0
10.3
8.4
7.4
7.5
6.3
BC
UBI *
BPM
UCI
*
#8
8
2.2%
7.0
-0.4
BPS * BPER *
6.6
5.6
5.4
ISP
BP
MPS
1.4%
9.4
2.1
7.3
CE
0.4%
CE
0 5%
0.5%
BPM
0.6%
BPS
0.8% 0.9%
UBI
ISP
1.5% 1.6%
1.2%
BP
BPER
BC
UCI
MPS
Data refer to 31-Dec-2007.
Source: Company data. Ratio as reported
(1)
First 10 banks by capitalization at 1H08
GRUPPO CARIGE
Operational data and accounting data (1H08 report )
7
Agenda
Carige Group at a glance
Key financial highlights
Strategic priorities
FY08 results
GRUPPO CARIGE
8
Focus on retail
by segment
L
O
A
N
S
Other
Public Entities 8%
4%
by area (*)
Large
Corporate
7% Small Business
12%
SME
37%
Private & Mass
market
32%
South & Isles
6%
Centre
19%
Liguria
36%
North
39%
(*) by customers’ residence
LOANS TO CUSTOMERS FY08 : 21.1 €b
D
E
P
O
S
I
T
S
by segment
by area
(ex debt securities)
Other
12%
Private
19%
Affluent &
Mass
Market
48%
North
21%
Liguria
56%
Corporate
21%
DIRECT DEPOSITS FY08 : 22.2 €b
Small business = turnover<1m ; SMEs= <100m€; Large Corporate= >100m€
Mass Market= deposits<75k€; Affluent >75k€; Private= >250k€
GRUPPO CARIGE
South & Isles
7%
Centre
16%
Data as at Dec 31,
3 2008
Operational and accounting data
9
Customer based funding
Funding
Bonds issued on the network
%
751.5
3.3
506.2
245.3
2.2
1.1
18,920.5
18
920 5
12,167.5
82.4
82
4
53.0
6,753.0
29.4
EMTN programme
deposits
bonds
1,870.0
50.0
1,820.0
8.1
0.2
7.9
Subordinated loans
floating rate bonds
convertible fixed rate bonds
1,042.9
1,033.0
9.9
4.5
4.5
0.0
380.7
380.7
1.7
1.7
Customer deposits
short term deposits
medium/long term deposits
and bonds
Securitisation
RMBS performing securities
500
New issues for
2,9 €b over
2008
400
300
€m
€m
Interbank deposits
money market deposits
and current accounts
other deposits
200
100
TOTAL FUNDING
Interbank
deposits
p
3%
Securitisation
2%
Subordinated
loans
EMTN
5%
programme
8%
GRUPPO CARIGE
22,965.5 100.0
Customer
C
t
deposits
82%
issued bonds
Data as at Dec 31, 2008
expired bonds
Data as at March 24th, 2009
Operational data and accounting data (FY08 report)
10
No pressure on liquidity
Current Debt Maturity Profile
2008 operations
2,000
Operation
Issue
Date
Capital increase
957 € m
March
Tier 3
100 € m
June
Lower Tier 2
100 € m
June
Tier 1
160 € m
December
C
Covered
d bonds
b d (*)
500
00 € m
December
b
PL Securitization
853 € m
December
Upper Tier 2
150 € m
December
1 500
1,500
1,000
callable in 2011
500
500
500
0
2009
2010
2011
2012
customers
2013
2014
institutional
2015
2016
2017+
(*) On a 5 € b plafond
€m
Data as at March 24th, 2009
GRUPPO CARIGE
Operational data
11
Sound assets
Loans to customers allocation and concentration
Financial assets splitting
Medium/long term gross loan splitting
Financial assets (*)
mortgage loans to
individuals
37.9%
bad loans
3.0%
m/l
/ term
73%
short tem
27.3%
Mutual funds
3%
consumer credit
di
3.5%
Securitization
2%
loans to corporate
58.6%
Loans to customers 21.1 €b
First 30 groups
Equities and
private equity
4%
%
Structured
notes
10%
Hedge funds
< 1%
(*) Data do not include the shareholding in Bank of Italy and
the notional value underlying customers’ index linked policies
Total 4.7 €b
Debt securities, securitisation and structured notes rating
Cash loan concentration
First 20 groups
Debt
securities
81%
First 50 groups
25.0%
20.0%
AAA
4%
15.0%
10.0%
5.0%
Dec 02
Dec 03
Dec 05
Dec 06
Dec 07
First 20 groups
17.6%
16.9%
11.3%
10.2%
9.5%
8.6%
First 30 ggroups
p
20.6%
19.3%
13.5%
12.2%
11.7%
10.6%
First 50 groups
24.7%
22.8%
16.7%
14.9%
14.5%
13.4%
BBB
7%
Other
3%
A
39%
Dec 08
AA
47%
Data as at Dec 31, 2008
GRUPPO CARIGE
Operational data and accounting data (FY08 report)
12
Conservative NPL coverage policy, which has been
progressing over time
Bad loan ratio
NPL loan ratio
8.0%
8,0%
6.0%
6,0%
4.0%
4,0%
2.0%
2,0%
0.0%
0,0%
Dec 06
Dec 07
Gross bad loan ratio
Dec 08
Dec 06
Net bad loan ratio
Dec 07
Gross NPL ratio
Dec 08
Net NPL ratio
Only
y one NPL
securitization in
2000
Breakdown of gross NPL (€m)
NPL
of which: bad loans
Coverage of gross bad loans
Adjustment on loans/loans
GRUPPO CARIGE
31/12/2006
31/12/2007
31/12/2008
1,018
599
52.0%
0.5%
1,087
621
55.6%
0.4%
1,278
622
53.8%
0.4%
Operational data and accounting data (FY08 report - FY07 report – FY06 report)
13
Robust capital ratios
Capital ratios (3Q08)
T1 min
14,00%
FY08
12,00%
TOTAL CAPITAL RATIO
10.57%
10,00%
TIER 1 RATIO
7.92%
Core TIER1 RATIO
7.08%
8,00%
T1 recommended
T1 Carige Group
6,00%
TCR min
TCR recommended
4,00%
TCR Carige Group
2,00%
2001
2002
2003
2004
2005
2006
2007
2008
Equity/Total Assets ratio
Italian Banks
GRUPPO CARIGE
Average by country
Mediobanca
17.7%
Italy
7.9%
Gruppo Carige
11.6%
UK
4.4%
Banco Popolare
10.4%
France
2.7%
Ubi
9.6%
Germany
2.0%
Intesa Sanpaolo
7.6%
Banca Mps
7.6%
Banca Popolare Milano
6.9%
Unicredit
6.1%
Source: Il Sole 24 Ore – October 8th, 2008
Operational data
14
Agenda
Carige Group at a glance
Key financial highlights
Strategic priorities
FY08 results
GRUPPO CARIGE
15
2010 Group’s targets
CARIGE GROUP
2006
2007
2008
2010E
Total Deposits (€b)
35.8
37.6
43.1
59.1
Loans to customers (€b)
16.1
17.5
21.1
27.4
138
205
206
350
2.6
2.6
3.3
4.4
57.6%
53.2%
58.9%
49.9%
ROE
ROE adj (*)
5.4%
7.1%
7.8%
7.7%
6.2%
7.7%
8.2%
9.8%
ROAE adj (*)
7.8%
10.4%
8.8%
10.0%
Tier 1 ratio
8.3%
7.8%
7.9%
8.4%
Net Profit (€m)
Shareholders’ Equity (€b)
Cost Income
(*) Equity net of the reserve for the revaluation of the shareholding in Bank of Italy
GRUPPO CARIGE
Operational data and accounting data (FY08 report - FY07 report – FY06 report)
16
Further development via external growth
LOMBARDY
COMO
PAVIA
EX ISP
79 BRANCHES
25
19
6
VENETO
VERONA
VENETO
PADUA
ROVIGO
VENICE
1
1
34
15
1
18
VALLE D’AOSTA 1
AOSTA
1
1
2
25
15
PIEDMONT
TURIN
1
34
EMILIA ROMAGNA
BOLOGNA
RIMINI
FORLI’
5
UMBRIA
PERUGIA
1
15
15
5
2
2
1
1
1
7
LATIUM
ROME
Direct
Deposits
€1 4b
€1.4b
Indirect
Deposits
€3 6b
€3.6b
Loans
€1.4b
Customers
170,000
As at 10 March 2008
EX UNICREDIT
40 BRANCHES
Direct
Deposits
€0.5b
Indirect
Deposits
€0.6b
Loans
€0.4b
Customers
67,000
As at 1 December 2008
7
7
TOTAL
4
SARDINIA
SASSARI
4
4
26
GRUPPO CARIGE
SICILY
PALERMO
MESSINA
CATANIA
AGRIGENTO
SYRACUSE
26
13
4
2
4
3
Direct
Deposits
€1.9b
Indirect
Deposits
€4.2b
Loans
€1.8b
Customers
237,000
Operational data
17
A strategy focused on the network / 1
New branch development department
A new central structure where acquired, new or problematical branches are
temporarily included until migration is concluded or break-even point is
reached through specific actions.
When targets are met, branches are shifted to the network.
2009
April 1st
Jan 1st
Dec 1st
March 10th
2008
75 ISP branches
30* problematical branches
The department has been strengthened
and its activity will be extended to
branches with growth potential
40 Unicredit branches
* Included 21 branches under break even point of which 5 reached the break even within Jan, 1st
GRUPPO CARIGE
18
A strategy focused on the network / 2
New front office
A 3 step project that creates a new integrated and marketing oriented sale
system turning a “traditional branch” into a new “financial shop”.
2nd
step
3rd
step
GRUPPO CARIGE
474 branches are
working with the
new HW and SW
Sept. 200
09
All the Group’s
branches are
working with the
new HW and SW
Beginning 201
B
10
1st
step
March 200
09
Today
y
A single access point (single sign on) for an integrated platform of relationship
management with a stronger commercial approach involving teller,
commercial and operational.
Implementation of
new functions
Efficiency
enhancement
19
Agenda
Carige Group at a glance
Key financial highlights
Strategic priorities
FY08 results
GRUPPO CARIGE
20
FY08 – Growth of Deposits and Loans
DIRECT DEPOSITS
TOTAL DEPOSITS
€b
22.2
€b
+ 27,5%
17 4
17.4
37.6
43.2
+ 13.5%
+ 14.6%
FY07
-0.4%
FY07
FY08
FY08
INDIRECT DEPOSITS
21
20.2
€b
+ 3.6%
-12.5%
FY07
NET INTERBANK BALANCE
€m
LOANS TO CUSTOMERS
184.7
change
GRUPPO CARIGE
21.1
17.5
-0.9
FY07
FY08
FY08
DIRECT DEPOSITS
LOANS TO CUSTOMERS
>1
€b
+ 20.8%
+ 10.5%
FY08
FY07
change net of ISP and UC branches’ contribution
ISP and UC branches’ contribution
Operational data and accounting data (FY08 report – FY07 report)
21
FY08 – Growth of core revenues
NET PROFIT
O
204.8
FY07
+ 0.3%
FY08
933
FY07
€m
+ 15.6%
FY08
COSTS
€m
35,3
607 5
607.5
-48.1
(*)
1,078.7
205.5
OTHER REVENUES
CO
CORE
REVENUES
S
€m
€m
+17.9%
515.3
FY07
FY08
change
GRUPPO CARIGE
FY07
FY08
(*) Core revenues = Net interest income + Net commissions + Dividends
Operational data and accounting data (FY08 report – FY07 report)
22
Disclaimer
This document has been prepared by Banca Carige SpA solely for information purposes and for use in
presentation of the Group’s strategies and financials. The information contained herein has not been
independently verified. No representation or warranty, express or implied, is made as to, and no reliance
should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions
contained herein. Neither the company, its advisors or representatives shall have any liability whatsoever for
any loss howsoever arising from any use of this document or its contents or otherwise arising in connection
with this document. The forward
forward-looking
looking information contained herein has been prepared on the basis of a
number of assumptions which may prove to be incorrect and, accordingly, actual results may vary.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of
it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Th di
The
distribution
t ib ti
off this
thi presentation
t ti
in
i certain
t i jurisdictions
j i di ti
may be
b restricted
t i t d by
b law.
l
Recipients
R i i t off this
thi
presentation should inform themselves about and observe such restrictions.
The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed
to any other party. By accepting this document you agree to be bound by the foregoing limitations.
*****
The manager responsible for preparing the company’s financial reports Ennio La Monica, Deputy General
Manager (Governance and Control) of Banca CARIGE S.p.A., declares, pursuant to paragraph 2 of Article 154
bis of the Consolidated Law on Finance, that the accounting information contained in this presentation
corresponds to the document results
results, books and accounting records
records.
GRUPPO CARIGE
23
Contacts
Giacomo Burro
CFO & Wealth Management Director
[email protected]
Tel: +390105794580
Emilio Chiesi
Head of International Funding & UK Representative
[email protected]
Tel:
e +442076002608
0 600 608
Investor Relations
[email protected]
Tel: +390105794877
GRUPPO CARIGE
24