the leading force in Spanish retail banking - CaixaBank

Transcription

CaixaBank - the leading force in Spanish retail banking
Corporate presentation
February 2013
Disclaimer
The purpose of this presentation is purely informative and the information contained herein is subject to, and must be read in conjunction with, all other
publicly available information. In particular, regarding the data provided by third parties, neither CaixaBank, S.A. (“CaixaBank”), nor any of its administrators,
directors or employees, is obliged, either explicitly or implicitly, to vouch that these contents are exact, accurate, comprehensive or complete, nor to keep
them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents in any
medium, CaixaBank may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any
deviation between such a version and this one, assumes no liability for any discrepancy.
This document has at no time been submitted to the Comisión Nacional del Mercado de Valores (CNMV – the Spanish Stock Markets regulatory body) for
approval or scrutiny. In all cases its contents are regulated by the Spanish law applicable at time of writing, and it is not addressed to any person or legal entity
located in any other jurisdiction. For this reason it may not necessarily comply with the prevailing norms or legal requisites as required in other jurisdictions.
CaixaBank cautions that this presentation might contain forward-looking statements. While these statements represent our judgment and future expectations
concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to
differ materially from our expectations.
Statements as to historical performance, historical share price or financial accretion are not intended to mean that future performance, future share price or
future earnings for any period will necessarily match or exceed those of any prior year. Nothing in this presentation should be construed as a profit forecast.
This presentation on no account should be construed as a service of financial analysis or advice, nor does it aim to offer any kind of financial product or service.
In particular, it is expressly remarked here that no information herein contained should be taken as a guarantee of future performance or results.
In making this presentation available, CaixaBank gives no advice and makes no recommendation to buy, sell or otherwise deal in CaixaBank shares, or any other
securities or investment whatsoever. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits
or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or
other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in this presentation.
Without prejudice to legal requirements, or to any limitations imposed by CaixaBank that may be applicable, permission is hereby expressly refused for any
type of use or exploitation of the contents of this presentation, and for any use of the signs, trademarks and logotypes which it contains. This prohibition
extends to any kind of reproduction, distribution, transmission to third parties, public communication or conversion into any other medium, for commercial
purposes, without the previous express permission of CaixaBank and/or other respective proprietary title holders. Any failure to observe this restriction may
constitute a legal offence which may be sanctioned by the prevailing laws in such cases.
In so far as it relates to results from investments, this financial information from the CaixaBank Group for FY12 has been prepared mainly on the basis of
estimates.
2
CaixaBank
1.
CaixaBank overview
p. 3
2.
Update on acquisitions
p. 6
3.
The leading force in Spanish retail banking
p. 9
4.
International banking
p. 23
5.
Investment diversification
p. 27
6.
Solid balance sheet
p. 29
7.
FY12 Results
p. 43
8.
Strategy & Macro outlook
p. 52
9.
Final remarks
p. 55
10. Appendices
p. 57
3
1. CaixaBank overview
“la Caixa” Group reorganization - CaixaBank began operations on 1st of July 2011
Former structure
Banking Business
Welfare
Projects
(including real
estate assets)
Current structure
Welfare
Projects
~ 63%1
100%
79.5%
BV2: €23.4 bn
(former Criteria, Listed)
(listed)
Insurance companies
Retail Banking & Insurance
International Banking portfolio
International Banking
portfolio
Industrial portfolio
Repsol + Telefonica
(Unlisted)
Other industrial
portfolio
Legacy Real Estate
business
Identical core-businesses with a more efficient capital structure
(1) Including conversion of mandatory convertible bonds I/2011, I/2012 and series B and C of the mandatory convertible bond issued by Banca Cívica (considering the closing price as
of 31/12/12 of 2.637 euros).
4
(2) Shareholders equity plus mandatory convertible and/or exchangeable Banca Cívica subordinated bonds classified as subordinated liabilities as of end December 2012.
1. CaixaBank overview
CaixaBank at a glance
 The leading retail franchise in Spain; listed since 1st July 2011
A flagship institution
 Competitive position reinforced by acquisitions (BCIV and BdV)
 Loans: €223.4 bn
 Customer funds: €288.6 bn
 ~13 million customers serviced by a segmented business model
Ranked 1st in retail
banking in Spain
 More than 1 out of 5 Spaniards have CaixaBank as their main banking relationship
 Multi-channel platform: branches (~6,300); ATMs (~9,500); leader in online and
mobile banking
 Excellence in customer service and highly-rated brand
Sound risk profile
Robust financial
metrics
 NPL ratio 8.62%; better than sector average (11.38% Nov’12)
 Coverage ratio of 60%
 Comfortable liquidity position: €53.1 bn
 Solid capital base: core capital of 11.0% (BIS II)
 EBA Core Tier 1 reaches 10.4%
5
As of December 2012
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
6
2. Update on acquisitions
Execution of M&A transactions is being carried out according to plan
3 Aug
• Merger
registration
9 months
8 months1
• Operational
integration
20 Oct
27 Nov
• CAN
systems
integration
Feb
15 Dec
 Execution of BCIV IT integrations on track:
• CAN and CajaSol completed. Final IT integration expected
by April’13.
 Strict management of the incorporated franchises:
• Remapping of sales organization to fit client presence
• Application of CABK standards from day one, focusing on
profitability and implementation of credit monitoring and
recovery procedures
Jul
• Caja Burgos
systems
integration
• Closing
• I.T.
integration
BCIV integration: 83.4% of 4,400 planned activities
have been completed
 BdV acquisition to be managed in parallel with BCIV’s:
• Closing expected at the end of February (1st January
accounting integration)
• Pre-merger integration committees already in place
Apr
• Caja
Canarias
systems
integration
• CajaSol
systems
integration
• Acquisition
agreement
Mar
60.4%
43.4%
27.0%
58.9%
66.2%
70.9%
77.0%
74.5%
63.3%
83.4%
92.2%
81.1%
68.2%
39.1%
24.4%
Planned
Real
Apr-12 Jul-12 Aug-12 Sep-12 Oct-12 Dec-12 Jan-13 Mar-13
7
(1) Estimate of calendar assuming BdV transaction is authorized at expected milestones by all the relevant authorities
2. Update on acquisitions
Update on BCIV Financial Impacts
Cost synergies being
executed ahead of
schedule
 2012 cost synergies 91% above initial target
 Measures taken imply 40% achievement of
191% of
target
€540 M cost savings target
 €757 M gross restructuring costs already
booked1
270
54
104
2012
 BCIV branch network optimisation to speed
Reorganisation of
branch network
accelerated
up following IT integrations, so as to
minimise impact on clients:
 Reorganization of CAN network started in
4Q’12
540
2013E
2014E
Reduction in branch network
Sept’12
6,631
Dec’12
6,342
Mar’13 E
~6,000
 Additional fair value adjustments on BCIV loan book and foreclosed assets due
Further fair value
adjustments on
additional granularity
to the more granular information obtained post IT integrations
Initial Fair Value
adjustments
Additional adjustments
€3,288 M
(€450 M loan book, €250 M
Foreclosed assets)
€700 M
Total Fair Value adjustments
€3,988 M
(€3,668 M loan book, €882 M
Foreclosed assets €-562 M other)
8
(1) Of which €512 M have been booked against reserves and €62 M have been included as CapEx for the period
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
9
3. The leading force in Spanish retail banking
The leading retail franchise in Spain
Segmented business model sustained by high quality growth
Wealth
Banking
A specialized
network (2008)
10
Private
Banking
~13 million
customers
Corporate
Banking
 Business volume breakdown1:
As of June 2012
200
Corporate Banking
Business
Banking
0.5
9
Business Banking
10%
Specialized
managers (2009)
Affluent
Banking
SME
Banking
SME Banking
5%
1
0.1
Private Banking2
Retail banking
(the main pillar)
Individuals
(assets managed range, million €)
(1) Loans + assets under management
(2) Including Wealth Banking
Companies
(turnover range, million €)
8%
Affluent Banking
47%
10%
20%
Retail Banking
10
Focused on success in critical retail metrics
Direct deposit
of salaries
Customer
penetration
1st
20.3%
1st
21.0%
1st
19.9%
26.1%
2011
1H12
 22.2% as primary banking
entity1
06
07
08
20.0%
09
10
2012*
 2,428,409 payroll deposits
06
07
13.8%
12.8%
12.5%
11
13.6%
12.6%
12.3%
15.7%
14.8%
14.1%
15.9%
15.1%
14.4%
2006
Direct deposit
of pensions
08
09
10
11
2012*
 1,605,444 pension deposits
Sustained track record of reinforcing customer loyalty.
Capturing the income flows of our customers to enhance share of wallet
(*) Latest available information
(1) Includes BdV
11
Segmentation
Compte de Resultats
as the key
Recurrent
to betterdel
serving
Grup client
“la Caixa”
needs
Affluent Banking
Private Banking1
 SME Banking
33
1.163
€68.0 bn
21.3%
Specialised staff
408
Specialised staff
 Business and Corporate
Banking
Specialised centres
683
Specialised staff
84
1.111
Customer funds
Customer
penetration
1st (DBK April 2012)
€40.9 bn
11.5%
Customer funds
and securities
Customer
penetration
1st (DBK April 2012)
Data as of September 2012
(1) Excluding loans to developers
€9.2bn
Specialised centres
Specialised staff
Loans1
€47.3 bn
43.8%
Customer
penetration
1st (FRS Inmark oct-12)
18.0%
Loans1
Factoring &
confirming
(RK: 3rd)
12
Acquisitions complement business footprint and contribute to market share gains
Acquisitions further extend leading market
shares in retail banking
Contribution of BCIV and BdV
in core regions
Market share by business volume1
Market share by business volume
In %
In %
5.4%
8.1%
6.2%
Navarra
7.9%
8.3x
39.6%
39.6%
10.4%
11.5%
30.6%
6.9%
Canarias
2.9x
28.0%
7.8%
12.6%
9.6%
7.4%
17.8%
17.9%
2.2x
17.8%
10.0%
14.6%
C. Valenciana
2.1x 12.6%
Business volume
market share
28.0%
> 10% share
Andalucía
C. León
> 7% share
< 7% share
(1) Market shares as of September 2012 include loans and deposits of CABK+BCIV+BdV.
Sources: Bank of Spain, FRS, INVERCO, ICEA, CECA and Factoring Spanish Association. Latest data available for 2012
2.5x 11.5%
CABK stand-alone
13
Leading retail product market shares further reinforced by acquisitions
Tactical management of customer funds
accompanied by gradual deleveraging
Undisputed leadership in most
retail products3
Business volume: Loan book and customer funds
In Billion Euros
512.0
Organic2
Dec-11
Main banking
relationship
1st
Payroll deposits
20.0%
+4.2%
1st
Pension deposits
19.9%
+6.1%
+24.5%
1st
Saving insurance
18.3%
+0.8%
-4.7%
3rd
Factoring & Confirming
18.1%
+2.7%
1st
Pension Plans
1st
Loans
1st
Deposits
3rd
Mutual funds
1st
Credit cards turnover
+19.8% YTD
Inorganic
Dec-12
Sector1
Customer funds
Loans
-3.9%
-7.1%
YTD
1st
Business volume
427.3
15%
Organic2
-3.0%
-6.9%
(1) Source: “la Caixa” Research Department estimates. Customer funds include: deposits, CP,
insurance saving products, mutual funds and pensions plans. Sector loans exclude the transfer of
assets to SAREB.
(2) Deducting BCIV figures at 30/6/12- includes changes under CABK management
22.2%
16.4%
4
+5.6%
+1.7%
14.7%
+4.1%
14.4%
+4.0%
14.0%
+1.8%
20.7%
+3.0%
(3) Including BdV
(4) Includes sight and time deposits
Sources: Bank of Spain, INVERCO, ICEA, FRS, Social Security and AEF
14
Tactical management of customer funds in anticipation of improved funding environment
Total customer funds breakdown
In Billion Euros
31st Dec.
I. Customer funds on balance sheet
238.1
21.3%
Demand deposits
69.2
23.0%
Time deposits
76.8
20.8%
Debt securities
8.8
46.3%
Subordinated liabilities
5.8
12.4%
Institutional issuance
46.6
20.2%
Insurance
27.9
18.6%
2.9
(1.8%)
50.5
12.5%
Mutual funds
21.0
16.1%
Pension plans
17.6
23.5%
Other managed resources2
11.9
(5.0%)
288.6
19.6%
Other funds
II. Off-balance sheet funds
Total customer funds
Organic1
YTD (%)
YTD

(2.6%)

(4.2%)
Total customer funds
Organic
+€47.4bn (+19.6%)
Non- organic
-3.0%
+22.6%
Proactive and tactical management of
product mix focused on P&L impact:
• Pricing policy adapted to each customer
segment

(4.5%)

(3.0%)
• Pure price competition avoided
• Clean-up of low value-added deposits
continues as they mature (BCIV)
(1) Deducting BCIV data at 30/6/12- includes changes under CABK management
(2) Primarily includes mandatory convertible bonds, regional govt.securities, and Caja de Pensiones y Ahorros de Barcelona sub debt.
15
Gradual deleveraging of loan book in line with macro and sector trends
Loan-book breakdown
In Billion Euros, gross
31st Dec.
I. Loan to individuals
Organic1
YTD (%)
YTD
Loan book

(2.2%)

(13.1%)
119.6
27.7%
Residential mortgages – home purchases
87.7
25.8%
Other
31.9
32.9%
90.7
11.8%
Non RE businesses
62.0
11.7%
Real Estate developers
27.0
20.3%
Servihabitat & other RE subsidiaries
1.72
(46.4%)
210.3
20.3%
13.1
16.6%

(1.5%)
223.4
20.1%

(6.9%)
II. Loan to businesses
Loans to individuals & businesses
III. Public sector
Total loans
+€37.4bn (+20.1%)
-6.9%
Non- organic +27.0%
Organic
 RE developer book still a main
contributor to decline
 Additional impact from continuing
“clean-up” of BCIV loan book
 Weak credit demand from SMEs and
corporates
(2) Servihabitat reduced its loan balance with CaixaBank by €1.35 bn through the issuance of a medium term bond
16
Market shares in key retail products have increased throughout the crisis
Customer funds market shares
1st
Total deposits1
Credit market shares
Time deposits
2nd
14.4%
9.9% 10.0% 10.1% 10.1% 10.3%
07
08
09
10
11
Demand deposits
1st
07
08
09
07
08
09
10
11
5.6% 6.9%
12
Pension Plans
10
11
Mutual Funds
14.4%
11.5% 11.7% 11.3% 11.8% 12.3%
07
08
8.5%
09
10.6%
10
12.2%
11
11.2%
07
15.9%
07
09
10
11
12
(1) To other resident sector, includes BdV
Last available information
Source: INVERCO, ICEA and Bank of Spain
07
08
09
10
10
11
12
2nd
10.4%
8.9% 9.5%
6.5% 7.8%
12
12
1st
14.4%
11.0% 10.9% 10.5% 11.0% 11.1%
07
08
07
08
09
10
11
12.7% 13.0%
07
11
12
11.6%
13.3%
15.4%
18.1%
3rd
12
07
08
09
10
11
12
Foreign trade - exports
15.2%
14.2%
17.1%
19.8%
9.4%
5.1% 5.7%
10.3%
08
10
7.3% 8.1%
Foreign trade- imports
14.0%
09
Factoring & Confirming
13.8%
17.4% 18.3%
11
09
Commercial loans
9.6%
08
08
14.0%
1st
1st
14.1% 13.8% 13.8%
12
Mortgages
14.7%
10.4% 10.4%
8.7% 9.2% 9.6%
3rd
Life insurance
16.4%
15.1% 16.1%
13.6% 14.3%
1st
13.3%
9.4% 9.8% 9.9% 9.3% 9.3%
12
Total loans1
09
10
11
12
07
08
09
10
11
12
17
All of this supported by a leading multi-channel distribution network…
Data as of December 2012
Branches: the largest network
+
ATMs: the widest network in Spain
~9,5000 ATMs
17.6% market share2
72.2% absorption ratio3
+
Internet banking: European leadership
8.5 million customers
33.7% market share2
79.7% absorption ratio for
businesses4
+
Mobile banking: Global leadership
3.0 million customers
12% transactions carried out
through mobile
(17.7% market share1)
Breakdown of branch market share1
9.4%
8.4% 10.7% 12.1% 34.3%
26.0%
8.9%
13.4%
14.8%
11.3%
8.6%
6.6%
21.6%
Branches
16.8%
18.1%
21.0%
28.1%
~6,300
18.2% Ceuta
9.5% Melilla
Source: Nielsen (internet and mobile banking market shares)
(1) Includes BCIV and BdV
(2) Latest available data
(3) In branch timetable. Operations considered: withdrawals, cash deposits, savings account updates, bill payments and cheque deposits. Last available data
(4) Operations considered: national bank transfers, Buy/sell stocks, bank bills (bill discount and bill acceptance). Last available data
18
…and by technological innovation, an integral part of our culture
 1st Private social network of a
financial institution exclusive for
self-employed people and SMEs
Multichannel low cost approach
2012 transactions, by distribution channel
Automated
Roll-out of contactless project
 Barcelona: the first major city in
Europe to operate contactless
payments in ATMs and shops
~4,842 M transactions
9%
30%
Branches
11%
50%
ATM’s
Internet
and mobile
 1st Financial entity in the world
with an App Store for mobiles
(+45 different applications)
>90% of transactions executed
outside of branch network
New data processing center
 Opening of a new Data Centre with
advanced processing capabilities
19
Reputation and excellence in retail banking continue to be recognized by the market
European Seal of Excellence
 Granted by the European Foundation for Quality
Management (EFQM)
The ‘Best Bank in Spain 2012’
 Euromoney acknowledges CaixaBank’s solvency,
commercial strength and market share growth
in recent years
The world's most innovative bank
 Bestowed at the Global Banking Innovation
Awards, organized by the Bank Administration
Institute and Finacle
 TrailBlazer Award, in recognition of CaixaBank’s
contactless ATMs
20
Reinforced by a premium brand reputation
Quality of service – Brand reputation

Leading institution in reputation and interest in operating in the
retail segment (FRS Inmark 2011 – individuals) and customer
retention in business segment (FRS Inmark 2011 - businesses)

The primary institution for 33% of business clients (internal survey
among 1,985 companies – June 2012)

The most highly rated online service in all segments (individuals
and businesses) (Aqmetrix)
“la Caixa”:
the financial brand
with the best
reputation
21
The life insurance business is a perfect complement to the banking business
A top insurance group with the widest
distribution network
Insurance business:
Sustained increase in AUMs
In Million Euros
 3 million individual customers
38,601
38,610
42,006
45,492
37,765
4Q11
1Q12
2Q12
3Q12
4Q12
 €45.5bn assets under management
 Leader in Spanish complementary pension
market
+€7.7 bn (+20.5%)
Organic: +15.6%
Non-organic: +4.9%
 Diversified product offering
(life, pension plans, health, household, auto)
 Strong distribution capacity





~6,300 CaixaBank branches
1,358 own agents
702 external agents
1,316 brokers
161 SegurCaixa Adeslas offices
Premiums and contributions
In Million Euros
Premiums and contributions
FY12
Life/Risk
466
Life/Savings
3,800
Contr. to pension plans
1,003
TOTAL
5,268
22
Figures as of December 31st 2012
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
23
4. International banking
Our process of internationalisation
WHY?
HOW?
1. Likely slowdown of the
Spanish banking sector
2. Search for growth
3. Risk diversification
4. Supporting international
growth of our customers
1
“la Caixa” Group
Strategic Plan
2007-2010:
decision to grow
internationally
Organic growth
Representative offices
International Branches
2
Non-Organic growth
Investment in growth
markets
(Asia, America, Central and
Eastern Europe)
2007: the right strategic vision at the right time
24
Focused on growth markets
Representative offices:
International banking1
Europe:
Rest of the World:
- Frankfurt, Stuttgart
- London
- Paris
- Milan
20.7%
€117 M
46.2%
€826 M
9.9%
€956 M
Business volume2:
€0,8 Bn
16.4%
€1,109 M
20.0%
€2,791 M
- Beijing, Shanghai
- Dubai
- New Delhi
- Istanbul
- Singapore
- Cairo
- Chile
Intermediated flows3:€8.6 bn
Pending regulatory approval: Algiers
Future opening: Colombia
International branches:
- Warsaw (Jun’ 07)
- Bucharest (Nov’ 07)
- Casablanca (Jul’09)
Loan Portfolio: €335 M
Banking investments:
Representative Offices
International Branches
Banking investment
Market value1: €6.0 bn
90% of international presence in emerging markets
(1) Market value as of 30th January 2013
(2) November 2012
(3) Intermediated flows include all products in which a Representative Office plays a value- added role (e.g. export letters of credit) – January to August 2012
25
Development of a partnership model
+ Control/Synergies/Risk
Controlling
Acquisitions
“Investing in winners”
 Well-managed banks with solid competitive positions
 Strong local partners with common views
 Retail focus / low reliance on wholesale funding
 High solvency levels & sound credit quality
Investment profile
Partnership
model
Financial
positions
-
Control/Synergies/Risk
 Long term horizon
 Influential positions
 Investment at fair value - no control premium paid
Building strong international alliances
 Long-term strategic agreements
 Sharing best practices
 Exporting know-how where appropriate
 Development of joint businesses and projects
o Search for cost & revenue synergies
26
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
27
5. Investment diversification
Repsol and Telefónica provide revenue diversification and a potential capital cushion
 Income diversification: two international leaders in defensive sectors
 Financial flexibility: very liquid stakes
 Potential capital buffer
5.6%2
 Value: solid fundamentals, excellent track record and high dividend yield
 Profitability: attractive return
 Limited regulatory capital consumption
 Tax-efficient (≥ 5%)
12.5%2
 Geographical diversification: ~65% revenues generated outside Spain
Market value1: €5.4 bn
(1) As of 30th January 2013
(2) As of 31st December 2012
28
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
29
6. Solid balance sheet
Continuing balance sheet strength
Robust capital base
 Core capital (BIS II) 11.0%
 Core Tier1 EBA: 10.4%
Strong liquidity position
 €53.1bn of available
liquidity
 Sound loan-to-deposit
ratio: 127%
Superior asset quality
 Coverage ratio of 60%
 NPL ratio 8.62%; better
than sector average
(11.38%1)
Maintaining balance sheet strength is a key priority for management
Data at 31st December 2012
(1) As of Nov’12
30
Asset quality
31
Asset quality stabilises after BCIV integration but still affected by weak macro trends
NPLs and NPL ratio
NPL coverage
10.71
NPL ratio
sector
9.65
Nov’12
NPL coverage ratio
8.37
7.84
60%
8.42
5.25
4.90
9.6
10.2
10.9
4Q11
1Q12
2Q12
61%
60%
60%
60%
12.2
12.1
3Q12
4Q12
8,62
8.62%
Credit provisions
(in Billion Euros)
5.58
NPL
(in Billion Euros)




11.38
20.3
20.2
3Q12
4Q12
5.7
6.2
6.5
4Q11
1Q12
2Q12
NPL decreases in absolute terms as CABK risk management is implemented across BCIV platform
Higher ratio results from lower asset base
Asset quality gap with the sector increased by 47 bps1
Provisioning coverage maintained at 60%
32
(1) Difference between 4Q and 3Q
Significant improvement in quarterly evolution of NPLs
Loan book and NPL1 ratio by segments
In Billion Euros
NPL ratio
31st Dec
30th Sept2
119.6
3.56%
3.50%
Residential mortgages - home purchase
87.7
2.80%
2.77%
Other
31.9
5.65%
5.47%
90.7
17.24%
16.55%
Corporate and SMEs
62.0
5.96%
5.67%
Real Estate developers
27.0
44.22%
40.91%
1.7
0.00%
0.00%
Public sector
13.1
0.74%
0.75%
Total loans
223.4
8.62%
8.42%
Ex- Real Estate developers
196.4
3.97%
3.83%
31st Dec
Loans to individuals
Loans to businesses
Servihabitat & other RE subs.3
 NPL inflows still mostly
attributable to RE Developers
 Stability returns to retail book
 Non-RE business segments
evidence crisis fatigue
(1) Includes contingent liabilities
(2) Note Q3 figures are restated
(3) Includes loans to Servihabitat and other RE subsidiaries of Caja de Ahorros y Pensiones de Barcelona, CABK’s major shareholder
33
Outperformance in asset quality confirmed by bottom-up stress test
Peer comparison
Expected Loss in adverse scenario - sector comparison
% of assets
System
Bankinter
7.2%
Total EL
13.0%
BBVA + Unnim
Santander
System
14.9%
15.6%
17.4%
Popular + Pastor
19.4%
Sabadell + CAM
20.0%
Source: Oliver Wyman
(1) Includes Public Works, Large Corporates and SMEs
17.4%
13.0%
RE Developers
42.8%
37.6%
Retail Mortgages
4.1%
3.4%
Corporate1
13.7%
9.4%
Retail Other
18.6%
9.3%
Foreclosed RE
63.4%
62.0%
Expected Loss parameters for CABK reflect track record of
conservative underwriting policies
34
Clean-up of real estate exposure continues
Clean-up of real estate exposure continues at fast pace
RE developer loans breakdown evolution
(in Billion Euros)
-10%
29.9
27.0
22.4
21.7
NPL
5.8
6.1
Substandard
3.0
2.9
Performing
13.6
4Q11
RE developer loans
YTD +€4.6bn
12.7
1Q12
20.7
6.5
12.2
11.9
1H12
Coverage
NPL
4.7
39.1%
Substandard
1.1
34.9%
Performing
2.2
18.9%
Provisions for RE
developer loans
8.0
29.7%
3.7
3.1
2.8
11.4
Provisions
(in Billion Euros)
14.0
3Q12
11.9
4Q12
-€5.2bn
Non- organic +€9.8bn
Organic1
 Return to RDL 18/12 real estate
provisioning path (€150 M per month)
 Coverage of problematic loans at 53%
 30% coverage of total developer loans
above “bottom-up” base case scenario of
25% EL
 33% coverage considering pending €0.9 bn
of RDL 18/12- close to adverse scenario of
37.6% EL
35
Foreclosed assets increase as developer loans migrate to housing stock
Building Center1
Repossessed real estate assets breakdown
Repossessed real estate assets evolution
As of December 2012
In Million Euros
In Million Euros
% coverage
36%
36%
39%
44%
45%
Net
amount
Coverage
5,088
RE assets from loans to
construction and RE development
4,350
1,140
1,574
Finished building
Buildings under construction
1,975
Land
RE assets from mortgage loans to households
Other repossessed assets
Dec'11
Mar'12
Foreclosed assets
YTD +€3.9bn
Jun'12
Sep'12
Organic2
Non- organic
Dec'12
Total (net)
3,806
47%
2,361
34%
191
54%
1,254
61%
1,051
38%
231
47%
5,088
45%
+2.2bn
+1.7bn
(1) The real estate holding company of CaixaBank, S.A.
36
Commercial activity increasingly focused towards renting properties
“la Caixa” Group commercial activity
BuildingCenter is now main contributor to
Group sales
In Million Euros
Sales distribution
Increased commercial activity during 2012
x2
1,5821 
887
2012 unit disposal2:
89%
11,830
85%
68%
52%
Sales
796
48%
32%
682
695
Rental assets
114
2011
2012
192
163
Commitments
11%
15%
1H11
2H11
1H12
2H12
Servihabitat portfolio has been reduced
by ~30% in one year
(1) Total disposals of €3.1bn and 20,291 units, at debt equivalent amounts & including disposals from developers
(2) Sales and rental assets. 13,171 units considering commitments.
37
Strong liquidity position
38
Liquidity remains a cornerstone of balance sheet strength
Proactive reinforcement of liquidity
In Billion Euros
7.7%
15.2%
As a % of total
assets
A closing funding gap has led to a progressive
reduction of the LTD ratio2
129%
53.1
17.5
127%
Balance sheet
liquidity1
20.9
9.8
Dec'11
Mar'12
Jun'12
128%
Sep'12
127%
Dec'12
Manageable exposure to wholesale funding
35.6
Unused ECB
discount facility
11.1
Wholesale maturities as of Dec 31st
€7.3 bn
• €9bn of ECB funding to be repaid in Jan.’133

• ECB LTRO: €28.3 bn with €4 bn kept in deposit
€6.6 bn

Dec'12
€8.2 bn

Dec'11
-6pp
133%
2013
2014
2015
Jan.’13: issuance of €1bn 3yr senior unsecured at MS
+ 285 bps as capital debt markets improve
(1) Includes cash, interbank deposits, accounts at central banks and unencumbered sovereign debt
(2) Defined as: gross loans (€223,449 M) net of loan provisions (€11,962 M) (total loan provisions excluding those corresponding to contingent guarantees) and excluding
pass-through funding from multilateral agencies (€7,179 M) / retail funds (deposits, retail issuances) (€160,621 M)
(3) €4.5 bn from CaixaBank + €4.5 bn from Banco de Valencia
39
Solvency & Capital management
40
Leading capital ratios despite BCIV acquisition and liability management exercises
BIS II Core Capital evolution
In %
+168bps
12.5%
%%
Organic
-101bps
+51bps
-22bps
-252bps
RDL impact Extraordinary Liability
transactions management
11.0%
EBA Core Tier1
for CaixaBank
(Dec 31st):
10.4%2
BCIV
integration1
Core Capital
RWAs
Dec'11
Dec'12
17.2 bn
17.7 bn
137.4 bn
161.2 bn
EBA Capital reinforced to 10.4% in Q4 after 50% conversion of Series 1/11 MCB
(1) Includes the impact of the additional fair value adjustments registered in 4Q12 (€700 M)
(2) Main difference between EBA and BIS II is due to temporary deferral in recognition of €750 M MCB
41
Solid solvency metrics certified by detailed stress-test exercise
In Billion Euros
EBA CT1 2014 in the Adverse Scenario
Capital Excess in
Adverse Scenario
(post-tax)
Santander
25.3
BBVA-Unnim
11.2
Post-tax
11.6%
10.8%
9.6%
9.5%
7.4%
7.4%
6.4%
2.1%
2.1%
Kutxabank
Santander
BBVA
"la Caixa" + BCIV
5.7
Sabadell+Cam
Bankinter
Kutxabank
2.2
Sabadell - CAM
0.9
Popular
Bankinter
0.4
Libercaja
Unicaja - CEISS
0.1
Ibercaja+Caja3+Liberbank
-2.1
BMN
-2.2
Popular-Pastor
-3.2
Banco Valencia
-3.5
NCG
-7.2
Catalunya Banc
-10.8
BFA-Bankia
-24.7
Unicaja+Caja España
-1.1%
BMN
-17.0%
NCG
-19.6%
BVA -27.7%
Catalunya Banc -29.6%
BFA-Bankia

System capital
needs:
-40%
-30%
-20%
-10%
0%
10%
20%
€53.7 bn
CABK is among the most resilient institutions, with
9.5% EBA CT1 in the adverse scenario
42
Source: Oliver Wyman for “la Caixa” Group inc. BCIV
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
43
7. FY12 Results
Good operating performance despite historically low interest rate environment
Consolidated income statement (BCIV consolidated from 1st July ‘12)
FY11
yoy(%)
Net interest income
3,872
Net fees
1,701
Income from investments1
809
Gains on financial assets
455
Other operating revenue & exp.
(100)
Gross income
6,737
Total operating expenses
(3,566)
Pre-impairment income
3,171
Impairment losses
(3,942)
2
Profit/loss on disposal of assets and others
709
Pre-tax income
(62)
3
Taxes
291
Profit for the period
229
(1)
Minority interest
3,170
1,562
659
343
777
6,511
(3,342)
3,169
(2,557)
547
1,159
(106)
1,053
22.2
8.9
22.8
32.4
(112.8)
3.5
6.7
0.1
54.2
29.7
(105.4)
Profit attributable to the Group
1,053
In Million Euros
1.
2.
3.
FY12
230
(78.3)
(78.2)
 Consistent delivery of strong preimpairment income:
• NII supported by BCIV contribution
and momentum
• Fee line underlines core business
strength
• Other income impacted by insurance
extraordinaries
• Strict cost control but restructuring
effort in full sway
 Demanding provisioning schedule
in line with stated targets
 Extraordinaries partially offset
heavy provisioning schedule
Includes dividends and income from associates.
In 2012 includes the sale & lease-back of branches (€204 M), reinsurance agreement covering the life-risk insurance portfolio (€524 M) and other extraordinary results (€-19
M). In 2011 includes the capital gain for the sale of 50% of SegurCaixa Adeslas (€609 M), the sale of 80% of the Hospital Group (€77 M) and other (€-139 M)
Note that income from investments is reported net of tax.
44
7. FY12 Results
NII supported by BCIV contribution and rates momentum while funding environment improves
Net interest income peaks as lower index
rates make an impact:
In Million Euros
Customer spread stable due to lower retail
funding costs
3.00
3.13
3.33
3.50
3.52
3.44
3.31
3.23
1.55
1.66
1.68
1.65
1.70
1.64
1.69
1.59
1.45
1.47
1.65
1.85
1.82
1.80
1.62
1.64
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
+22.2%
FY12: 3,872
FY11: 3,170
1,059 1,027
801
742
777
850
Loans and credits
883 903
Customer spread
Customer funds
Improved funding conditions largely
offsetting lower asset yields
In %
2.78
2.88
3.00
3.01
2.95 2.83
2.78
1.68
1.76
1.75
1.73
1.65
1.65
1.63
1.19
1.10
1.12
1.25
1.28
1.30
1.18
1.15
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
2.71
1.52
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
+20.8%
NIM
Total assets
Total liabilities
45
7. FY12 Results
Inertia from mortgage book partially offset by spread repricing and positive funding trends
New production spreads continue to grow
Front book credit spreads (%)
Renewal of time deposits at lower rates leads
to reduced back book costs
Front book time deposits spreads (%)
2.27
2.46
2.70
3.17
3.79
3.38
3.71
-0.39
3.89
-0.93
-0.41
-0.85
-1.04
-1.26
-1.29
-1.81
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
Loan rates (Back vs. front book)
3.53
4.20
4.55
4.88
4.59
4.70
4.45
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
Time deposit rates (Back vs. front book)
4.30
2.87
2.25
2.06
2.04
2.02
2.11
1.85
2.21
3.00
3.13
3.33
3.50
3.52
3.44
3.31
3.23
2.46
2.60
2.63
2.64
2.58
2.46
2.55
2.42
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
Back book
Front book
Back book
Front book
46
7. FY12 Results
Recurring fee items continue to reflect underlying core business strength
Net fees
Net fees breakdown
In Million Euros
In Million Euros
+8.9%
FY12: 1,701
FY11: 1,562
FY12
yoy (%)
Banking fees1
1,354
10.4
Mutual funds
150
(4.3)
Insurance and pension plans
197
9.8
1,701
8.9
Net fees
383
389
425
413
426
429
433
365
Positive trends in fees:
 Strong growth in transactional banking
 Non-recurrent distribution fees impacted by
lower issuance from regional governments
 Commissions in mutual funds affected by market
and sale of depositary business
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
 Good performance in pensions and insurance
1.9%
47
(1) Includes fixed income distribution of €50M (-64%)
7. FY12 Results
Growing contribution from investments while changes in consolidation scope impact other revenue
Income from investments supported by higher
contribution from associate companies
Other operating revenue affected by changes
in scope and non-recurring items
In Million Euros
In Million Euros
+22.8%
Income from the insurance business
809
282
Deposit guarantee fund contribution
581
+106.3%
Other income/operating expenses
Other operating income (expense)
Dividends2
377
FY11
228
FY11
185
479
Excess provisions in the insurance business
659
Income from
associates1
FY12
320
(278)
(118)
(7)
96
(100)
777
-39.6%
FY12
Lower income from insurance activity:
 Deconsolidation of Adeslas in June 2011 (-€238 M)
 2011 income from associates impacted by
impairments reported by intl’ banking stakes
 2012 dividends affected by TEF dividend cut
 Lower contribution from life-risk premia (sale to
Berkshire Hathaway): -€45 M in 4Q and c. €150 M
to €50 M (2013-2017e)
(1) Income from associates correspond mainly to the stakes in REP, International Banking and the non-life insurance business
(2) Includes dividends corresponding to stakes in TEF and BME
48
7. FY12 Results
Strict cost control but restructuring effort in full sway
Cost reduction: -0.1% (like-for-like) and -3.5% on a
recurrent cost basis1
Total operating costs
In Million Euros
In Million Euros
-0.1%
+6.7%
2012
Like-for-like
(3,125)
(3,121)
Recurrent
basis
(3,017)
BCIV recurring expenses
+
(471)
BCIV restructuring costs
(78)
BCIV cost synergies1
104
2011
2011
2012
CABK reorganization
expenses
(110)
Adeslas deconsolidation
(107)
3,342
341
738
3,566
341
Depreciation
799
General
2,263
2,426
FY11
FY12
Personnel
2012
-3.5%
Cost cutting initiatives more than compensate for BCIV contribution to expenses
(1) BCIV cost synergies are included for cost comparison on a recurrent basis
49
7. FY12 Results
Demanding provisioning schedule back in line with RDL charge guidance
Impairment losses
In Million Euros
RDL 2/2012
2,436
RDL 18/2012
1,200
Other credit provisions
1,970
Other provisions1
Impairment losses


5,749
TOTAL
impairments:
In Million Euros
Foreclosed assets
Adjustments
€0.9 bn pending for 1H13
143
BCIV Fair Value adjustment2
Loan Book
Booked in 1Q12 (€1.8 bn of generic provision released)
3,668
€10,299 M
882
4,550
87% of RDL requirements already booked- €900M pending for 1H 2013
(1) Includes provisions for early retirement and other contingent risks
(2) Only includes gross fair value adjustments on credit book and foreclosed assets
50
7. FY12 Results
Extraordinaries partially offset heavy provisioning schedule
Main extraordinary profits generated in 4Q12:
Reinsurance
agreement covering
the life-risk
insurance portfolio
 Reinsurance agreement with Berkshire Hathaway Life Insurance
Company covering the individual life-risk portfolio
 Limited to the underwritten portfolio as of December 31st 2012
 Berkshire Hathaway has paid a reinsurance commission of €600 M
Gross capital
gain:
€524 M
 Sale of 439 branches to a Spanish subsidiary of Mexico’s
Inmobiliaria Carso
Sale and leaseback
transaction
 Aggregate price of €428.2 M
 25 yr lease agreement with the seller to continue occupying the
Gross capital
gain:
€204 M
buildings sold in the transaction
51
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
52
8. Strategy & Macro outlook
Key strategic initiatives 2011-2014
2012
• 15% market share in business volume

1
Strengthen leadership in retail banking
2
Diversify operations towards business banking geared towards business banking (from 29% in 2010)
3
Balance out geographical presence
• Accelerate growth outside Catalonia and Balearic Islands
(to 65% share in business volume, up from 55% in 2010)

4
Develop international strategy
• Strengthen existing alliances
• Increase business abroad with existing and new clients

5
Maintain financial strength
• Pre-emptive management of solvency, liquidity and risk.
• Core capital B3 8%-9%

6
Improve profitability
• Targeted ROE in mid-teens in the medium term
7
Increase efficiency and structural flexibility
• Structural optimisation
• Leverage new technologies

8
Manage talent
• Appraise performance
• Enhance professional growth opportunities

9
Communicate
• Internal communication
• External communication to all stakeholders

• 35% of loan book (excluding Real Estate developers)
53
8. Strategy & Macro outlook
A weak macroeconomic outlook with low interest rates in 2012 and 2013
Macroeconomic outlook-Spain
Base case
Y-o-y growth, Annual averages (%)
Real GDP growth
Inflation (end of period)
Unemployment rate
2010
2011
2012
2013
2014
-0.3
0.4
-1.4
-1.3
1.1
3.0
2.4
2.9
1.4
1.7
20.1
21.6
25.0
26.3
25.5
Interest rates
4,5
ECB
4,0
Euribor 3m
Euribor 12m
3,5
Housing prices (nominal growth)
-3.9
-5.6
-8.7
-7.8
-4.0
3,0
2,5
Financial outlook
2.00
2,0
Deposit growth (end of period)
2.2
-3.8
-5.0
-1.2
1.0
Loan growth (end of period)
0.4
-3.3
-6.7
-7.9
-1.3
3 month Euribor rate (%)
0.8
1.4
0.6
0.2
0.4
1.55
1,5
1.43
1.02
1,0
1.00
0.94
0.75
1.00
0,5
0.55
0.58
0.57
0.50
0.50
0.19
0.20
0,0
J
12 month Euribor rate (%)
1.4
2.0
Source: “la Caixa” Research Department. Forecasts as of January 30th 2013
1.1
0.6
0.8
A
Jl
O
2010
J
A
Jl
O
2011
J
A
Jl
O
2012
J
A
Jl
O
2013
J
A
Jl
O
2014
54
CaixaBank
1.
CaixaBank overview
2.
3.
4.
5.
6.
Solid balance sheet
7.
FY12 Results
8.
9.
Final remarks
10. Appendices
55
9. Final remarks
Key take-aways
Acquisitions complement
organic growth and reinforce
franchise leadership
 A further year of increased market shares and advances in strategic goals:
 Above 15% market share in key retail products
 BCIV integration process proceeding as planned (CajaSol+CAN integrated)
 BdV closing expected end of Feb (1st Jan accounting integration)
Liquidity reinforcement has
been the key objective of the
year
 Total available liquidity of €53.1 bn
 Issuance of €1bn 3yr Sr. unsecured on improved market conditions in Q1’13
 Allows for prepayment of €9 bn to ECB
Capital strength reinforced
and underlined by stress
tests
 Core capital BIS2 at 11.0%
 Core Tier1 EBA at 10.4%
Asset quality impacted by
acquisitions and weak macro
fundamentals
 Asset quality stabilises post BCIV integration - coverage maintained at 60%
 Non-RE book remains stable while RE Developers deteriorate
 Clean-up of real estate exposure continues, with record asset disposals
Good operating
performance in a low
interest environment
 Interest income headwinds gradually offset by improved funding conditions
 Strict cost control but restructuring effort in full sway
 Extraordinaries partially offset heavy provisioning schedule
56
Data at 31st December 2012
CaixaBank
Corporate presentation
Appendices
57
Appendices




Ratings
Financial statements
Corporate governance
p. 58
p. 60
p. 63
p. 68
58
Ratings
Ratings
Credit Ratings
Moody’s
Investors Service
(1) Negative Outlook
Long
term
Short
term
Outlook
Mortgage
Covered Bonds
Baa3
P-3
negative
A3
BBB-
A-3
negative
AA-
BBB
F2
negative
-
(1)
59
Appendices




Ratings
60
Balance sheet
31.12.11
€ milion
Liabilities
€ milion
Cash and Central Banks
Trading portfolio
Available-for-sale financial assets
Loans
Deposits at credit institutions
Customer loans
Debt securities
Investment portfolio at maturity
Non-current assets held for sale
Investments
Property and equipment
Intangible assets
Other assets
Total assets
31.12.11
31.12.12
Annual
change
2.712
4.184
35.097
188.601
5.127
181.940
1.534
7.784
1.779
8.882
3.303
1.176
16.907
7.854
15.925
51.274
224.985
7.837
213.436
3.712
8.940
5.274
9.938
4.549
2.877
16.678
5.142
11.741
16.177
36.384
2.710
31.496
2.178
1.156
3.495
1.056
1.246
1.701
(229)
270.425
348.294
77.869
Trading portfolio
Financial liabilities at amortized cost
Deposits by credit institutions
Customer deposits
Marketable debt securities
Subordinated debt
Other financial liabilities
Insurance liabilities
Provisions
Other liabilities
Equity
Shareholders' equity
Attributable profit to the Group
Equity adjustments by valuation
Total liabilities and equity
31.12.12
Annual
change
249.710
325.583
75.873
4.117
205.164
23.570
128.989
43.901
5.382
3.322
21.745
2.807
15.877
15.928
268.446
51.311
160.833
46.624
5.940
3.738
26.511
3.429
11.269
11.811
63.282
27.741
31.844
2.723
558
416
4.766
622
(4.608)
20.715
22.711
1.996
20.751
22.793
2.042
1.053
230
(823)
(36)
(82)
(46)
270.425
348.294
77.869
61
P&L
€ million
Financial income
January - December
2012
2011
9.178
7.734
Change
%
18,7
Financial expenses
(5.306)
(4.564)
16,2
Net interest income
3.872
3.170
22,2
Dividends
228
377
(39,6)
Income accounted for using the equity method
581
282
106,3
1.701
1.562
8,9
455
343
32,4
(100)
777
(112,8)
6.737
6.511
3,5
Total operating expenses
(3.566)
(3.342)
6,7
Pre-impairment income
3.171
3.169
0,1
(3.942)
(2.557)
54,2
709
(62)
291
229
547
1.159
(106)
1.053
29,7
(105,4)
0,0
(78,3)
1.053
(78,2)
Net fees
Trading income
Other operating income and expenses
Gross income
Impairment losses
Gains/(losses) on disposal of assets and others
Pre-tax income
Income tax
Profit for the period
Minority interest
Profit attributable to the Group
(1)
230
62
Appendices




Ratings
63
International banking investments: Erste Bank
Main Agreements (Jun’09)
Resilient operating performance, declining risk costs
Sep’12
% Change
Gross Loans
133,507
(1%)
Deposits
122,249
1%
Total Assets
216,990
0,4%
Net Interest Income
3,969
(4%)
Operating profit
2,619
(1%)
597
na
€M
Net profit
 Preferred Partner Agreement: CaixaBank may increase
its stake in Erste Group up to 20% with prior consent of
Erste Foundation (main shareholder)
 Strategic collaboration agreement:
o CaixaBank: preferred co-investor partner
o Cooperation between Erste and ”la Caixa” in the
development of banking services and products
Share price performance1
Cost to income ratio
51.9%
300
NPL ratio
9.2%
250
Coverage ratio
63.1%
200
Loan to Deposit
109%
150
Core Tier I
10.4%
100
Employees
49,380
50
Branches
3,060
Erste Bank
+51%
+23%
MSCI World Banks
0
Jan-09
Jan-11
Jan-13
(1) Share price evolution from 1st Jan’09 to 30th January’13
MSCI World Banks Industry Grou
ERSTE GROUP BANK AG
64
International banking investments: The Bank of East Asia
BEA Sets New Record for the First Half of 2012
Jun’12
% Change
371.251
3%
Deposits
491.855
3%
Total Assets
641.487
5%
Net Interest Income
4,621
5%
Net operating Income
3,277
16%
Net Profit
2.988
11%
Cost to income ratio
56%
NPL’s
0.4%
Coverage ratio
75%
HKD M
Gross
Loans (1)
Loan to Deposit
67%
Core Capital
9.7%
Employees
Branches
12,346
226
Main Agreements (Jun’09)
 Strategic investment agreement: CaixaBank may
increase its stake in BEA up to 20% with prior
agreement of BEA
 Strategic collaboration agreement:
o BEA: exclusive platform for potential financial
investments in the Asia Pacific region
o Cooperation between BEA and ”la Caixa” in the
development of banking services and products
 Established a joint-venture for auto-loan business in
China (Aug’12)
300
BEA
250
+117%
200
150
+23%
100
50
MSCI World Banks
0
Jan-09
(1)
Loans and trade bills
Jan-11
Jan-13
65
International banking investments: Grupo Financiero Inbursa
Main Agreements (Oct’08)
Impressive solvency and solid business
 Shareholders’ agreement:
o Exclusivity of CaixaBank as a partner of GFI
o Minimum stake in GFI: 20% for CaixaBank and 31%
for the Slim Family (51% combined)
Retail Banking Business Plan in Mexico:
 Reaching 500 “light” commercial branches by 2015
 Clear customer orientation: product development to
boost retention and cross-selling
Sep’12
% change
Gross Loans
172,041
8%
Total Customer Funds
379,944
3%
Total Assets
322,448
5%
Net Interest Income
8,984
2%
Net Operating Income
12,075
111%
Net profit
5,382
83%
NPL's
4.0%
Coverage ratio
366%
280
Loan to Deposit
TIER 1
125%
240
19.3%
200
Employees
6,719
160
283
120
MXN M
Branches
80
GFI
+123%
+23%
MSCI World Banks
40
Jan-09
Jan-11
MSCI World Banks Industry Grou
Jan-13
GRUPO FINANCIERO INBURSA-O
66
International banking investments: Grupo Financiero Inbursa
Inbursa: successful implementation of our Partnership Model
An increasingly successful alliance
Strategic Alliance since Oct’08
 20% stake: 10% new shares, 10% old shares.
 2 board members + 1 executive member.
Retail Business Plan
 Focus on “Final Retail Customer”: maximize cross-selling and customer retention, with
support of “la Caixa”’s know-how .
 Development of a branch network, devoted to commercial activity and managed as business
units.
The Plan has been successfully
implemented despite the crisis






Collaboration extended to Corporate
Banking
 Client referral: joint corporate lending granted to companies (€635 M).
 Preferred Correspondent Bank: joint campaigns in foreign trade products.
Excellent relations further reinforced
 Inbursa Foundation: endowment and joint projects in Mexico.
Potencial for inorganic growth
 Inbursa shall become platform for new equity investments in Latin America.
Branch Network growth: 283 branches in September 2012 (3x since 2008).
Appointment of a new Commercial Director who coordinates Product and Regional Directors.
Creation of a Quality & Service Department to guarantee proper levels of service.
Implementation of Management Control and Commercial Agenda tools.
9 workshops in Spain with all of Inbursa’s Commercial Managers.
Knowledge transfer in key Retail Banking areas: branch network management, sales-force
effectiveness, product design, data mining, electronic channels and IT management.
 Joint innovation in electronic banking, ATMs, point-of-sale.
67
Appendices




Ratings
68
Corporate Governance
“la Caixa” and CaixaBank - Corporate Governance
 The representation of each stakeholder within the General Assembly is mapped onto all “la Caixa”’s
governing bodies in similar percentages.
 “la Caixa”’s Board of Directors (BoD) proposes among its members and the CEO the appointment of members
for CaixaBank’s BoD. To do so, all the groups represented in its Board of Directors are taken into account, so
that all of them have presence in CaixaBank’s BoD.
 Minority investors are also represented on CaixaBank’s BoD through the presence of independent Directors
CaixaBank’s Board of Directors
“la Caixa”’s Board of Directors
Employees
14%
Local authorities
19%
Founding and Community Interest Entities
29%
Cajas2
2
Deposit Holders
38%
Executive
director3
1
Independent
directors
5
Proprietary
directors
11
“la
Caixa”1
9
Other external
directors
2
(1) The total amount of “la Caixa”’s representatives is 10 directors (9 Proprietary and 1 Executive)
(2) Caja de Ahorros y Monte de Piedad de Navarra, Monte de Piedad y Caja de Ahorros de San Fernando de Guadalajara, Huelva, Jerez y Sevilla, Caja General de
Ahorros de Canarias y Caja de Ahorros Municipal de Burgos
(3) The Executive Director is also considered “la Caixa”’s representative
69
Corporate Governance
CaixaBank – Board of Directors and Committees
Board of Directors
The Internal Relations Protocol between “la Caixa”
and CaixaBank has as main objective:
Members: 19
• Executive: 1
• Proprietary: 11
 To develop the basic principles that should
govern relations between “la Caixa”and
CaixaBank, in that the latter is the instrument
through which the former indirectly carries on
its financial activities
(“la Caixa”: 9 + Cajas1 :2)
• Independents: 5
• Other externals: 2
 To delimit CaixaBank’s main fields of activities
Audit and control
committee
Members: 3
• “la Caixa”
• Independents: 2
Executive
committee
Members: 7
• Executive: 1
• “la Caixa” : 4
• Independents: 2
Appointments and
remuneration
committee
Members: 3
• “la Caixa” : 1
• Independents: 2
 To define the general parameters that are to
govern any business or services intragroup
(between CaixaBank Group companies and “la
Caixa” Group companies). In particular, the real
estate services: Servihabitat (CAPB Group) offers
Building Center (CaixaBank Group) services of
commercialization, advice, management and
administration of real estate assets.
 To govern the proper flow of information
between “la Caixa”and CaixaBank
(1) Caja de Ahorros y Monte de Piedad de Navarra, Monte de Piedad y Caja de Ahorros de San Fernando de Guadalajara, Huelva, Jerez y Sevilla, Caja General de Ahorros
de Canarias y Caja de Ahorros Municipal de Burgos.
70
Institutional Investors & Analysts Contact
We are at your entire disposal for any questions or suggestions you may wish to make. To
contact us, please call or write to us at the following email address and telephone number:
[email protected]
+34 93 411 75 03
Av. Diagonal, 621
08028 Barcelona
www.CaixaBank.com

the leading force in Spanish retail banking - CaixaBank

Transcription

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