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Financial Results for the year ended 31 December 2002. Programme. Year in review Richard Laubscher Financial review Stuart Morris Strategic review Derek Muller & Tom Boardman Prospects Richard Laubscher. Year in review Richard Laubscher. The year in context Macro issues.

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Slide1 l.jpg

Financial Results

for the year ended 31 December 2002


Programme l.jpg
Programme

  • Year in review

    • Richard Laubscher

  • Financial review

    • Stuart Morris

  • Strategic review

    • Derek Muller & Tom Boardman

  • Prospects

    • Richard Laubscher


Slide3 l.jpg

Year in review

Richard Laubscher


The year in context macro issues l.jpg
The year in contextMacro issues

  • Microlending malaise

  • Small bank crisis

  • Industry consolidation

  • International bank departures

  • Rising inflation and interest rates

  • Strengthening Rand

  • Community Reinvestment Act and Financial Charter mooted

  • Mortgage originators and integrators

    A challenging year


Strategic initiatives l.jpg
Strategic initiatives

  • Acquisition of BoE

  • Acquisition of NIB minorities

  • Integration of banking subsidiaries

  • New operating structures developed

  • Enhanced capital structure

  • Wealth Management rationalisation

  • Old Mutual Bank JV refined

  • Acquisition of Planet Finance

    Created a stronger group


Strategic scorecard l.jpg
Strategic scorecard

Acquisitions

BoE 

Imperial 

Gerrard Private Bank 

FBC Fidelity 

ENF 

Didata 

Alliances

Old Mutual Bank/Bancassurance 

Pick ’n Pay Go Banking 

JD/Capital One microlending market 

Amex/Capital One 

Outsourcing


Year in review l.jpg
Year in review

  • Core earnings up from R3,1bn to R3,4bn

  • Core eps up 4% to 1 330c

  • Organic growth in interest-earning assets +17% boosted to +31% by BoE

  • Topline revenue growth

    • Organic: NII +12% NIR +15%

    • Acquired: NII + 8% NIR +22%

  • Expense growth

    Organic: +13% Acquired: +22%

  • R266m net contribution from BoE

    • Net profit of R520m offset by funding cost of R254m

  • Provisions – SME & Microlending



Acquisitions and alliances performance l.jpg
Acquisitions and alliances’performance

(Rm)

% ch

2002

2001

BoE (net of funding)

265

Imperial Bank

+94

72

37

Gerrard Private Bank

+83

56

30

Bancassurance initiatives

+72

110

64

JD/Capital One

-213

(47)

(15)

Pick ’n Pay Go Banking

-44

(39)

(27)

Amex/Capital One

(25)

2


Merger and integration l.jpg
Merger and integration

  • Group restructure triggered by:

    • BoE purchase for R7,7bn

    • NIB minorities buyout

  • Synergy estimates of R905m per annum by 2005

  • Regulatory approvals for merger finalised

  • R9,2bn new capital raised, enhancing capital structure

    • Ordinary capital R3,2bn

    • Subordinated debt R4bn

    • Preference shares R2bn


Merger and integration early successes l.jpg
Merger and integrationEarly successes

  • Legal Day One successful

  • Key decisions on product offering made

  • Future technology architecture agreed

  • Healthy funding flow back into BoE

    • NBS deposits 103%; Probanker 100%; Business Banking book 107%; BoE assets 115%; no large depositor concentration issues

  • Client and staff retention good

  • Initial staff survey very positive

  • Nine sets of terms & conditions and nine payrolls into one from 1 April 2003

  • Employee Development & Deployment Centre up and running

  • Over 20 000 employee positions finalised

  • Operational merger going to plan


Major merger milestones l.jpg

1 Jan 2003

V.1

Final

Major merger milestones

2003

2004

2005

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Activity

Legal Day One

Migration planning

Wealth Management LDO

Product offering decision

Treasury integration

Capital markets integration

Systems architecture design

Payroll integration

CoGH integration into Nedbank retail

Credit Life integration

BoE Business Bank customer migration

PEP Bank integration into Peoples Bank

Cashbank integration into Peoples Bank

Consumer credit reorganisation

Peoples Bank branding developed

Private Wealth completion

CIS (unit trusts) integration

International rationalisation

Peoples Bank platform upgrades

NBS integration into Peoples Bank

Property & Asset Finance integration

Business Banking integration


Slide13 l.jpg

Financial review

Stuart Morris


Disclosure l.jpg
Disclosure

  • BoE and NIB separately disclosed

  • BoE pre-acquisition adjustments

  • Pro forma segmental in Annual Report

  • AC133 effective 1 January 2003


Income statement core earnings year ended 31 december l.jpg
Income statement: core earningsyear ended 31 December

2002 2002 2001

% ch % ch* Rm Rm* Rm

Net interest income +20 +12 6 300 5 874 5 268

Non-interest revenue +37 +15 6 929 5 833 5 054

Total income +28 +13 13 229 11 707 10 322

Provisions +68 +62 1 778 1 712 1 058

Net income +24 +8 11 451 9 995 9 264

Expenses +36 +13 7 334 6 140 5 416

Net operating income +7 – 4 117 3 855 3 848

Taxation -25 -26 580 569 772

Net income after taxation 15 7 3 537 3 286 3 076

Associate income -11 -18 162 148 181

Minorities 103 103 (333 (333 (164

Core earnings +9 – 3 366 3 101 3 093

Core eps +4 -5 1 330 1 226 1 284

)

)

)

*Excluding BoE


Income statements year ended 31 december l.jpg

Net interest income

Non-interest revenue

Total income

Provisions

Net income

Expenses

Net operating income

Taxation

Net income after taxation

Associate income

Minorities

Core earnings

Income statementsyear ended 31 December

2002

Rm

NIB

BoE*

contribution

BoE*

Funding

BoE*

426

365

(363)

789

1 096

1 173

-

1 096

1 522

1 538

(363)

1 885

66

30

-

66

1 456

1 508

(363)

1 819

1 194

515

-

1 194

262

993

(363)

625

(109)

10

(150)

119

252

843

254

506

14

9

-

14

-

92

-

-

266

760

254

520

* July – December 2002

Handout only


Core earnings to headline earnings l.jpg
Core earnings to headline earnings

Dec Dec

% 2002 2001

change Rm Rm

Core earnings 9 3 366 3 093

Translation gains/(losses) (1 011 1 096

General risk provision 400 (400

Merger costs (170 –

Headline earnings -32 2 585 3 789

Headline eps -35 1 022 1 574

)

)

)


Rand appreciation l.jpg
Rand appreciation

99

00

01

02


Headline earnings to attributable income l.jpg
Headline earnings to attributable income

Dec

2002

Rm

Dec

2001

Rm

Headline earnings

2 585

3 789

Didata revaluation

(1 080)

(3 298)

Goodwill

(501)

(273)

Other impairments

(177)

(34)

Merger costs

(35)

Taxation

192

(171)

984

Attributableincome

13

389

Attributableeps

5


Goodwill and capital writedowns l.jpg
Goodwill and capital writedowns

2002 2001

Rm Rm

Goodwill 501 273

BoE 214 –

The Internet Solution – 131

IQ Business Group 58 21

Other T&O investments 59 74

MBCA (Zimbabwe) 36 –

Other goodwill 134 47

Impairments 119 34

Investment sold 58 –

Total 678 307

Handout only


Net interest income l.jpg
Net interest income

Rm

%

+19,6%

+11,3%

+8,6%

+11,1%

+10.4%


Non interest revenue l.jpg
Non-interest revenue

Rm

%

+37,1%

+29,0%

+23,1%

+8,6%

+23,0%


Analysis of provisions by activity l.jpg
Analysis of provisions by activity

% 2002 2001

change Rm Rm

Retail Banking 1 417 411

Peoples Bank 73 59 34

Commercial (21 160 202

Imperial Bank 64 105 64

Cape of Good Hope Bank (19 29 36

Corporate (18 50 61

NIB (25 30 40

Other 11 105

(10 861 953

Microlending 550 195 30

SME Book 775 656 75

BoE 66 –

68 1 778 1 058

)

)

)

)

)


Sme ringfenced collection book l.jpg
SME ringfenced collection book

Trading

Start statement Now

Rm Rm Rm

Carrying value 700 700 698

Estimated collections (220 (64 (42

480 636 656

Planned provisioning 480 636 656

2002 – normal 190 190 190 – additional – 400 4662003 200 46 –2004 90 – –

)

)

)


Non performing loans l.jpg
Non-performing loans

Dec 2002

June 2002

Dec 2001

% % %

Rm adv Rm adv Rm adv

Non-performing loans 8 001 4,0 7 014 4,4 6 974 4,4

Expected recoveries 3 836 2,0 3 603 2,3 3 473 2,2

Expected losses 4 165 2,0 3 411 2,2 3 501 2,2

Provisions (coverage) 6 553 3,1 4 691 3,0 5 154 3,3

Adequacy of provisions

– Gross coverage (%) 82 67 74

– Net coverage (%) 157 138 147


Capitalised development costs l.jpg
Capitalised development costs

2002 2001

Opening balance 881 480

Development expenditure 386 549

Commissioned (772 (148

Closing balance 495 881

Software amortisation 182 92

)

)


Capital adequacy l.jpg
Capital adequacy

2002 2001

Rbn %* Rbn %*

Tier 1 14,5 7,0 14,1 8,6

– Ordinary capital & reserves 12,5 6,0 14,1 8,6

– Preference capital 2,0 1,0 – –

Tier 2 8,5 4,0 4,6 2,8

– Callable notes 6,0 2,6 2,0 1,2

– Other 2,5 1,4 2,6 1,6

Total 23,0 11,0 18,7 11,4

*Percentage of risk-weighted assets


Boe acquisition l.jpg
BoE acquisition

Rbn

Purchase consideration

7,7

Adjusted net asset value

4,9

Goodwill

2,8


Boe pre acquisition adjustments post tax l.jpg
BoE pre-acquisition adjustmentsPost-tax

Rm

Net asset value – 31 March 2002 6 058

Headline earnings April – June 2002 97

Exceptional items (173

Net asset value – 30 June 2002 5 982

Fair value adjustments (899

Accounting policy alignments (170

Adjusted net asset value as at 30 June 2002 4 913

)

)

)

Handout only


Embedded value l.jpg
Embedded value

Rm 2002

Shareholders’ net assets 566

Value of in-force business 59

Embedded value 625

Value of 15 months’ new business 1

Embedded value earnings as a % of opening embedded value* (4,7%)

*Embedded value earnings negative due to change in assumptions

Handout only


Indicative new segmental l.jpg

Earnings Assets

Nedbank Corporate 71% 70%

Corporate Banking 23% 15%

Commercial Banking 19% 11%

Property Finance 8% 14%

International 6% 9%

Imperial Bank 3% 4%

Treasury 3% 12%

Other 9% 5%

Retail 8% 20%

Wealth Management 6% 5%

Retail Banking 2% 15%

Peoples Bank 4% 3%

Capital & Group Services 17% 7%

Indicative new segmental


Slide32 l.jpg

Strategic review

Derek Muller


Nedbank corporate l.jpg
Nedbank Corporate

We are an integrated corporate and investment bank offering a full range of services (advisory, debt, equity, and transactional banking) to large and mid size corporates, based on strong enduring relationships, driven by innovative solutions and leading edge technology


Nedbank corporate34 l.jpg
Nedbank Corporate

No. of clients : 1 700

Market share : ± 22%

Corporate

Banking

R250m turnover

Business

Banking

No. of clients : 25 000

Market share : ± 24%

R5m turnover



Nedbank corporate36 l.jpg
Nedbank Corporate

Assets No. of

(Rm) people

Corporate Banking 36 600 310

Business Banking 22 300 3 720

Corporate Finance – 30

ENF – 200

Capital markets 10 700 350

Property & Asset Finance 25 000 1 200

International & Africa 23 200 670

Treasury 34 000 340

Total 151 800 6 820


Nedbank corporate37 l.jpg
Nedbank Corporate

  • Quality asset growth of 12%

  • RoE 21%

  • Excellent credit management with low levels of specific provisions for the year

  • Strong growth in black empowerment transactions

  • Global trade achieved significant market share gains

  • Nedbank Investor Services ranked the premier custody services provider

Handout only


Nedbank treasury l.jpg
Nedbank Treasury

  • Successful integration of treasury rooms

  • Integrated six back offices into central processing area

  • Foreign currency trading profit up 33% on prior year

  • Total trading profit up 16% on prior year

Handout only


Nedbank commercial l.jpg
Nedbank Commercial

  • Asset growth of 11% to R16bn Star performer was instalment credit (+18%)

  • Client deposits up 27% to R25bn

  • NIR growth of 12% to R767m. Exceptional performance in electronic banking and global trade

Handout only


Nedbank international l.jpg
Nedbank International

  • African subsidiaries NPAT up 54%

  • African associates down 29%(MBCA; HSBC Equator; SBM)

  • Hong Kong NPAT down 26%

  • London NPAT down 17%

  • Focus on trade finance & private banking

Handout only


Nedbank corporate strategic objectives 2003 l.jpg
Nedbank CorporateStrategic objectives 2003

  • Create a common culture

  • Build on our intellectual capital/advisory capacity

  • Build on our very strong corporate relationships

  • Maximise our regional strengths

  • Deeper penetration of the mid-market

  • Greater focus on public sector

  • Commitment to growth in Africa and offshore

  • Total commitment to black economic empowerment


Nedbank corporate integration update l.jpg
Nedbank CorporateIntegration update

  • Treasury consolidation completed 1 February 2003

  • Systems selected

  • No funding difficulties

  • No clients lost

  • Lost very few senior people

  • Change management: roadshows/workshops


Some recent deals l.jpg
Some recent deals

  • Southern Sun/Tsogo Sun – funding

  • Cell C – funding & swaps

  • African Legend/Caltex – advisor

  • Resilient Properties – listing

  • Harmony/African Vanguard – advisor

  • Sandton Towers – property structure

  • Sasol Service Stations – funding

  • Telkom IPO – legal advisor

  • ICC/World Cup – legal advisor


Synergy estimates l.jpg

18

Capital Markets

43

Business Banking

Corporate Banking

-

12

Property & Asset Finance

-

Finance & International

62

Treasury

135

Total

Synergy estimates

Handout only


Slide45 l.jpg

Strategic review (continued)

Tom Boardman



View of the market l.jpg
View of the market

BoE

Top 300 listed corporates,

government, institutions

High net worth

Medium size listed,

unlisted, professionals

Nedbank Retail

Nedbank Corporate

Middle income

Old Mutual Bank

Owner managed

Pick ‘n Pay Go Banking

Peoples Bank

Informal sector

Mass market

Businesses

Individuals


Sa retail market l.jpg
SA Retail market

Nedbank Private Banking

13 000 clients

BoE

17 000 clients

Income > R500 000 p.a.

Assets > R3 million

Nedbank Personal Banking

85 000 clients

Income > R200 000p.a.

Nedbank Retail

719 000 clients

Income > R36 000p.a.

Income-based

classification

Asset-based

classification


Nedbank retail highlights l.jpg
Nedbank (Retail) – highlights

  • Strategy development started in 2000, focusing on 3 main issues:

    • Create appropriate working environment

    • Build sustainable competitive advantage

    • Fix poor performance

  • Detailed 5-year plan, ahead of plan at end 2002


Nedbank retail financial highlights l.jpg
Nedbank (Retail)Financial highlights

  • Retail Division has delivered outstanding results for 2002:

    • Client assets+11%

    • NII +18%

    • NIR +13%

    • Expenses +12%

    • NIAT +87%


Nedbank retail integration update l.jpg
Nedbank RetailIntegration update

  • Moved product teams to a new “shared service” Product Division

  • Moved Unit Trust Company to Wealth Management

  • Move of Wealth Management from Nedbank Private Bank to Wealth Management – in progress

  • Move of Cape of Good Hope Bank branches, staff and retail clients into Retail Division – well on track

  • Integration of Manager Direct into Nedbank Retail

Handout only


Pick n pay go banking l.jpg
Pick ’n Pay Go Banking

  • Phase 3 commenced July 2002

    • 236 Go Bankers in 14 Hypermarkets and 113 Supermarkets

    • In-store card delivery

    • Exclusive discounts

    • 85 000 accounts / 3 000 new applications per week


Old mutual bank l.jpg
Old Mutual Bank

  • Division of Nedbank Ltd – 50/50 JV

  • Leverage dominant Old Mutual brand

  • Banking products, systems and processes supplied by Nedcor

  • Sales, marketing and channel management supplied by Old Mutual


Omb business opportunities l.jpg
OMB Business Opportunities

  • 2 million OMPF customers

  • 300 000 ex-Permanent Bank customers

  • No need to create a brand

  • Huge intermediary network

  • Established branch distribution network

  • No need to use expensive originators for mortgages


Nedcor wealth management l.jpg
Nedcor Wealth Management

Wholly-owned Businesses

Jointly-owned Businesses with Old Mutual

International Companies

(On and Offshore)

Credit Protection

(South Africa)

Retail Investment Products & Services

Private Clients

(South Africa)


Nedcor wealth management56 l.jpg

Complete offeringboth onshore & offshore

Nedcor Wealth Management

Wholly-owned Businesses

Jointly-owned Businesses with Old Mutual

International Companies

(On and Offshore)

Credit Protection

(South Africa)

Retail Investment Products & Services

Private Clients

(South Africa)

  • Scope of offering to High Net Worth Individuals:

    • Discretionary Portfolio Management

    • Private Banking

    • Other Investment Products

    • Fiduciary Services:Trusts, Wills,

    • Estates

No. of staff 554/Clients 17500/AUM R23bn


Private clients business structure l.jpg

Nedbank Syfrets Private Banking Wealth Mngmnt

BoE Private Bank

Syfrets Trust

BoE Personal Stockbrokers

FTNIB Private Client Asset Mgt

Private Clients business structure

Old Mutual Trust

Handout only


Private clients one client centric model l.jpg

Relationship Manager

Distribution

• Private Client Asset Mgmnt • Stockbroking

• Structured Lending • Fiduciary

Products

Product provision

In-sourcing products

Product provision

NEDBANK

FAIRBAIRN CAPITAL

Private ClientsOne client-centric model

Handout only


Private clients impact of merger l.jpg
Private ClientsImpact of merger

  • Six different business models to be combined into one business - presently working with McKinsey & Co to determine optimal business model

  • Extendedproduct range for clients

    • Off-shore opportunities with Gerrard Private Bank

    • Increase share of wallet of existing customers (currently single product clients only)

  • Economies of scale lead to decrease in relative costs

    • increasing profitability

    • eliminate duplication of operations

Handout only


Private clients international joint venture l.jpg
Private ClientsInternational joint venture

  • Old Mutual and Nedbank have a joint initiative in Gerrard Private Bank

    • Comprehensive offering to high net worth individuals

    • Will be BoE’s offshore offering

    • Full product range now available on a ‘seamless’ basis

      • Banking

      • Trust and Fiduciary Services

      • Investment Management

    • With the representative office recently opened - perfectly positioned to service clients

Handout only


Nedcor wealth management61 l.jpg
Nedcor Wealth Management

Wholly-owned Businesses

Jointly-owned Businesses with Old Mutual

International Companies

(On and Offshore)

Credit Protection

(South Africa)

Retail Investment Products & Services

Private Clients

(South Africa)

  • Scope of providing banking customers with credit protection

    • Nedbank customers

    • JV and Alliances

    • Other banks customers

No. of staff 105 / Premium income R491m / EV R44m


Credit protection impact of merger l.jpg
Credit ProtectionImpact of merger

  • Single focus on credit protection

  • Repositioning of business as a ‘Bank Life Company’

  • Utilise the strengths of both shareholders

    • distribution from Nedbank

    • expertise from Old Mutual

Handout only


Nedcor wealth management63 l.jpg
Nedcor Wealth Management

Wholly-owned Businesses

Jointly-owned Businesses with Old Mutual

International Companies

(On and Offshore)

Credit Protection

(South Africa)

Retail Investment Products & Services

Private Clients

(South Africa)

  • Develops, distributes and supports both international and SA investment product solutions to chosen target markets

No. of staff 80/Unit holders 133 000/AUM R7bn


Retail investment products services l.jpg
Retail InvestmentProducts & services

Outsourced

Support

Services

Target

Market

Retail Products & Services

Outsourced

Asset

Management

  • SA

  • BoE

  • Aka

  • Nedbank Treasury

  • SYmmETRY

  • OMAM

  • International

  • Stenham Gestinor

  • NIBi

  • Chiswell Associates

  • OMUS

  • SA

  • BoE Private Clients

  • BoE Trust Services

  • HNW Intermediaries

  • LISPs/FOFs

  • Nedbank Retail

  • Nedbank Corporate

  • Group Alliances

  • International

  • Gerrard Private Bank

  • Offshore Trust Companies

  • HNW Intermediaries

  • Gerrard UK

  • Offshore Life Companies

  • Both SA & International

  • Product research & development

  • All collective investment schemes

  • Marketing, sales, distribution support

Handout only


Retail investment impact of merger l.jpg
Retail InvestmentImpact of merger

  • Amalgamation of four unit trust management companies (BoE, FT-NIB, Nedbank, NIBi)

  • Definition of a new value proposition and product set covering active, passive, multi-managed and absolute ranges

  • Rationalisation of more than 50 unit trust funds

  • Release R30m of under-utilised capital

  • Distribution, marketing and operational consolidation, yielding economies of scale

  • Consolidated negotiation with suppliers on performance-related SLAs

Handout only


Nedcor wealth management66 l.jpg
Nedcor Wealth Management

Wholly-owned Businesses

Jointly-owned Businesses with Old Mutual

International Companies

(On and Offshore)

Credit Protection

(South Africa)

Retail Investment Products & Services

Private Clients

(South Africa)

  • 3 main focus areas

    • Private Clients

    • Specialised Asset Mgmt

    • Private Banking

No. of staff 430/Clients 26 000/AUM £4,25bn


International businesses l.jpg

BoE International

Stenham Gestinor

Gerrard Private Bank

Chiswell Associates

NIBi International

Fairbairn Trust

International Businesses

Handout only


International businesses nature of business l.jpg
International BusinessesNature of business

  • Private client asset gathering and management

    • Fiduciary services

    • Hedge Funds

    • Syndicated Property Investments

    • Linked Investment platform

    • Retail pooled investments

  • Asset Management - manage investments of

    • families

    • charities and small institutional funds

  • Gerrard Private Bank - offers clients integrated

    • banking

    • asset management

    • fiduciary services

    • treasury products

Handout only


International businesses impact of merger l.jpg
International BusinessesImpact of merger

  • Creation of one multi-management business

    • Stenham Gestinor Asset Management

    • NIBi

  • Rationalise the trust businesses

    • BoE Trust Co

    • SG Trustee Services (Channel Islands. Switzerland, Luxembourg)

    • Fairbairn Trust/Gerrard Trust

    • NIBi Trust Company

  • Integration of the management and operations of the international businesses

Handout only


Wealth management long term opportunities l.jpg
Wealth ManagementLong-term opportunities

  • We have all the products that are needed

  • We have a huge client base providing growth potential

  • Our businesses are already profitable

  • Leads to rapid growth!


Synergy estimates71 l.jpg
Synergy estimates

R’m

127

Shared Services

Nedbank Corporate

135

  • Integration costs being estimated

  • Synergies will benefit the Group fully in 2005

Nedbank Retail

36

Wealth Management

103

14

Peoples Bank

T&O

245

660

Total

Handout only


Slide72 l.jpg

Strategic review (continued)

Richard Laubscher


Peoples bank highlights l.jpg
Peoples BankHighlights

  • Total assets increased 6% despite 19% decline in FBC assets

  • 37% increase in NIR

  • Net effect of “excess” provisions only R30m

  • R130m benefit from assessed losses

  • Restructuring proceeding well

    • Risk and compliance centralised

    • More than 1 million transactional clients

    • Total assets R12bn (R10bn in advances)


Technology operations highlights l.jpg
Technology & OperationsHighlights

  • Financial performance

  • Process culture

  • M&R Integration

  • Digitisation

    • CAMSII

    • Alpha cost savings

    • NetBank

  • International – Swisscard on track


Slide75 l.jpg

Prospects

Richard Laubscher


Strategy l.jpg
Strategy

Wealth

Management

International

SA Banking

Corporates

Individuals

Businesses

Peoples Bank

Bancassurance

Alliances

T&O platform

Outsourcing


The year ahead l.jpg
The year ahead

  • Strategic platform in place

  • Retain and grow client base

  • Integrate operations

  • Extract synergies

  • Address non-performing assets

  • 2002 low base: 2003 therefore statistically better

  • 2004: the power in the model should evidence itself

    Implementation & execution