Beruflich Dokumente
Kultur Dokumente
30July2012
PiraeusandATEJoiningForces
1.
TwohighlyrecognisablebankingbrandnamesinGreece,Piraeus&ATE,arejoiningforces Supplementaryfinancialservicesmodel,targetingcollateralisedSMEloans,mortgageloansegmentandagriculturalsector 2nd largest Greek banking Group in terms of assets (74 bn), c.1,230 branches, c.17,000 employees, presence in 10 countries largestGreekbankingGroupintermsofassets(74bn),c.1,230branches, c.17,000employees,presencein10countries Wideandloyalcustomerbase;significantcrosssellpotential Nationwidenetworkofbranches,ATMs,paymentmachines,advancedebankingplatforms Employees:highlevelofhighereducation(67%Piraeus/62%ATE),strongexperience&specializedbankingknowledge EfficientbranchmodelinGreece:7peopleperbranch(Piraeus)/8peopleperbranch(ATE)onaverage Improvedfundingprofile:proformaGroupL/Dat124%(118%inGreece);lowcostdepositsat43%ofproformadeposits Morethan25%ofproformaloansaremortgageloans,enhancingcollateralisationlevelofloanportfolio ProformaNPLsratioat13%;coverageat56%;cumulativeprovisionsoverloansat7.4% Pro forma NPLs ratio at 13%; coverage at 56%; cumulative provisions over loans at 7 4%
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TransactionOverview
ATEbankTransferredAssets*&Liabilities
SelectedNetLoans 10.6bn OtherAssets 4.2bn CustomerDeposits 14.3bn 14 3bn OtherLiabilities 7.1bn
3 Overview
Piraeus BankacquiresselectedhealthyATEbankassetsandliabilities:
HFSFprovidestheassociatedcashtocoverthefundinggapandthe necessaryequitytomaintaincapitaladequacyratioabove8% PiraeusBankpays95millionincashconsideration TransactionhasbeenapprovedbytheHellenicFinancialStability Fund(HFSF)andtheBankofGreece(BoG),aswellastheECDG Competition AccordingtotheprovisionsofLaw3601/07,thetransactionhasbeen agreedbasedonproformafinancialdataasofJuly27th 12 g p y Thefinalclosingissubjecttoaduediligenceprocessthatwillbe carriedoutbyanauditor(s)appointedbytheBankofGreeceandany valuationdifferenceswillbeadjustedthroughthefundinggapcash injectionmadebytheHFSF injection made by the HFSF LazardFrresactedasfinancialadvisortoPiraeusforthetransaction
StrategicRationale
1
Significantly ImprovesMarket PositioninGreece LargestbranchnetworkinGreece Leadingpositionsinkeyproductsegments Combinationoftwolongstandingandwellrecognised franchises Estimated155mnfully realized aftertaxsynergies aftera3yearperiod(mid2012mid2015) ProformaDeposits MarketShare 19%(a) #2inGreece ProformaLoans MarketShare 16%(b) #2inGreece
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SubstantialCosts, Substantial Costs Funding& RevenuesSynergies
CostsSynergies 94mn
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Significant Value Creation ContributionofATEbank selectedhealthyparthaspositive impactonproforma futureprofitabilityofnewGroup ATEbanks selectedtransferredpartdepositoverhang p p g improvesnewGroupsfundingprofile StandaloneL/D (Mar12) 158% ProformaGroupL/D (Mar12) 124%
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Diversification Benefitsand Opportunities
Improveddepositmix p p RebalancedGreekloanbook,withenhancedmortgageloans contribution IntroductionofPiraeusbestpracticestobroadenclientbase 28% 28% SavingsDeposits Mortgages as%ofProformaDeposits as%ofProformaNetLoans
a b
Dataasof31March2012 Piraeusasof31March2012.ATEbankperimetertransferredgrossloans(11.3bn)
1Bank,2BrandNamesinGreece
InGreece,theBankwilloperate underbothestablishedbrandnames:PiraeusBankandATEbank
LeadingBranchNetworkinGreece
RankingbyTotalBranchesinGreece asof31Dec2011(#)
814
542
74.0
#2
468
73,6
414
57,6 57 6
(d)
402
52,1
346
(a)
21.9
3 3 323
(b)
21,7 ,
(c)
150
15,9
SecondLargestDepositBase
RankingbyGroupCustomerDeposits asof31Mar2012( bn)
57,4
35.2
#2
45,4
30,5
43.7
#3(#2inGreece)
27,9
43,7
20.9
(b)
33.1
(a)
14.3
transferreddeposits
(a)
19,1
(b)
11,3 11 3
(c)
10.6 10 6
transferredloans
(c)
10,9
7,7
EfficiencyPotential
Comments
Estimateforc.194mninannualpretax fullyrealizedsynergies(155mnaftertax) f ll li d i (155 ft t ) in3yearperiod(mid2012mid2015)
GrossExpectedCostsandSynergies
materialadministrativecostsavings
andbranchnetworkoptimisation
4.0%
14.4%
25.9%
CostSavingsas% ofATECostBase
lowerfundingcoststhroughimproved
depositpricingandmix
Fundingsynergies F di i
Costsavings C i
IntegrationCosts I i C
IntegrationCosts I i C
revenuesynergiesfromnewcrossselling
opportunities(Piraeuscross sellratio opportunities (Piraeus crosssell ratio at2.9x,ATEbankat1.8x) Fullrealisationofsynergiesachievablegiven Piraeusextensivetrackrecordinsuccessful M&A transactions and post merger M&Atransactionsandpostmerger integration Integrationcostsexpectedtobeca.134%of fullyrealisedpretaxcostsynergies (integrationcostsareincurredover3years (i t ti t i d 3 afteracquisition)
(69)mn (26)mn 33mn
12 3 18
194mn 126mn
46 14 65 47 29
(64)mn
118
1st Year
(est.)
2nd Year
(est.)
3rd Year
(est.)
DiversifiedLoan&FundingProfile
31Mar2012 Group data
Consumer Consumer loans 9% Residential mortgages 20% Businessloans 40% Business loans 71% Residential mortgages 51% Businessloans 63%
TransferredPerimeter
C Consumer loans 9% Consumer Consumer loans 9%
Totalnetloanstocustomers:33.1bn
Sight 8% Savings 5%
Totalnetloanstocustomers:10.6bn
Sight 6% Interbank 32% Savings 35%
Totalnetloanstocustomers:43.7bn
Sight 7% Savings 15% Interbank 46%
FUNDINGBYTYPE
Interbank 53%
Term 27%
Totalfunding:46.9bn
Totalfunding:21.0bn
Totalfunding:67.9bn
IndicativeIntegrationTimetable
August2012 July2013(t+12m)
INTEGRATIONPHASE Preparation
Steeringcommitteetocoordinateintegrationproject Establishmentofappropriateteamswithmembersfrom 2bankstodesignandpreparedetailedintegrationplan 2 banks to design and prepare detailed integration plan Frontofficeintegration homogenisationofproducts Preparebackofficeoptimisation(e.g.IT,internal proceduresetc) Coordinationofmarketingefforts Finalisationofconsolidation&process
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Implementation
IntegrationofITinfrastructure(ATEcurrentlyusesthe samecoreITsystem Profit thatwasusedby MacedoniaThraceBank,whichwassuccessfully mergedin2000intoPiraeusITsystem) Customerandotherdatamigration Consolidationofriskmanagementsystems,origination policies,internalauditandarrearsmanagement p , g Mergerofproductfactories Introductionofneworganisationalstructure
Communication Disclaimer
Disclaimer
This presentation has been prepared solely for informational p p p y purposes. Any projections or other estimates in this presentation, including estimates of returns or performance, comments with respect to our objectives and strategies, or the results of our operations and business, are forward-looking statements based upon certain assumptions that may be wrong. These assumptions may be influenced by factors within or beyond our control, and actual results may differ materially from any estimates and projections. Factors influencing actual results include but are not limited to fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate and changes in operate, economic, regulatory and economic conditions. This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. No part of this presentation may be y g gy p p y construed as constituting investment advice or a recommendation to enter into any transaction. No representation or warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future offer to transact any securities will conform to any terms that may b ii ill f h be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax and accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation presentation.
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Piraeus BankInvestorRelations
GeorgePoulopoulos,CFO George Poulopoulos CFO GeorgeMarinopoulos,Director ChryssanthiBermpati,SeniorManager VickyDiamantopoulou,SeniorManager Vicky Diamantopoulou Senior Manager
4,AmerikisSt.,PC:10564,Athens Tel.:(+30)2103335026 5027 5062 5739 Fax:(+30)2103335079 investor_relations@piraeusbank.gr Bloomberg:TPEIRGA<F8> Reuters:BOPr.AT www.piraeusbank.gr