Management Meeting

PKB Banca Privada (Panama) SA
PKB Group: Introduction
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PKB Privatbank AG (“PKB” or the “Group”) is a Swiss banking institution with an
international outlook, founded in 1958 and specialised in Private Banking
Based in Lugano, with branches in Zurich, Geneva, Lausanne and Bellinzona, and
subsidiaries in Panama City and Montevideo, the Group employs professionals of
multiple national and linguistic backgrounds
PKB mainly focuses on Private Banking and offers a wide array of solutions to its
clients. Its range of services is completed by Corporate Banking and Capital Market
activities, a field in which it is one of the leading independent market makers on the
domestic Swiss Franc Bond Market
PKB has signed the “Swiss Banks’ and Securities Dealers’ Depositor Protection
Agreement” and therefore customers’ funds are guaranteed according to Swiss law
© PKB PrivatBank
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PKB Group: History
PKB was founded in Zurich in 1958 under the name Privat Kredit Bank. Its growth was marked
by the following milestones, leading to the establishment of PKB Banca Privada (Panama) SA
in 2012:
1969
1984
1990
1995
1998
2000
2001
2004
2009
2010
2012
2013
2014
2015
Lugano branch opening
Geneva branch opening
Acquisition of Banque Worms & Cie (Suisse) SA, Geneva
Incorporation of Privat Kredit Bank Ltd., St. John’s, Antigua (West Indies)
Change of name to the current PKB Privatbank AG
Transfer of registered office to Lugano
Acquisition of 30% of Cassa Lombarda Spa, Milano
Acquisition of Banca Monte Paschi (Suisse) SA
Bellinzona branch opening
Acquisition of Banca Gesfid Lugano
Purchase of equity participation in Queluz Gestao de Ativos Ltda, São Paulo
Opening of PKB Banca Privada (Panama) SA
Acquisition of CMB Banque Privée (Suisse) SA, Lugano (Switzerland)
Purchase of LLB (Suisse) SA Lugano Branch
Purchase of Alasia Investments SA, Lausanne
Branch opening in Lausanne
Opening of PKB Servizi Fiduciari, Milano
Sale of PKB Privatbank LTD, Antigua to Ansbacher (Bahamas)
© PKB PrivatBank
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PKB: A Commitment to Latin America
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PKB is a Swiss bank with a Latin flair. Over the years, it has built a
strong foothold in the Latin American Private Banking market
PKB pursued the strategy to diversify its traditional clients base
which is predominantly European. The Group hired dedicated and
specialized Swiss professionals for Latin America
In 2012, PKB established PKB Banca Privada (Panama) SA (“PKB
Banca Privada” or the “Bank”), being the only Swiss bank to attain a
full banking and a brokerage license in Panama at the time
As a result PKB is in the position to offer to its clients the full range of
international banking services both in the Panamanian as well as
Swiss jurisdiction
The Group’s commitment to Latin America is also evidenced by the
establishment of a subsidiary in Montevideo (Planetarium PKB
Consultoria SA)
© PKB PrivatBank
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PKB Group presence
Panama: Key Country Traits
Political
Situation
Economic
and Social
Overview
Regulatory
Aspects
© PKB PrivatBank
• Traditional parties have governed the country in the last 25 years and no radical
parties / political movements exist
• Recent governments have adopted a strong pro-business stance and have approved
heavy investments in development and infrastructure projects around the country
• The Panama Canal provides steady and growing revenues to the country. An
expansion project of the Canal is underway and will end by 2015/16
• Panama has shown a rapid economic growth over the last decade and is evolving
into a major financial hub for the region
• The currency has been the US$ for over 100 years, providing economic stability
• Several multinationals are setting up regional headquarters in Panama as a result of
the attractive regulations, advanced infrastructure and political stability
• Panama has achieved investment grade ratings, with a BBB from both Standard &
Poor’s and Fitch and a Baa3 from Moody’s
• Enforcement, scope and sanctions in defending the privacy in Panama are similar to
the ones in Switzerland
• The existence of a competitive tax regime has led to an economic cluster (finance &
industry) set to grow further in coming years
• Panama’s regulatory framework is very sophisticated by international standards
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PKB Banca Privada: Offering from Panama
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In 2012, PKB Banca Privada obtained a banking and a
broker-dealer license from the local regulator and now
offers all available banking services and securities to its
clients
PKB Banca Privada is a fully owned subsidiary of PKB
Privatbank AG and benefits from the sizeable capital
base of the parent company
The Bank’s clients are served in Panama by specialists in
financial advisory, asset management, loans and
financial planning with a cultural and linguistic affinity
Our Swiss Relationship Managers offer the know-how,
professionalism and service approach which has made
Swiss private banking famous around the world
PKB Banca Privada offers multi-currency accounts to its
clients
The Bank’s local operations are guaranteed by state-ofthe art IT systems, processes and security measures
© PKB PrivatBank
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Your Service Team in Panama
Francesco Catanzaro, Swiss
29 years in Banking
Jair Poncini, Swiss
28 years in Banking
Michael Zollinger, Swiss
23 years in Banking
Efren Balcazar, Swiss
16 years in Banking
Benjamin Bracher, Swiss
14 years in Banking
Luca Tonella, Swiss
6 years in Banking
© PKB PrivatBank
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PKB Group: Culture & Commitment
The culture of Swiss Private Banking
The culture of personalized service
Swiss
PKB
banking secrecy, as provided
by the Federal Banking Law,
guarantees to clients the protection
of their private sphere and obliges
the bank and its employees to the
utmost confidentiality
At
PKB, discretion, confidentiality
and the respect of the private
sphere are more than a legal
requirement: they are an attitude, a
code of conduct, applied on a daily
basis and governing every single
action. They are an important
component of the Group culture
The culture of reliability
offers a range of services comparable to that of large banks, but with a
personalized approach. PKB is committed to satisfying all financial
requirements of its customers, and in particular strives to provide advice
that is always in line with the client’s personal objectives
At
PKB, all clients, regardless of the extent of their assets, have a direct
access to a senior private banker. There are no pre-packaged products, but
only customized solutions resulting from listening and understanding each
individual client’s needs
Moreover,
PKB’s streamlined organization allows a large degree of
operational flexibility and responsiveness. PKB ensures a rapid delivery of
its services, whether these entail purchasing a financial product, delivering
information on financial markets, investment advice or granting a credit
line / mortgage loan
Satisfying
client expectations is central to PKB’s attention. When contacting the bank, clients are sure to be able to
count on a rapid and high quality response to all their requirements
Thanks to its team of qualified bankers, supported by a responsive and efficient organization, PKB ensures, in every
circumstance, the highest level of service reliability
© PKB PrivatBank
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Principles behind PKB’s Open Architecture
By opting for an open architecture, PKB intends to offer the most appropriate investment products and services to its
clients, independently from the issuer’s origin or the product’s manager
The following principles lie behind PKB’s open architecture:
Quality
Independence
Transparency
Diversification
Specification
Differentiation
Responsibility
© PKB PrivatBank
• The fund selection process follows the “best of breed” principle, i.e. PKB selects the most appropriate
funds for the client in the marketplace
• Research activities as well as wealth management are performed in the best interest of the client and
not with the objective to increase the bank’s income
• The pricing system is unambiguous and transparent; the research process, the fund selection and the
asset management decisions are structured, documented and available at the client’s disposal
• The client as well as the client advisors have access to a comprehensive selection of diverse typologies
of funds and different alternatives in the same asset class
• PKB researches, selects, recommends and manages only types of investments in which it owns an indepth knowledge and on which it can provide a state-of-the-art service for the client
• PKB has a strong conviction that an active asset management strategy and a fund-picking activity
create sustained value and match the investment needs of the clients
• Clear definition of the objectives and of the roles of the different stakeholders involved
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Offering for Independent Asset Managers
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PKB has a team dedicated exclusively to assist Independent Asset Managers (IAM) both in Switzerland
and in Panama
Independent managers can benefit from PKB’s experience in asset management, the Group’s market
networks and the opportunity to compare PKB’s market perspective with their own
Independent Asset Managers also enjoy privileged access to a full range of products selected by
internal and external specialists, together with dedicated administrative and operational support
In addition, PKB’s Remote Access allows IAMs to consult their clients’ portfolios at any time from any
location in the world in the most secure way
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PKB’s services for IAMs include:
• Direct contact with the specialist team
• Direct access to our traders
• Latin American service hours
• Total transparency and team spirit
• Regular inputs and research
• Flexibility and rapid response times
© PKB PrivatBank
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Gabriele Basilico – PKB Private Collection
Art Services and Private Collection
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Works of art have always aroused interest and passion amongst connaisseurs and have become forms of
investment that are increasingly present in both private and institutional estates
Over the years PKB has become strongly committed to the world of art, being firmly convinced of the
value of this investment class. The Bank has therefore dedicated part of its own resources to acquire
ancient, modern and contemporary works of art, creating a private collection that continues to grow
through selected investments
On one hand the Group focuses on acquiring paintings of the fifteenth century Lombard school,
embodied by painters such as Bernardo Zenale, Vincenzo Foppa, Bernardino Luini, Andrea Solario
and Giovanni Gerolamo Savoldo. On the other hand, PKB’s collection includes works of contemporary
international artists including Anselm Kiefer, Julian Schnabel, Yvan Theimer, William Kentridge,
Peter Doig, Laura Owens, Nalini Malani and the younger artists Vik Muniz, Tom McGrath, Ivan
Bazak and Chantal Joffe
To complete the range of services offered, PKB is able to provide its clients with access to its valuable
contacts established in the art world, assisting them in:
• Identifying the most suitable experts for appraisals and valuations of ancient and modern
paintings and sculptures
• Completing purchases or sales in public auctions, guaranteeing absolute confidentiality
• Selecting intermediaries for the purchase or sale of paintings and sculptures on the
international market
© PKB PrivatBank
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PKB Group’s Solidity – Tier 1 Ratio Comparison*
Tier 1 ratio (31.12.2015)
in %
30
25.7
25
20
22.1
21.9
18.97
18.3
17.9
16.4
14.5
15
11.7
10
5
0
*Source: Annual reports 2015
© PKB PrivatBank
14.3
12
11.6
11.4
The Growth Story of the COFI Group
Assets under Management in USD billions
18
16
14
12
10
15.9
8
16.9
13.9
13.9
6
12.0
11.8
10.2
4
2
0
2009
© PKB PrivatBank
2010
2011
2012
13
2013
2014
2015
Appendix
Piero Guccione – PKB Private Collection
© PKB PrivatBank
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PKB Shareholder Structure (COFI Financial Arm)
100%
COFI SA
Luxembourg
70%
PKB Privatbank
SA
26.6%
33.9%
© PKB PrivatBank
PKB Servizi
Fiduciari SpA
Anthilia Capital
Part. SGR SPA
PKB Banca Privada
(Panama) SA
Panama (100%)
EIH SA
(25%)
PKB Alasia SA
(100%)
Planetarium PKB
Consultoria
Montevideo (100%)
15
63.1%
30%
9.15%
Cassa Lombarda Spa
Lombarda & ASS.
(35%)
PKB: Board of Directors and Management
Board of Directors
Executive Board
Henry Peter 1) - Chairman
Umberto Trabaldo Togna
Chief Executive Officer
Head of Private Banking & Asset Management (a.i.)
Massimo Trabaldo Togna 1) - Vice-Chairman
Edio Delcò 1)
Luca Soncini
Chief Finance and Risk Officer
Dieter Hauser 2)
Ettore Bonsignore
Giovanni Leonardi 2)
Deputy Head of Private Banking
Pierre Poncet
Matteo Saladino
Chief Operating Officer
Jean-Philippe Rochat 2)
1)
Members of the Executive Committee
2)
Members of the Audit Committee
©©
PKB
PrivatBank
PKB
PrivatBank
Lorenzo Tavola
Head of Commercial Banking
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Characteristics of Private Banking in Latin America
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Clients’ needs differ through countries in Latin America
• Brazil, Mexico and Chile have a higher propensity to bank/book onshore
• The rest of Latin America, i.e. Central America, the Pacto Andino and
Argentina, show an accentuated propensity to bank/book abroad
The main reasons for international banking are (not conclusive):
• Security
- Kidnappings, extortions, etc. happen in many different countries
and there is a feeling of insecurity among investors
• Political instability
- There are countries where the political and juridical systems
change frequently which leads to uncertainty under investors
• Need of professional services
- Many entrepreneurs and professionals are looking for financial
advices, banking services and products not available in their
countries
© PKB PrivatBank
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Contact Information
PKB Privatbank
Lugano
Genève
Lausanne
Zürich
Bellinzona
Panama
Montevideo
Milano
www.pkb.ch
PKB Banca Privada (Panama) SA
Torre Financial Tower
Piso 49, Calle 50
Ciudad de Panama
Republica de Panama
Tel. +507 294 07 00
© PKB PrivatBank
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PKB Privatbank
Via S. Balestra 1
6901 Lugano
Switzerland
Tel. +41 (0)91 913 35 35
Fax +41 (0)91 923 35 22