Beruflich Dokumente
Kultur Dokumente
Volksbank Romania SA
Transaction overview
Disclaimer
THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY
VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS
TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY,
COMPLETENESS OR CORRECTNESS OF THIS INFORMATION OR OPINIONS CONTAINED
HEREIN.
CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE
EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON
MANAGEMENTS CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND
UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS,
PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED
IN SUCH STATEMENTS.
NONE OF BANCA TRANSILVANIA OR ANY OF ITS AFFILIATES, ADVISORS OR
REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR
OTHERWISE) FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS DOCUMENT OR
ITS CONTENT OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT.
THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR
SUBSCRIBE FOR ANY SHARES AND NEITHER IT NOR ANY PART OF IT SHALL FORM THE
BASIS OF OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT
WHATSOEVER.
THE FINANCIAL INFORMATION PRESENTED IN THIS DOCUMENT IS NOT AUDITED, UNLESS
OTHERWISE SPECIFIED
2
PRESENTATION TOPICS
Introduction
Transaction overview
Overview of financial information
Macroeconomic environment
GDP (%, Y/Y)
10%
8.5%
7.9%
7.3%
6.3%
6%
4.2%
3.4%
2.3%
2%
2.8%
2.5%
2.8%
3.3%
0.6%
-2%
-1.1%
-6%
-6.6%
-10%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
8.72%
4.96%
3.13%
0.83%
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
1.57%
2.80%
2.10% 2.40%
Source: International Monetary Fund, National Statistics Office, National Bank of Romania
2017f
4.75%
2016f
4.88%
7.98%
6.56% 6.30%
2015f
9.16%
2002
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
5.01%
5%
3.56%
3.50%
4%
3.31%
3%
2%
0.60%
-0.92%
2009
2010
2011
2012
1%
0%
2013
2014
-1%
NPL
21.87%
22.00%
19.19%
18.24%
15.33%
14.33%
13.93%
11.85%
6.53%
17.00%
12.00%
7.89%
7.00%
2.00%
2008
2009
2010
2011
2012
2013
H1 2014
Q3 2014
2014
-3.00%
81,654
83,669 79,712
77,352
84,723 85,354
160,000
131,947
140,000
100,000
49,486
60,000
40,000
43,797
32,762
20,000
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
180,000
90,000
155,504
160,000
142,046
140,000
120,000
100,000
87,617
98,552
102,688
113,364
80,000
71,841 73,605
70,000
124,111 125,454
52,628
50,000
40,000
60,000
30,000
45,183
35,898
77,094
60,000
80,000
40,000
118,868
80,468
80,000
27,911
133,111
120,171
114,411
120,000
67,713
141,378 141,151
41,407
31,156
25,884
20,000
10,000
20,000
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
10%
8.9%
9%
8.1%
8%
7.3%
7%
6%
5.5%
6.3%
5.4%
4.7%
5%
3.9%
4%
2.9%
3%
2%
5.9%
CLIENTS
600
1.8% 2.0%
1%
535
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
540
2,500,000
400
2,000,000
1,500,000
215
200
100
1,000,000
500,000
31
2000
3,000,000
500
300
0%
UNITS
2005
2010
2014
PRESENTATION TOPICS
Introduction
Transaction overview
Overview of financial information
Transaction overview
Transaction rationale
Banca Transilvania intends to consolidate its position within the Romanian banking market,
benefiting from economies of scale, while preserving strong profitability, organic growth
and prudential ratios.
Next steps
The integration planning.
Transaction overview
Transaction scope and milestones
The transaction documentation was signed on 10 December 2014. The closing date of the
transaction is 7 April 2015.
Banca Transilvania Financial Group acquired 100% of Volksbank Romania S.A. shares (Banca
Transilvania has full control after closing date).
The balance of parent funding outstanding in Volksbank at closing date is assigned to Banca
Transilvania at nominal value as part of the transaction.
Pricing overview
The transaction price is EUR 81 million (eq. RON 360 million), out of which an amount of
EUR 58 million is placed in an escrow account to cover certain future risks that may arise
within 1 year, as identified in the SPA.
The consideration was fully paid by Banca Transilvania at closing date from own liquidity
resources.
10
PRESENTATION TOPICS
Introduction
Transaction overview
Overview of financial information
11
2014 Highlights
Total assets CCY structure
Key Indicators
(RON million)
Total assets
Equity
Total loans and accruals
PAR 90 (%)
Cost / Income (%)
Cost of risk (%)
NIM (%)
Capital adequacy ratio (%)
Loans / deposits (%)
Quick liquidity (%)
Banca Volksbank
Transilvania* Romania**
35,620
12,361
3,702
713
20,020
8,656
10.87%
9.16%
41.41%
78.1%
3.32%
0.99%
3.37%
2.07%
17.32%
19.00%
66.63%
184.33%
55.30%
33.80%
12
Vollksbank
Romania**
2,483
418
1,537
7,677
158
88
12,361
3,702
713
395
723
30,045
4,696
1,082
4,069
Other liabilities
396
2,160
Total liabilities
35,620
12,361
RON million
Cash and cash equivalents
Placements with banks
T bills and securities
Loans to customers, net
Fixed assets and participations
Other assets
Total assets
Shareholders' equity**
Subordinated loan
Due to customers
Due to banks and FIs
13
Banca
Transilvania*
1,138
408
454
2,000
828
1,172
667
505
434
Volksbank
Romania**
267
27
39
333
232
102
2,006
(1,904)
(1,899)***
14
Subordinated loans
Parent funding
Equity further to VB capital increases
in Q1 2015
Additional provisions as required by
BT, to be booked following closing
Final Equity position
Volksbank Romania
at closing*
Volksbank Romania
eoy 2014**
2,857
723
4,069
2,795
713
890
1,905
During Q1 2015, Volksbank Romanias equity position has significantly increased following the
implementation of the conditions negotiated between parties before closing date:
Conversion of all subordinated loans amounting to EUR 161 million;
Partial conversion of parent funding amounting to CHF 341.5 million.
15
Estimated
post-merger
BT individual*
26,954
20,415
Due to customers
31,939
31,378
1,730
504
147
1,028
1,484
456
139
898
16
PRESENTATION TOPICS
Introduction
Transaction overview
Overview of financial information
17
Network
Risk &
Internal
control
IT
HR
Finance /
controlling
Main projects
IT migration
Accounting
Communication
CHF loans
Data warehouse
Internal Audit
Operations integration
Risk strategy
Procurement synergies
HR Integration
Rebranding
Treasury
Q1 2015
Pre-closing
activities
Program structure
development
Program planning
Q2 2015
Development of
tactics within
respective
project areas
Q3 2015
Q4 2015
Tactics implementation
Target
merger
date1
1. Targeted date could be Q1 2016, but it is subject to approvals from the General Shareholders Meeting
19
Program Management
Omer Tetik
George Calinescu
Luminita Runcan
Tiberiu Moisa
Mihaela Nadasan
Leontin Toderici
Gabriela Nistor
Andrei Dudoiu
Communication Team
Program Office
Project Managers
Dedicated BT teams
Dedicated VB teams
20
Five core values defined for the integration customers and employees in the center
Fairness
Transparency
Customer
and Employee
Focus
360 Communication
Collaboration
21
Investor.Relations@btrl.ro
22