StPietroburgo_PR8_Pa.. - Globalserve International Network

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International
Business
Banking
Panicos Koursaris, Manager International Business Centre
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Cyprus
 EU member since May 2004 &
Euro zone member since January 2008
 Proven versatility in crisis
 Milder effects from the economic crisis
 Inflation within control
 Stable, conservative Central Banking
System and effective regulatory framework
 The financial sector withstood the global crisis and no public
recapitalization or government support was necessary
 Cyprus is in the OECD white list
 http://www.centralbank.gov.cy/
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Cyprus ratings
On 24 June 2010 Fitch affirmed Cyprus ratings
The most recent 10-year CY bond which
was Issued in February 2010 is now
trading at 117 bps spread.
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Extracts from Deutsche Bank report on the Banking Industry in
Greece and Cyprus (21/01/09)
“Cyprus
From a macroeconomic perspective, we agree with most economists
that Cyprus is, relative to other world economies and Greece in
particular, in a healthier position to sail through the current
storm. Our view is supported by the island`s positive budget
balance and relatively low public indebtedness.
It is important to point out that, as opposed to Greece, the Cyprus
Government has the economic resources to boost the real
economy if needed.”
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CBC Governor comments
“That said, I should point out that the budget deficit estimate for
2009 puts Cyprus in the middle of the range for the euro area as a
whole. The situation is clearly not as dire as in some other euro
area countries. To some degree this is because the recession we
experienced in 2009 was not as deep as in other regions of the euro
area.
A comparison with the Greek economy is not warranted. Our
budget finances are in better shape and our debt to GDP ratio is
considerably smaller.”
Athanasios Orphanides,
Governor of the Central Bank of Cyprus,
Interview with Bloomberg, 11 February 2010
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Cyprus going strong in 2010
 Total deposits ιn Cyprus increased by €8,8 billion during the first 6
months of 2010 (15,0% to €66,9 billion) - reflecting the "safeheaven" qualities of the market.
 Property sales rising
 Qatar agreement: a $500M joint project in hospitality/property
sectors confirming Cyprus economic potential
"Our decision to proceed with such a large investment in Cyprus is due to the fact that the
Cypriot economy has not been affected to a great extent by the (world) financial crisis. The
Cypriot economy has opportunities for growth."
Qatar's Emir, Sheikh Hamad bin Khalifa al-Thani
Nicosia 21.4.2010
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Update on Cyprus Banking System
“Despite negative developments in the real economy, our banking
system remains in very good condition. Our banks are healthy,
robust and have a strong capital base with a capital adequacy
ratio of 11.9% at December 21, 2009, well above the minimum
requirement of 8%.
The ratio of non-performing loans, which was declining steadily over
time, may have increased in 2009 but is still within acceptable levels.
Please note that satisfactory provision for bad debts has been set
aside for these loans. Regarding the profitability of banks, this has
been satisfactory in 2009. During the year under review, which was a
difficult year, banks have remained profitable, but with a smaller
profit than that of 2008”
Athanasios Orphanides,
Governor of Central Bank of Cyprus,
Press Conference, Nicosia 3 May 2010
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The Group
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Group Profile – 109 Years Old
 Marfin Laiki Bank (MLB) is strategically positioned as an
emerging regional player with two home markets, Greece &
Cyprus, and operations spanning in 11 countries in Emerging
Europe, UK, Australia, Malta, Russia & Ukraine
 Regional bank with focus on corporate banking, wealth
management and international business banking
 Ten years of robust growth both organically and through a
series of mergers & acquisitions and strategic alliances
 Successful management track record and entrepreneurial
culture
 Head-Office in Cyprus
 507 branches, over 9.500 staff
 http://www.marfinlaiki.com.cy/
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507 branches Internationally
ESTONIA
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RUSSIA
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4
UNITED
KINGDOM
UKRAINE
GUERNSEY
63
1
ROMANIA
27
SERBIA
28
GREECE
AUSTRALIA
10
185
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MALTA
115
CYPRUS
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Financial Information
Key balance sheet items (€m)
FY08
FY09
1Q10
Loans to customers (net)
23.427
25.082
26.041
Total assets
38.367
41.828
42.311
Customer deposits
24.828
23.886
24.791
Total equity
3.430
3.636
3.674
Tangible equity
2.165
2.358
2.388
FY08
FY09
1Q10
8,6%
9,7%
10,1%
Capital adequacy ratio
10,6%
11,8%
12,1%
Cost/income
54,5%
58,1%
56,8%
2,4%
1,72%
1,81%
94,4%
104,0%
105,0%
4,3%
6,1%
6,33%
61 bps
105 bps
108 bps
Key ratios
Tier 1
NIM
Loans/Deposits
NPLs
Provisioning
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Comments on 2009 Results
UBS
Marfin delivered better than expected earnings of €30m: Marfin’s fourth
quarter earnings beat our estimates by 32%, coming in at €30m versus
our expectation for €23m. The beat came from lower impairments, while
fees also surprised positively. Earnings for the full year amounted to
€174m, down 56% y/y (€187m, down 44% adj). Overall a good set of
results, with positive trends in asset quality and equity levels, though
deposits were down q/q.
Unexpectedly good results
Cheuvreux
Q4 bottom line significantly beats our estimates
Surprise came from stronger NII (particularly in Greek operations)
improving fee generation and higher trading. The solid top line
performance more than offset the higher than expected costs in Q4.
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Deutsche Bank ranks MLB as the least exposed in CEE
amongst peers
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Credit Ratings
Credit Ratings
Capital Raising 7.7.2010
“…Marfin Popular Bank Public Co Ltd (“Bank”)
announces that it has successfully completed
on June 25, 2010, the issue of the second
Tranche of Capital Securities 2010 through a
public offer, …
Baa2
BBB+
Overall, through the two Tranches the
amount of €295.524.000 was raised by the
issue of 295.524 Capital Securities of
nominal value €1.000 each. The Capital
Securities will be included to the Hybrid Tier I
Capital of the Bank, following the already
obtained relevant approval by the Central
Bank of Cyprus, further enhancing the strong
capital base of the Marfin Popular Bank
Group.
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2010 EU Wide Stress Test Exercise
□ The exercise was conducted using the scenarios,
methodology and key assumptions provided by CEBS
□ As a result of the assumed shock under the adverse
scenario, the estimated consolidated Tier 1 capital ratio
would change to 8,5% in 2011 compared to 9,4% as of end
of 2009.
□ An additional sovereign risk scenario would have a further
impact of 1,4 percentage point on the estimated Tier 1
capital ratio, bringing it to 7,1% at the end of 2011,
compared with the CRD regulatory minimum of 4%.
□ Additional buffer of €302 mln exists!
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Strong Shareholders-Allies
 MLB shares are listed on the Athens and the Cyprus Stock Exchanges
 Biggest shareholder is Dubai Investment Fund with 18,81%
 No exposure to Dubai fund or Dubai economy – confirmed by press release
and Rating Agencies comments
 Other key shareholders proposed purchase of stake
http://www.dubaigroup.com/
 2nd biggest is Marfin Investment Group (MIG) with 9,55%
Listed in Athens Stock Exchange
€5,19bn capital raising through private placement completed in July
2007
Most recent investment: Olympic Airlines
April 2010 sold Vivartia for €730 m and is accumulating cash for new
investment opportunities
http://www.marfininvestmentgroup.com/
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Marfin Laiki Bank Achievements
“Best Investment
Services Provided,
Cyprus 2008”
Awarded by “World
Finance of Reuters” –
(first time awarded to
a Cypriot Bank)
“Innovation
Award- Cyprus”
Awarded by
“Money Markets 2008
International Custody
Awards”
“Special 10 Year
Recognition
Award for the
period 20002009”
For the quality of US
payments Awarded by
“JP Morgan” –
(first time awarded to
a Cypriot Bank)
“Best Bank
in Cyprus in
2009”
Awarded by
“World
Finance”
“Best Internet
Bank, Consumer
Bank in Cyprus,
2009” and
“Best Sub
Custodian Bank
in Cyprus, 2009”
Awarded by
“Global Finance”
Top 1000 World Banks
2009
2010
Rank 240
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FT Banker magazine
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International Business Banking
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Laiki Bank is a Pioneer
in International Business Banking
 In International Banking since 1985
 Fastest growing unit In Cyprus in the last 2 years
 6 International Business Centres
 Experienced staff with specialized language skills
 Extended working hours
 Confidentiality throughout the banking relationship
 In-house Lending Team for local needs
 In-house International Corporate Banking Team
 Full adoption of the Integrity Selling Approach and Values
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Our Service Promise
 Strategic value creation via quality of service
 We are now the benchmark for service level
 Assigned Business Development Officer in charge of our
relationship with the customer
 Specified Team handling of customer needs
(documentation/account opening, payment transactions, deposits)
 Annual focus team research confirms our strengths in service
 Partners, not sellers: All of our management and staff has to
attend training on the Integrity Selling Approach
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Products and Services
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Term Deposits
Term Deposits in many currencies
7d, 1m, 3m, 6m, 1yr maturities
Special products exceeding 2 years
Viewable on e-bank
Competitive interest rates
Major currencies may be given overnight rate for
large deposits
 Treasury - Structured Deposit Products – Dual
Currency product = high return
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Transfers
 Current Accounts in 21 currencies
 Secure payment instruction processing via Swift and other
internationally known networks (eg SEPA) – Inward and Outward
 Competitive and negotiable pricing for corporate customers
 Extended working hours 07:30-18:00 hrs
 Payroll execution
 Free SMS bank alerts on balances, transactions and card use
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Transfers cont…
 Electronic file transfer availability
 Instructions provided in original form or through ebanking or through fax (Token codes used)
 Autoemail: copy of the swift sent to an e-mail
address upon execution, at no cost
 Autoemail for Debit Advice & inward payment
 Auto fax facility for faxing copy of swift upon
execution
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A Bank at your fingertips
 Full Electronic Bank - 24hrs X 7days
 Secure environment
 Award winning platform
 Personal and Business Customers
 Telebank at +357 22 887766 (until 21:30 hrs)
 Available in English/Russian
 STP – Real time Straight Through Processing for qualified customers
at preferential rates
 ”Drill Down” function for copies of advices
 http://www.laikiebank.com/
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Cards
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Debit and Credit Cards
Visa, Mastercard, Amex
Personal and Corporate
International payroll card
Prepaid cards – fully secure over the internet
No cash blocking for debit cards
Special schemes with cash refunds/discounts at
selected merchants
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International Corporate Credit Facilities
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Project Finance
Working Capital and Asset Financing
Trade facilities for imports and exports
Letters of Guarantee
Competitive pricing
Loans in all major currencies
Supporting security (property) can be mortgaged in
Russia, Ukraine, UK, Greece, Serbia, Romania and
Bulgaria
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Escrow Services
 “Escrow Agent” services
 Internal Legal officers to handle Escrow
Agreements at Unit Level
 A number of sample agreements exist, but can
work with any tailor-made agreement
 Operation of escrow account
 Competitive pricing
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Private Banking
 Aiming at HNWIs of all investment profiles
 Expert in International customers
 Strategic alliances with top ranking investment firms
for more solutions
 Expertise in in-house development of innovative
structured products
 Custody services
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Global eBrokerage
 Based on an award winning technology, our Group offers you secure online
direct trading access to all major exchanges around the world.
Trade Equity Shares and ETFs (Exchange Traded Futures)
Exploit the unlimited potential of CFDs (with built-in leverage and short selling)
Benefit from volatile markets through Futures Trading
Keep control of your investments with advanced order types (including normal,
trailing and limit stops)
Keep constantly updated with online Streaming News and Economic Calendar
Get real time chats with superior technical analysis
 Offered in many languages including Russian, Arabic, Japanese, Slovak,
Slovenian, Hebrew, French, Italian etc.
More Info? Email: investments@marfinbank.com
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Risk Management
 Working closely with our Treasury Department, we offer to our clients tailor
made solutions to assist them hedge against the currency and interest rate risk
they face in today’s volatile global environment.
 Main products are:
 FX Hedging (Forward, Flexible Forward, Forward Extra, Options)
 IR Hedging (Swaps, Options, Collars)
 Commodity Hedging (Swaps, Asian Strips, Caps, Floors, Collars).
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Investment Banking
 Our clients trust Marfin as their source for Mergers and Aquisitions
advice, Capital raising and Restructuring solutions. Being a team with
our Investment Banking platform, we work with the CEOs and the
strategists of our clients to design and develop long term financial
strategies:
 Financial Advisory (Mergers and Acquisitions)
 Capital Markets
 Restructuring
 http://www.ibg.gr
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Laiki Cyprialife
 Provides customers with a comprehensive portfolio of products to
accommodate their Life, Accident and Health Insurance needs.
Insurance Plans for Individuals to cover the risk of Death and Disability
Insurance Saving Plans (unit-linked) for individuals
Retirement Plans
Single Premium Plans
Health & Accident Insurance Plans for Individuals
Bankassurance Plans
Group Insurance Plans for Businesses/Organisations for Life, Health and
Accident
 BUPA International Medical Plans
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 Achievement of the International Accreditation ISO 9001: 2000 by the British
Standards Institute
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Laiki Insurance
 Laiki Insurance is the market leader in the Cyprus
General Insurance industry providing :
• Professional service
• Flexible products & pricing
• Prompt claims settlement
 Laiki Insurance provides the whole spectrum of general
insurance products that provide comprehensive
solutions to all the insurance needs for both individual
and corporate customers.
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CNP Assurances
 50,1% participation in both Laiki Insurance and
Laiki Cyprialife
 CNP has been the leading personal insurance
company in France since 1991
 150 years' experience in the business
 22 million policyholders
 Presence in 7 countries
 Three main segments of the personal insurance
market - savings, pensions and personal risk
 Floated on the Paris Bourse
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Account opening requirements
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Corporate Documents
For Cyprus companies:
Memorandum and Articles of Association
Certificate of Incorporation
Certificate of Shareholders
Certificate of Directors and Secretary
Certificate of Registered Address
Other than Cyprus, depending on the jurisdiction
Certified Copy of the Trust Deed of Appointment of Nominee
Shareholders/Declaration of Trust (if applicable)
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KYC Requirements
All relevant parties to the banking relationship must be identified.
Proof of identity must be provided (passport or Identity Card for
UBO’S, Directors, Signatories).
Proof of residential address must be provided for individuals.
Physical/related business address must be provided for legal
entities.
Risk based approach: additional info may be required (bank
reference, audited financial statements, etc).
Nature and size of business must be established.
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Contact Us
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Contact Us
 International Business Banking
Tel: +357 22 363923, Fax: +357 22 363900
e-mail: intlbusinessbanking@marfinbank.com
Mailing Address: PO Box 22032, CY-1598 Nicosia, Cyprus
 Nicosia International Business Centre 1 (178)
Tel: +357 22 363737, Fax: +357 22 363750
e-mail: ibcnicosia178@marfinbank.com
 Nicosia International Business Centre 2 (168)
Tel: +357 22 363737, Fax: +357 22 363700
e-mail: ibcnicosia168@marfinbank.com
 Limassol International Business Centre 1 (179)
Tel: +357 25 815959, Fax: +357 25 815972
e-mail: ibclimassol@marfinbank.com
 Limassol International Business Centre 2 (158)
Tel: +357 25 815959, Fax: +357 25 815637
e-mail: ibclimassol2@marfinbank.com
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Contact Us cont…
 Larnaca International Business Centre
Tel: +357 24 814291, Fax: +357 24 814290
e-mail: ibclarnaca@marfinbank.com
 Paphos International Business Centre
Tel: +357 26 816522, Fax: +357 26 911334
e-mail: ibcpaphos@marfinbank.com
 International Lending
Tel: +357 22 363718, Fax: +357 22 312878
e-mail: MPBIntCorp@marfinbank.com
 International Corporate Banking Unit
Tel: +357 22 363903, Fax: +357 22 363900
e-mail: MPBIntCorp@marfinbank.com
 Moscow Representative Office
Tel: +74959670185, Fax: +74959670186,
e-mail:moscowrep@marfinbank.com
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DISCLAIMER
Recipients of this presentation in jurisdictions outside the UK or the US should inform themselves about and observe any applicable legal requirements. This
presentation is only being made available to interested parties on the basis that: (A) if they are UK persons, they are (i) persons who are "Investment Professionals", as
described in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order"), (ii) persons falling within any
of the categories of persons described in Article 49 of the Financial Promotion Order, (iii) persons to whom this Memorandum may otherwise lawfully be made available;
(B) if they are United States persons, they are ‘accredited investors’ as defined under Rule 501(a) promulgated under the United States Securities Act of 1933, as
amended; or (C) are outside the United Kingdom and the United States and eligible under local law to receive this Memorandum (all such persons collectively being
referred to as “Relevant Persons”). By accepting this document you represent and warrant that you are such a person. This document must not be acted on or relied on
and should be returned to Marfin Popular Bank by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is
available only to Relevant Persons and will be engaged in only with Relevant Persons. Each person that receives a copy, by acceptance thereof, represents and agrees
that he/she will not distribute or otherwise make available this document to any other person.
This presentation contains forward-looking statements, which include comments, statements and opinions with respect to our objectives and strategies and the results
of
our
operations
and
our
business,
considering
environment
and
risk
conditions.
However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. We caution that
these statements represent the Group’s judgments and future expectations and that we have based these forward-looking statements on our current expectations and
projections about future events. The risk exists that these statements may differ materially from actual future results or events and may not be fulfilled. We caution
readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future Group results to differ materially
from these targets.
Forward-looking statements may be influenced in particular by factors such as movements in local and international securities markets, fluctuations in interest rates and
exchange rates, the effects of competition in the areas in which we operate, general market, macroeconomic, governmental and regulatory trends and changes in
economic, regulatory and technological conditions. We caution that the foregoing list is not exhaustive.
When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events.
Any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. All forward - looking
statements are based on information available to Marfin Popular Bank Public Co Ltd. on the date of this presentation and Marfin Popular Bank Public Co Ltd. assumes no
obligation to update such statements, unless otherwise required by applicable law.
Nothing on this presentation should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other
transaction. Neither this presentation nor a copy of it may be taken or transmitted into Australia, Canada or Japan, or distributed, directly or indirectly, in Australia,
Canada or Japan. Any failure to comply with this restriction may constitute a violation of Australian, Canadian or Japanese securities law. The distribution of this
presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe,
any such restrictions.
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