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Santander Consumer Bank Nordic Group
August 2019
Presentation Santander Consumer Bank Nordic Group August 2019 Who - - PowerPoint PPT Presentation
v Q2 2019 Investor Presentation Santander Consumer Bank Nordic Group August 2019 Who we are Santander Consumer Bank AS is a Nordic bank with more than 1,500 colleagues in Sweden, Norway, Denmark and Finland, with a long history in the
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August 2019
Santander Consumer Bank AS is a Nordic bank with more than 1,500 colleagues in Sweden, Norway, Denmark and Finland, with a long history in the Nordics, and with global strength by being a part
We are one of the largest Nordic banks providing loans and credits, credit cards, deposits and insurance to private customers. We work with the best people in an engaged, challenging and passionate organization, which provides great opportunities for professional growth.
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SCB AS is regulated by the Norwegian FSA
Santander Consumer Finance S.A. Fitch/Moody’s/S&P A-/A2/A-
Santander Consumer Bank AS Fitch/Moody’s A-/A3 Santander Consumer Bank Denmark (Branch) Santander Consumer Finance Finland (Subsidiary) Santander Consumer Bank Sweden (Branch)
Banco Santander S.A. Fitch/Moody’s/S&P A-/A2/A
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Source: SCB Group Q2 2019 Report and Management Figures 1) Adjusted for IFRS9 transitional rules 2) Headcount includes permanent and temporary employees 3) NII Ratio = Net Interest Income (annualized) / ANEA
Gross Outstanding Loans
NOK Billion People2
Employees Core Capital CET11
Per cent Customers
Million Total Deposit
NOK Billion Net Interest Income Ratio3
per cent Profit Before Tax
NOK Million Partners
5,076
Merchants
+5,600
Car Dealers
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59,575
(mNOK)
71,891
(mNOK)
83,322
(mNOK)
116,297
(mNOK)
124,625
(mNOK)
143,615
(mNOK)
83 322 118 991 127 852 147 9702 162 8022 162 377
2014 2015 2016 2017 2018 Q2 2019
Source: SCB Group Annual Reports (2013 – 2018) and Q2 2019 Report 1) Compound Annual Growth Rate 2013 – Q2 2019 2) SCB Group has reclassified Consignment from the financial statement line “Consignment” to “Loans to customers” in 2018. Comparison figures are changed similarly. As of December 31 2018 the Consignment portfolio constitute NOK 4.2 billion of the financial statement line “Loans to customers”. Please see principle 6) on page 57 in the 2018 Annual Report for further details.
Driven by organic growth, particularly in the Auto portfolio
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mNOK mNOK mNOK mNOK mNOK mNOK
CAGR1 16%
1 321 1 942 3 250 3 9952 4 1342 2 314
2014 2015 2016 2017 2018 Q2 2019 mNOK
Source: SCB Annual Reports (2013 – 2018) and Q2 2019 Report 1) Compound Annual Growth Rate 2013 – 2018 2) The Group reclassified issued AT1 capital of NOK 2.25 billion from liabilities to equity in 2017. Interest expenses for 2017 of NOK 169 million are consequently presented in equity instead of profit and loss, with related tax impact presented as part of other equity. Comparison figures are changed similarly. Please see principle 6) on page 40 in the 2017 Annual Report for further details.
Year-on-year growth in margins
CAGR1 33%
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mNOK mNOK mNOK mNOK mNOK
Portfolio and results by region
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Source: SCB Group Q2 2019 Report (All figures in NOK)
36%
Norway
20%
Denmark
23%
Sweden
21%
Finland
% of Gross Outstanding Loans
Gross Outstanding
Profit Before Tax
Finland
Auto Loans Unsecured Loans Profit Before Tax
31.3 Bn 3.3 Bn 359 MM Sweden
Auto Loans Unsecured Loans Profit Before Tax
22.2 Bn 14.3 Bn 436 MM Denmark
Auto Loans
25.4 Bn 6.8 Bn 561 MM Norway
Auto Loans Unsecured Loans Profit Before Tax
48.7 Bn 10.5 Bn 960 MM
Unsecured Loans Profit Before Tax
Bankia Bank acquired (credit cards) ELCON Finance becomes Santander Consumer Bank AS (SCB) ELCON Finance A leading Norwegian company within equipment leasing, factoring and auto financing Santander Consumer Finance S.A. acquires ELCON Finance Company demerges and auto finance is retained in Norway and Sweden Launch consumer loans Norway Skandiabanken Bilfinans acquired in Denmark (auto finance) Start up auto finance in Finland GE Finland acquired (auto finance, consumer loans) Consumer loans in Sweden (2012) and Denmark (2013) Deposits launched in Norway and Sweden (2013) Deposits launched in Denmark (2014)
SCB merges with GE Money Bank SCB becomes leader within car finance and unsecured loans in the Nordic region
Solidified position in sales finance with the onboarding of Elkjøp/Elgiganten, Power and Media Markt
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Bo Jakobsen
MD Denmark
Bo joined Santander in 2007 and was key to start up the business in Denmark the same year. Previously, he held several leadership roles within the financial industry.
Michael Hvidsten
CEO
Michael started in GE (first in GE Capital, later in GE Money Bank) in 2000, where he held various key position within risk
joined Santander in 2005 as Nordic Chief Risk Officer, and was appointed Nordic CEO in 2012.
Anders Bruun-Olsen
Nordic Chief Financial Officer
Anders has held several senior positions within banking institutions like DNB, Eksportfinans and
Santander in 2011.
Knut Øvernes
MD Norway
Knut has held various business management positions in GE Money Bank and Santander since he started in 1996.
Juan Calvera
IT & Ops Director
Juan has held various leadership positions within IT and Operations since joined Santander in 2011.
Peter Sjöberg
MD Finland
Peter has 20 years experience from banking and financial services. He has held several leadership positions in SCB. Joined Santander in 2010.
Andres Diez
Chief Risk Officer
Andres has held different leadership positions within Risk and Credit. Joined Santander in 2007.
Martin Brage
MD Sweden
Martin joined GE in 1999. With his long and extensive experience within the financial sector and Santander, he has built up years of experience within auto and unsecured.
Trond Debes
HR & Legal Director
Trond started in GE Money Bank in 2002. He has been responsible for Legal, Communications, Compliance and HR in various leadership positions.
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We engage in a broad spectrum of activities that contribute to UN’s Sustainable Development Goals
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Ensure healthy lives and promote well-being for all Ensure access to affordable, reliable, sustainable and modern energy Take action to combat climate change and its impacts by regulating emissions and promoting developments in renewable energy Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
To Play, an organization that protects, educates and empowers children to rise above adversity using the power of play.
gender equality, health & well -being, child protection and peaceful communities.
more than contributing financially. We actively participate involving employees and partners contributing.
children with critical illnesses
Cancer Society.
team sports as a tool for engaging children with social work.
make “3v3” kid’s soccer tournaments – an inclusive sports variety where every team member is part of the active play and everyone gets equal playing time. We engage in collaborations to innovate new and more environmental friendly mobility solutions, and we add the commercial strength to bring them to the market.
Finland, speeding up renewal of one of the oldest car parks in Europe.
electric Nissan Leaf - helping it to be last year's single most sold car model in Norway.
retiring carbon credits and a platform for climate action, battling the core problem of climate change – emissions from big polluters
meaning that we are compliant with all requirements regarding health, environment and safety, procurement, transportation, waste handling and energy consumption.
Auto & Leisure Unsecured Insurance Deposits
Saving products with high interest rates provided to private customers Insurance products related to payment protection, auto, health and travel, offered to private customers Loans, credit cards and sales finance services
Loans and financial services provided to private customers and car dealers
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Total Auto and Unsecured
Source: SCB Group Q2 2019 Report and Management Figures
Auto SME
Non Std. Auto
Consumer Loan
Credit Card
Auto Private Persons
Total Unsecured 21% Total Auto 79%
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Position and market share in the Nordics
Source Norway: Internal calculations based on data from Finansieringsselskapenes Forening as per YTD Q2 2019 Source Finland: Internal calculations based on data from Finnish Transportation Safety Agency (Trafi) as per YTD Q2 2019 Source Denmark: Internal calculations based on data from Finans og Leasing as per YTD Q2 2019 Source Sweden: Internal calculations based on data from Finansbolagens Förening as YTD Q2 2019
Auto Loans & Hire Purchase
Loans and financial services provided to private customers, SMEs and car dealers
Customers
Distribution
dealers and importers
Auto Leasing
Customers
Distribution
Stock & Demo Financing
Customers
dealers Distribution
agreements
dealers
Auto & Leisure
21%
market share
24%
market share
33%
market share
9%
market share
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All in one Auto Direct Platform Magasinet Subscription models
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The customer will be offered a car subscription ensuring a predictable and fixed cost.
PREDICTABLE
A safeguard against decreasing vehicle value combined with the ability to drive a reliable and safe car, fit for purpose
FUTUREPROOF
Is offered the opportunity to change the primary car to support temporary or unpredicted transportation
transport flexibility throughout the subscription
FLEXIBLE
A simplified car “ownership” that includes direct and indirect cost of ownership
SIMPLE
A shorter period of contract binding and a lower step-in threshold compared to
LIBERATING
Sales finance Credit cards Direct loans
Unsecured
Loans, credit cards and sales finance services offered to private customers
Distribution Online Stores Cross sale Portfolio Management Distribution Online Stores Cross sale Distribution Online Agents Cross sale
Distribution of Unsecured portfolio¹
Source: SCB Group Q2 2019 Report 1) Gross outstanding loans
10.5 Bn
6.8 Bn
14.3 Bn
3.3 Bn
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ApplePay Sandrine Chatbot Moneybit Digital Wallets Key Partnerships Santander Commerce Universe Push-To-Pull Content marketing
How Who What
Source: SCB Group Q2 2019 Report and Management Figures
“I’ve seen Santander work in a way that is not typical to a bank. You always take and run with our targets”
— Stefan Andström, Sales Director, Nissan Nordic, Helsinki On the high score on the MRF2018 Dealer survey:
“Kia Finance have developed many new products, which have positively impacted the score”
— Peter Himmer, MD Kia Motors Sweden AB
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Santander Group
Total assets 1.51 (€ trillion) Branches globally13,081 Headcount 201,804 Customers142 (million) Profit After Tax 4,045 (€ million)
Santander Consumer Finance Subgroup
Loans 112 (€ billion) European countries15 Headcount 15,406 Customers 20 (million) Profit After Tax 736 (€ million)
Source: Banco Santander and Santander Consumer Finance Q2 2019 Institutional Presentation
4.5 4.4 4.7 5.3 4.9 4.6
2014 2015 2016 2017 2018 Q2 2019
42 44 50 38 40 44
2014 2015 2016 2017 2018 Q2 2019
2.9 1.7 1.8 2.7 3.0 2.8
2014 2015 2016 2017 2018 Q2 2019
Return on Assets1
Per cent
Net Interest Income Ratio2
Per cent
Cost / Income Ratio3
Per cent
Source: SCB Annual Reports (2013 – 2018) and Q2 2019 report 1) ROA = PBT (annualized) / ANEA 2) NII Ratio = Net Interest Income (annualized) / ANEA 3) Cost/Income Ratio = OPEX / Gross Margin (OPEX: Total Operating Costs)
Normalised KPI’s as a results of higher growth in Auto portfolio
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Healthy balance sheet driven by loan and deposit growth
Source: SCB Group Q2 2019 Report
Key changes year-to-date
as a result of deposit growth
currency, but slight decrease consolidated due to stronger NOK. Growth is driven by good market conditions with sharper focus on financing as a tool to improve car sales and customer loyalty
smaller bond maturities during 2019
intragroup funding owing to deposits balance growth, reflecting our increased self-funding
and Sweden following increased deposit interest rates
to net repayments of issued securities
NOK million Q2 2019 Q4 2018 Δ 19/18 Deposits with external institutions 3 652 3 047 605 Loans to customers (net) 159 048 159 284
Other financial assets 7 793 10 453
Other assets 3 864 3 325 540 Total assets 174 358 176 108
Debt to credit institutions 33 777 40 253
Deposits from customers 61 826 54 645 7 181 Debt established by issuing securities 49 360 52 929
Other liabilities 3 763 3 213 550 Subordinated loan capital 1 692 1 731
Total equity 23 940 23 336 604 Total liabilities and equity 174 358 176 108
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P&L showing stable growth with increasing profits
Source: SCB Group Q2 2019 Report
Key changes year-on-year
higher lending volumes, albeit slightly offset by higher cost of
lending margins, as the product portfolio mix is shifting more towards auto financing which carries a lower yield
and banking services
loss allowance on off-balance exposures
update, resulting in lower loan reserves. Reduced realized losses and lower amount of recoveries, driven by portfolio sale. During Q2 portfolios of non performing and written-off loans were sold, resulting in a net gain of approximately NOK 875 million
NOK million Q2 2019 Q2 2018 Δ 19/18 Interest income and similar income 4 237 4 055 182 Interest expenses and similar expenses
Net interest income 3 541 3 412 129 Commissions and fees 208 202 6 Other product and funding related income and cost 48 37 11 Gross margin 3 796 3 651 145 Salaries and personnel expenses
Administrative expenses
Depreciations and amortisation
Net operating income 2 199 2 092 107 Other incomes and costs 16
52 Total losses on loans, guarantees etc. 99
108 Profit before tax 2314 2046 268 Income tax
Profit after tax 1762 1537 225
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Favourable product mix and stable customer behaviour
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Risk Portfolio - Total (mNOK) 2016 2017 2018 Q2 2019 Current 118 837 92.7 % 136 821 92.2 % 150 284 92.5 % 150 935 93,0 % 5-30 dpd 5 451 4.2 % 6 806 4.6 % 7 258 4.5 % 6 322 3,9 % 31-60 dpd 1 041 0.8 % 1 329 0.9 % 1 218 0.7 % 1 294 0,8 % 61-90 dpd 393 0.3 % 510 0.3 % 462 0.3 % 565 0,3 % NPL 2 577 2.0 % 2 912 2.0 % 3 320 2.0 % 3 250 2,0 % Total 128 299 100.0 % 148 378 100.0 % 162 541 100.0 % 162 366 100,0 % Risk Portfolio - Secured (mNOK) 2016 2017 2018 Q2 2019 Current 91 510 94.3 % 106 859 93.9 % 119 752 93.9 % 120 305 94,4 % 5-30 dpd 3 720 3.8 % 4 787 4.2 % 5 389 4.2 % 4 620 3,6 % 31-60 dpd 615 0.6 % 753 0.7 % 691 0.5 % 787 0,6 % 61-90 dpd 170 0.2 % 231 0.2 % 226 0.2 % 294 0,2 % NPL 1 052 1.1 % 1 211 1.1 % 1 435 1.1 % 1 463 1,1 % Total 97 067 100.0 % 113 841 100.0 % 127 492 100.0 % 127 469 100,0 % Risk Portfolio - Unsecured (mNOK) 2016 2017 20183 Q2 20193 Current 27 327 87.5 % 29 963 86.8 % 30 532 87.1 % 30 629 87,8 % 5-30 dpd 1 731 5.5 % 2 019 5.8 % 1 869 5.3 % 1 703 4,9 % 31-60 dpd 426 1.4 % 576 1.7 % 526 1.5 % 507 1,5 % 61-90 dpd 224 0.7 % 279 0.8 % 237 0.7 % 271 0,8 % NPL 1 525 4.9 % 1 700 4.9 % 1 885 5.4 % 1 787 5,1 % Total 31 233 100.0 % 34 537 100.0 % 35 049 100.0 % 34 897 100,0 %
Source: SCB Group Risk Department 1) NPL ratio = Non-performing loans / Gross loans 2) Coverage Ratio = Loan Loss Reserves (Write Downs) / NPL 3) Change in write-off policy in Sweden, Denmark and Finland during Oct 2018. The policy extends the time before contracts get written off from 180 to 720 days past due
NPL ratio1
Coverage ratio2
98.6 126.9 107.7 113.6 96.9 109.7 105.5
2013 2014 2015 2016 2017 2018 Q2 2019
1.61 1.48 2.05 2.01 1.96 2.03 2.00
2013 2014 2015 2016 2017 2018 Q2 2019
Ensuring strong capitalization of the bank
Source: SCB Group Q2 2019 Report 1) Includes increase in Norwegian countercyclical buffer to 2.5% applicable from 31 December 2019
Capital requirements in Norway
inclusion of additional buffer requirements and a high countercyclical buffer requirement
to 2.6% by the Norwegian FSA, applicable from March 2019
requirement for SCB Group will increase to 1.62%1. Norway and Sweden will increase by 50bps from 2% to 2.5% while Denmark will increase from 0% to 1%. Finland will maintain the buffer at 0%.
Group CET1-ratio requirement for 20191
~11.6% Pillar 1 CET1-requirement 2.6% Pillar 2 CET1-requirement
~14.2% Minimum CET1 requirement 4.5% Conservation buffer 2.5% Countercyclical buffer 1.62% Systemic risk buffer 3% ~11.62%
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CET1 ratio of 16.3%
Recent Capital developments
IFRS9 capital impact when calculating capital ratios
2019 using transitional rules for IFRS9. The CET1-ratio is 200 bps higher than the regulatory requirement
12.43%
Hybrid loan of NOK 2.25 billion and replaced it with three new Hybrid loans of NOK 750 million each
billion to its parent
Capital ratios evolution SCB Group
Per cent
Source: SCB Group Q2 2019 Report The capital ratios include half year capital profits, based on a 50% payout ratio
15.3 15.1 15.5 15.7 16.3 17.8 17.4 17.5 17.6 18.1 19.1 18.7 19.1 19.0 19.5 11.4 11.5 12.0 12.0 12.4 2015 2016 2017 2018 Q2 2019
CET 1 Tier 1 Tier 2 Leverage ratio
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Three pillars approach provides funding flexibility
2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019
Unsecured Bonds Deposits Securitization Parent funding
22% 28% 50% 62% 70% 70% 77% 73% 77%
2011 2012 2013 2014 2015 2016 2017 2018 Q2 2019
Funding Composition1 Self-funding ratio
23% 26% 43% 8% Source: SCB Group Q2 2019 Report 1) Outstanding amounts/transactions as per Q2 2019
million
Sweden and Denmark
Deposits
including NOK 900 million in Commercial Paper
market including SEK 1,107 million in Commercial Paper
transactions
Unsecured
Securitization
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Consolidated total balance: NOK 61.8 billion
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Distribution of Deposit portfolio and products
40%
31%
29%
N/A
Source: SCB Group Q2 2019 Report Deposit guarantees: Norway NOK 2 million | Sweden SEK 950,000 | Denmark EUR 100,000 equivalent
Deposit balance development
NOK billion
14.9 18.6 20.9 22.1 25.0 14.4 11.9 15.4 15.4 19.0 8.0 10.5 14.3 17.2 17.8
2015 2016 2017 2018 Q2 2019
Norway Sweden Denmark
YTD Q2 2019 summary
Source: Bloomberg 1) Outstanding amounts as per Q2 2019
New Issuances Volume New Issuances # Taps # Maturities Outstanding Volume¹ Outstanding bonds # Format Preferred Tenor 1,800 million 2 1 2,000 million 8,601 million 9 FRN 3 – 5 year 355 million
8 FRN 3 – 5 year 500 million 1
2,000 million 4 FXD 3 – 5 year
NOK SEK EUR
750 million 1
2 FRN 3 - 5 year
DKK YTD Q2 2019
400 million 2
900 million 4 FXD/FRN 4 – 12 months
NOK
1,942 million 17 1 1710 million 1,107 million 9 FXD 3 – 6 months
SEK
Senior Unsecured Commercial Paper
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Maturity profile Q2 2019 – 2024 for Senior Unsecured and Commercial Paper
Total Maturity
(EUR MM)
243 217 139 299 83 242 95 213 62 118 500 500 500 500 67 100
2019 2020 2021 2022 2023 2024
DKK EUR SEK NOK
500 500 500 500
2019 2020 2021 2022 2023 2024
2 351 2 100 1 350 2 900 800
2019 2020 2021 2022 2023 2024
Commercial Paper Senior
2 557 1 000 2 250 605 1 250
2019 2020 2021 2022 2023 2024
Commercial Paper Senior
NOK million SEK million EUR million
Source: Bloomberg, Management Figures (outstanding amounts as per Q2 2019) FX: EURNOK 9.6538 | EURSEK 10.5633 | EURDKK 7.4636
500 750
2019 2020 2021 2022 2023 2024
DKK million Total Maturity (EUR million)
banking franchise
leader in auto
unsecured space
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Headcount 201,804 Branches (units) 13,081 Shareholders (millions) 4.05 Customers (millions) 142 Total assets (trill. €) 1.51
Key Figures H1’19
Attributable Profit 2018 (mill. €) 8,064 Attributable Profit Q1’19 (mill. €) 4,045
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(1) Excluding Corporate Centre and Santander Global Platform (new single unit that consolidates digital services) NOTE: SCF excluding SCUK
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Data: Market-share as at Mar-19 and the US latest available. (1) Includes London Branch (2) Including SCF business in Poland (3) In all states where Santander Bank operates (4) Includes debenture, LCA (agribusiness notes), LCI (real estate credit notes), financial bills (letras financieras) and COE (certificates of structured operations) (5) Countries in Europe, including the UK. Top 3 in retail car finance in its key markets
Nº of countries: 15 Top 3
SCF5 Brazil
Loans: 10% Deposits4: 11%
Argentina
Loans: 10% Deposits: 12%
North America Europe
Loans: 17% Deposits: 19%
Spain United Kingdom1
Loans: 9% Deposits: 9% Loans: 18% Deposits: 16%
Portugal
Loans: 12% Deposits: 12%
Poland2
Loans: 18% Deposits: 17%
Chile
Loans: 13% Deposits: 14%
Mexico United States3
Loans: 3% Deposits: 3%
South America
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(1) QoQ and YoY volume changes in constant euros
QoQ strong growth in volumes (+2% loans; +3% customer funds), underlying profit (+8%) and continued generation of capital organically (+11 bps)
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Note: YoY changes. Results and volume changes in constant euros. Loans excluding reverse repos. Customer funds: deposits excluding repos + marketed mutual funds
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(1) Q2’19: Restructuring costs (-EUR 600 mn in Spain; EUR 26 mn in UK), PPI in UK (-EUR 80 mn); Q1’19: Prisma sale in Argentina (EUR 150 mn), real estate sale in Spain (-EUR 180 mn); Restructuring costs (-EUR 66 mn in UK; -EUR 12 mn in Poland); Q2’18: Portugal integration (EUR 20 mn); Restructuration costs (-EUR 280 mn in Spain and -EUR 40 mn in the C.C.). Pending accounting of capital gain from custody transaction: EUR 700 mn – The amount is estimated and on the proviso that the transaction is carried out in Q4’19.
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(1) Underlying
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PoS partners (thousand) >130 Market positions1 Top 3 Loans (bill. €) 112 Deposits (bill. €) 39 European countries 15 Underlying Att. Profit H1’19 (mill. €) 736 Customers (million) 20
main and unique shareholder of SCF ...
SCF acts as a holding for its subsidiaries through a banking license
done through points-of- sale (dealers and retailers)
Key Figures H1’19
Underlying Att. Profit 2018 (mill. €) 1,421
SCF: Management perimeter (i.e. including SCUK) (1) In retail car finance in its key markets
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SCF: Management perimeter (i.e. including SCUK)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
472 555 744 825 895 908 1 093 1 238 1 373 1 421
Underlying Attributable Profit
€ Million
H1’19 Underlying Attrib. Profit
(+1% YoY)
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SCF excluding SCUK. Including SCUK, SCF represents 14% of SAN profit1. (1) Percentage over SAN underlying attributable profit in H1’19, excluding Corporate Centre and Santander Global Platform
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Jun’19
cash loans and credit cards): 19%
SCF: Management perimeter (i.e. including SCUK) NOTE: SCF’s portfolio also includes mortgages (5%) and corporate loans & others (5%)
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Europe
Strong foothold in consumer lending
Consumer Lending: Durable financing, Personal loans and Credit Cards
including the 5 biggest European auto markets: Germany, France, UK, Italy and Spain
agreements base: more than 115 agreements with 15 manufacturers
Advanced car financing platform
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SCF: Management perimeter (i.e. including SCUK)
economic cycles across geographies
increase in SCF’s loan portfolio
growing digital business while being involved in the ecosystem platforms initiatives
SCF Key Risk Metrics
4,56% 6,26% 2,04% 1,73% 2,53% 0,36%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1'19
SCF Cost of Risk (LLPs over ANEAS %) SCF NPL Ratio (%)
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SCF’s funding structure (%)
sources
countries
Different initiatives to develop retail deposits
short term
Jun’19
Retail Deposits 31% Non Retail Deposits 4% Secured funding 11% ECB 7% Interbank 20% ECPs & Pagares 8% MTNs & other M/L Term Unsc. 18% Subordinated Debt 1% 1%
SCF: Management perimeter (i.e. including SCUK)
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High geographic diversification with majority of exposure in AAA & AA countries Sustainable earnings through the cycle with constant profit growth Top 3 positions and critical mass in its geographies Long-standing base of European captive agreements Extensive network capillarity of POS throughout Europe Resilient asset quality with sound risk ratios High diversification of funding sources with stable deposits base
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Our purpose is to help people and business prosper. Our culture is based on believing that everything we do should be:
Nordics