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1Q12 Institutional Presentation
- 2. Summary History and Profile PINE History Business Strategy Competitive Landscape Focus on the Client Corporate Credit Hedging Desk PINE Investimentos and Distribution Pillars Rating Upgrades Highlights and Results Corporate Governance and PINE4 Organizational Structure Corporate Governance Committees Capital Increase, Split, and Shareholder Structure Dividends and Interest on own Capital Appendix Investor Relations | 1Q12 | 2/32
- 4. PINE Specialized in providing financial solutions for large corporates… Credit Portfolio by Annual Client Revenues Up to R$150 March 31st, 2012 million 15% Over R$1 billion 52% R$150 million to R$500 million R$500 million to $ 16% Profile R$1 billion 17% Focused on g establishing g long-term p relationships with Business is structured along four primary business lines: large corporates Close relationships and product penetration g p y • Corporate Credit: credit and financing products • Hedging Desk: instruments for hedging and risk management •• PINE Investimentos: Investment Banking and Investment/Wealth Management • Distribution: Funding and investment solutions for foreign and local investors Investor Relations | 1Q12 | 4/32
- 5. History ...with extensive knowledge of Brazil’s corporate credit cycle. 1939 Pinheiro Family founds End of 2007 Focus on expanding the Corporate Banking franchise Di ti ti f th ll d d tibl l b i October, 2011 Subscription of PINE`s capital by DEG 1,015 1,029 Banco Central do Nordeste Discontinuation of the payroll-deductible loan business October, 2007 Creation of the Hedging Desk May, 2007 801 827 825 867 1975 Noberto Pinheiro Creation of PINE Investimentos product line and start up of Cayman branch 2005 Noberto Pinheiro becomes PINE’s sole shareholder becomes one of BMC’s controlling shareholders 4,118 5,747 6,921 7,300 Corporate Credit Portfolio (R$ Millions) 335 121 126 140 136 152 171 209 Shareholders' Equity (R$ Millions) 1997 155 184 222 341 521 620 755 663 761 1,214 2,854 3,070 18 62 Noberto and Nelson Pinheiro sell their stake in BMC and found PINE Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Mar-12 Asian Russian Devaluation Nasdaq Sept Brazilian Banco Santos Subprime Banco European Crisis Crisis liquidity crisis Panamericano Community March, 2007 IPO of the real Sept. 11 Elections (Lula) May, 2012 15 years Investor Relations | 1Q12 | 5/32
- 7. Competitive Landscape PINE serves a niche market of companies that lack adequate banking options, seeking a bank that fully understands their needs…… Market Consolidation of the banking sector has Large Multi-Services banks decreased the supply of credit lines and financial instruments for corporates Foreign banks are in a deleveraging process 100% Corporate g g gp PINE 100% focused on providing complete service to companies, offering customized products . Corporate & SME Foreing banks Full service Bank – Credit, Hedging, and Investment Bank products – with room for growth SME & Retail ~10 clients per officer Competitive Advantages: Focus Retail Fast response: Strong relationship with clients, with credit committee twice a week and answer to clients in up to one week S i li d i Specialized services Tailor-made solutions Product diversity Investor Relations | 1Q12 | 7/32
- 8. Focus Always on the Client The bank develops a strategy of product diversity, tailored to meet the needs of each client. CDIs CDs LCIs CCBs Private Pricing of Assets and Liabilities Fixed Income Currencies CDBs RDBs LCAs Eurobonds Placements Financial Letters Local Currency Liquidity Management Working Capital Overdraft Commodities Equities CRIs Debentures Foreign Currency Distribution Treasury Trading Working Capital Underwriting Accounts BNDES Onlending Bank Guarantees Compror ACC/ACE Clients Corporate Credit PINE Investimentos Capital Markets Advisory Local Currency Onlending Foreign Currency Trade Finance g Advisory Investment/ Wealth Private Placements Bank Guarantees Fixed Income Export Finance Finimp Letters of Credit 2,770 onlending Hedging Desk Fixed Income Currencies Credit Funds Management Structured/ Project Finance Structured/ Project Finance Structured Finance Funds Portfolio Management Swap NDFs Structured Swaps Syndicated and Commodities Structured Loans Options Investor Relations | 1Q12 | 8/32
- 9. Corporate Credit Strong track record and solid credit origination and approval process. Actions Credit Committee Personalized, agile service, working closely with clients and keeping a low client to account officer ratio: each officer handles ~10 economic groups on average. q Meets twice a week – reviewing 20 proposals on average Minimum quorum: 4 members - attendance of CEO or Chairman is mandatory Members: Chairman of the Board Geographic coverage of clients, providing the bank with local and extremely up-to-date credit intelligence and information. CEO Chief Operations Officer Chief Administrative Officer Chief Credit Officer Established long term relationship with more than 600 economic groups Origination network is comprised of 11 branches divided into 14 origination platforms in Brazil’s major economic centers Participants: Executive Director of the Hedging Desk Treasurer More than 30 credit analysts, assuring that analysis is fundamentally driven and based on industry-specific intelligence Credit Analysts Other members of the Corporate Banking origination team Efficient loan and collateral processes, documentation, and controls, which has resulted in a low NPL track record pp Credit Approval: Electronic Process Origination Officers Credit Analysts Credit origination analysis clients Regional Heads of Origination and Credit Analysis Vice President and Analysts of Credit Presentation to the Credit Committee CREDIT COMMITTEE Centralized and unanimous Discussion on sizing sizing, collateral collateral, Credit analysis, visit to clients, data updates, interaction with internal research team decision making process structure, etc. Investor Relations | 1Q12 | 9/32
- 10. Hedging Desk PINE is the 1st player in terms of commodities to clients¹. Client Notional Derivatives Portfolio by Market Notional Value and (MtM) March 31st, 2012 R$ Millions 358 354 354 Notional Value MtM MtM Stressed Fixed Income 30% Currency 62% 106 84 178 157 126 236 224 Commodities 8% 3 428 3 457 3 709 3 712 4 287 Notional: R$4.3 billion 3,428 3,457 3,709 3,712 4,287 Mar-11 Jun-11 Sept -11 Dec-11 Mar -12 Market Segments Portfolio Profile Fixed Income: Fixed Floating Inflation Libor Scenario on March March, 31st Duration: 198 days Mark-To-Market : R$126 million Fixed, Floating, Inflation, Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar, Australian Dollar Stress Scenario (Dollar: +31% and Commodities Prices: -30%): Stressed MTM: R$354 million Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn, Cotton, Metals, Energy *Source: Cetip Report, March 2012. Investor Relations | 1Q12 | 10/32
- 11. PINE Investimentos and Distribution ...adding value for clients, while optimizing the use of the Bank's capital. PINE INVESTIMENTOS Market Segments Capital Markets: 16 Volume of Underwriting Transactions Revenues Structuring and Distribution of Fixed Income Transactions 317 Financial Advisory Project Finance M&A Hybrid capital transactions 233 Assets under Management Fixed Income - 1Q11 4Q11 1Q12 0 1 1Q11 4Q11 1Q12 Distribution Desk Credit Funds Exclusive Mandates Portfolio Management Local and Foreign Investors Family Offices Corporates Financial Institutions Foreign Investors High Net Worth Individuals Asset Managers Pension Funds Investor Relations | 1Q12 | 11/32
- 12. Pillars Strategy supported by solid fundamentals, built and achieved over the years… Adequate capital structure Strong and motivated team Capital Adequacy Ratio (BIS) of 16 4% Meritocracy Right incentives Highly qualified team 16.4% Regulatory Capital: R$1.3 billion DEG and PINE partnership R$ 237 million subordinated debt, qualified as Tier II capital Corporate clients Strong relationship Customized service Efficient funding structure Longer average maturities: 17 months (Mar/12) Greater diversification of funding sources In-depth knowledge of client needs Product diversity USD25 million 10 year funding with Proparco USD37.5 million funding uptake in Islamic format with the Saudi bank Al Rajhi USD106 million A/B Loan (Jan/11) with the IIC Investor Relations | 1Q12 | 12/32
- 13. Rating Upgrades ...with market recognition and positive evaluation by rating agencies. On December 7th, 2011: PINE’s rating in global scale, to BB+ from BB- (two notches) On May 14th, 2012 Foreign and Local Currency Long- Term IDR to 'BB' from 'BB'- PINE’s rating in national scale, to brAA from brA (three notches) On August 23rd, 2011: Local currency rating, to brA from National Long-Term Rating to 'A+(bra)' from 'A(bra)' Viability rating upgraded to 'bb' from 'bb-' Banco Pine S.A. USD 125 million brA-Reaffirmed the Rating in foreign currency in BB-Revision from PINE’s outlook to positive Subordinated notes to 'B+' from 'B' Fitch attributed this upgrade to the diversification of PINE's funding profile and its good assets and liabilities management, provided by the adequate h f h di d f di b k ddi i The agency based its ratings on the strong asset-quality, adequate liquidity, capital, and earnings. S&P also emphasizes the gradual funding di ifi i h h f i i match of the credit and funding books. In addition, the Agency considered that the positive liquidity gap allied with the good cash position evidences the Bank's overall solid financial strength. According to the Agency, the Bank’s continued increase in fee income mainly due to higher product penetration is diversification, through foreign issuances, securitizations, and the recent capital increase subscribed by DEG income, penetration, a good indicator of the successful maintenance of profitability levels. Investor Relations | 1Q12 | 13/32
- 15. 1Q12 Key Figures The main indicators showed improvement in the period… R$ Millions Expanded Corporate Credit Portfolio1 25.4% Total Funding 20.7% Corporate Credit Coverage 80 bps 5 823 7,300 2.7% 5,322 6,421 3.5% 5,823 Mar -11 Mar -12 M 11 M 12 M 11 M 12 1 Includes guarantees and private securities Mar-Mar-Mar-Mar-Shareholders´ Equity Net Income ROAE 17.1 % 51.6% 430 bps 879 1,029 31 47 15.2% 19.5% Mar-11 Mar-12 1Q11 1Q12 1Q11 1Q12 Investor Relations | 1Q12 | 15/32
- 16. Product and Revenue Diversification ...with contributions from all business lines, as a result of the strategy of complete service to clients. Clients with more than one Product Penetration Ratio – Clients with more than one Product 3.0 More than 1 product 1 product 2.7 60% 56% 42% 2.5 40% 44% 58% Mar-10 Mar-11 Mar-12 Mar -10 Mar -11 Mar -12 Corporate Revenues Breakdown 1Q11 1Q12 Corporate Credit 69.0% PINE Investimentos 0.5% Treasury 3.4% Corporate PINE Investimentos 10 2% Hedging Desk Credit 57.3% 10.2% Treasury 8.2% 27.1% Hedging Desk 24.3% Investor Relations | 1Q12 | 16/32
- 17. Credit Portfolio The portfolio continued to grow, +5.3% QoQ and +25.4% YoY… R$ Millions 6 935 7,300 Expanded Corporate Credit Portfolio1 547 622 782 765 782 1.021 Trade finance 5 292 5,773 5,823 6,314 6,732 6,935 1.022 1.117 1.372 1.534 1.687 1.684 881 883 827 883 840 722 569 Guarantees BNDES Onlending 4,556 4,828 5,292 71 122 251 297 342 261 472 644 846 881 912 634 842 Private Securities 2,821 2,792 3,251 3,358 3,132 3,126 3,300 3,286 3,370 Working Capital Mar-10 Jun-10 Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 ¹ Includes debentures, CRIs, and hedge fund shares Investor Relations | 1Q12 | 17/32
- 18. Credit Portfolio Profile ... growing in a diversified manner… Credit Portfolio by Industry Segments Geographic Distribution Midwest North 2% Electric and Renewable Energy 8% Foreingn Trade 5% Transportation and Logistics 5% Food Industry 4% Specialized Services Northeast 5% 10% Infrastructure 8% Agriculture 4% Meatpacking 3% South 7% 8% Metal and Mining 3% Beverages and Tobacco 3% Southeast 76% Construction 9% Vehicles and Parts 3% Chemicals 2% Sugar and Ethanol 20% Telecom 2% Financial Instituions Materials of 2% Constrution and D ti Others 9% Decoration 2% Investor Relations | 1Q12 | 18/32
- 19. Credit Portfolio Quality ... with quality, collaterals, and adequate credit coverage. Credit Portfolio Quality – March 2012 Non Performing Loans > 90 days B 32.7% 0.7% 0.7% Contracts Overdue Installments Overdue C 0.6% 0.5% 0.5% 0 3% 0 3% 0 3% AA A 11.1% D-E 1.5% F-H 0.3% 0.2% 0.3% 0.3% 0.2% Total Credit Coverage Collaterals 80 b AA-52.7% 2.0% Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 bps -10 bps Products Pledge Guarantees 44% 2% 2.7% 3.6% 3.5% Investments 3% Properties Pledge Mar-11 Dec-11 Mar-12 Receivables 31% 20% Investor Relations | 1Q12 | 19/32
- 20. Funding Diverse sources of funding… R$ Millions Trade Finance 6,248 6,544 6,421 267 310 246 233 220 237 353 276 158 102 86 250 125 413 377 435 596 814 753 841 Private Placements 5,182 Multilateral Lines 4 622 5,437 5,322 5,936 224 320 210 165 250 281 46 42 53 66 110162 161 31 453 626 829 867 898 867 867 868 - - 21 33 247 256 281 291 203 194 194 201 239 227 200 160 282 87 151 166 172 448 405 International Capital Markets Local Capital Markets 4,622 4,304 27-6 BNDES 1,287 1,253 1,196 1,186 85 1 064 1,124 1,463 1,530 1,114 175 198 214 218 212 228 248 201 272 50 36 41 242 Demand Deposits 1,064 I t b k Interbank Ti Time D it Deposits 1,566 1,646 1,654 1,592 1,720 1,845 1,965 2,130 2,128 High Net Worth Individual Time Deposits Corporate Time Deposits Mar-10 Jun-10 Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 Institutional Time Deposits Investor Relations | 1Q12 | 20/32
- 21. Asset & Liability Management ... presenting a positive gap of 3 months between the credit and funding portfolios. Matching of Transactions CREDIT FUNDING Credit Exposure to Total Funding Ratio 88% 82% BNDES BNDES Trade Finance Trade Finance 80% 76% 81% Deposits Working Capital, Private Securities* And Cash Letras Financeiras * I l d d b CRI b d d h d f d h Off h F di ALM Deposits vs. Total Funding 4,304 5,322 6,421 Includes debentures, CRIs, eurobonds, and hedge fund shares Offshore Funding Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 R$ Millions R$ Millions 30% 37% 41% Others , 2,668 1,969 2,336 1,608 1,594 Credit Funding 1 432 70% 63% 59% Deposits - , 435 1,432 915 31 109 144 Mar-10 Mar-11 Mar-12 No maturity Up to 3 months (includes Cash) From 3 to 12 months From 1 to 3 years From 3 to 5 years More than 5 years Investor Relations | 1Q12 | 21/32
- 22. Capital Adequacy Ratio (BIS) ...and strong capitalization ratios. Tier II Tier I Minimum Regulatory Capital (11%) 18.5% 18.4% 3.9% 3.6% 17.4% 17.1% 16.6% 3.6% 3.7% 3.4% 19.6% 4.5% 18.5% 4.2% 16.4% 14.9% 3 1% 0.5% 3.1% 14.4% 14.6% 14.8% 13.8% 13.4% 13.2% 15.1% 14.3% 13.3% Mar -10 Jun -10 Sept -10 Dec -10 Mar -11 Jun -11 Sept-11 Dec -11 Mar -12 R$ millions Bis Ratio(%) Tier I 1,025 13.3% Tier II 237 3.1% Total 1,262 16.4% Investor Relations | 1Q12 | 22/32
- 23. Guidance 2012 PINE is ready to capture 2012's business opportunities, and reaffirms the guidance for 2012. Guidance Expanded Corporate Credit Portfolio 17% - 22% Personnel and Administrative Expenses 8% - 12% NIM 5.5% - 7.5% ROAE 17% - 20% Investor Relations | 1Q12 | 23/32
- 24. Corporate Governance and PINE4
- 25. Management Structure Non-bureaucratic, entrepreneurial, and meritocratic culture with a flat hierarchy, speeding the decision making process. Noberto Pinheiro Noberto Pinheiro Jr Maurizio Mauro Gustavo Junqueira Mailson da Nóbrega Antonio Hermann Chairman Vice Chairman Independent Member External Member Independent Member Independent Member INTERNAL EXTERNAL AUDIT AUDIT COMPENSATION AUDIT COMMITTEE Tikara Yoneya COMMITTEE PWC CEO Noberto Pinheiro Jr ASSET MANAGEMENT Dan Cohen HUMAN RESOURCES Sidney Vilhena COO Norberto Zaiet CRO Gabriela Chiste CAO Ulisses Alcantarilla CFO Susana Waldeck International Origination Investments Cash Flow Management Asset & Liabilities Back Office Controlling Accounting Tax Planning Credit Compliance & Internal Controls Sales & Trading Research Macro / Commodities Legal Collaterals Management Special Assets Middle Office g IT Accounts Payable Office Management Marketing Investor Relations Risks From April 2012 on Investor Relations | 1Q12 | 25/32
- 26. Corporate Governance PINE has the best corporate governance practices… Three independent members and one external member on the Board of Directors Mailson Ferreira da Nóbrega: Brazil’s Finance Minister from 1988 to 1990 Maurizio Mauro: Former CEO of Booz Allen Hamilton and Grupo Abril Antonio Hermann: Former CEO of Banco Itamarati, Director at FEBRABAN and elected Director of Brazilian Banking Association Gustavo Junqueira: Former Head of PINE Investimentos, Member of the Board of Directors at EZTEC, Financial Advisor at Arsenal Investimentos and CFO at Gradiente Eletronica São Paulo Stock Exchange (BM&FBovespa) Level 2 Corporate Governance Audit and Compensation Committee reporting directly to the Board of Directors 100% tag along rights for all shareholders, including non-voting shares Arbitration procedures for fast settlement of litigation cases First Brazilian bank to release BR GAAP and IFRS quarterly Investor Relations | 1Q12 | 26/32
- 27. Committees …favoring collective decision making. Main decisions are taken by committees: Board of Directors and a structure of specific committees Non-stop exchange of knowledge, ideas, and information Transparency 45 days BOARD OF DIRECTORS RISK COMMITTEE AUDIT COMMITTEE COMPENSATION COMMITTEE 45 days Bi-annually Monthly CEO COMMITTEES INVESTMENT EXECUTIVE CREDIT LITIGATION TREASURY COMMITTEE ALCO HUMAN RESOURCES BANK INTERNAL PERFORMANCE EVALUATION IT ETHICS CONTROLS AND COMPLIANCE Monthly Twice a week Weekly Weekly Bi-monthly Every 2 months Monthly 45 days Quarterly On demand From April 2012 on Investor Relations | 1Q12 | 27/32
- 28. Capital Increase, Split, and Shareholder Structure Successful capital increase done in September and approved by the Central Bank in December. The first and only equity investment by DEG in a Brazilian bank. The agreement will expand the collaboration between the two institutions. Split adjusted price per share: R$15.06 Total shares: 2,904,228 preferred shares Total amount: R$43,749,988.80 Approximately 14% split on February 27th. Split ratio: 14.18 New shares issued: 12,274,766 Ownership structure: As of March 31, 2012 Common Preferred Total % Controlling Shareholder 51.886.766 1 5.595.863 6 7.482.629 68,3% Management - 5.155.650 5.155.650 5,2% Free Float - 2 6.214.495 2 6.214.495 26,5% Individuals - 3 .608.935 3 .608.935 3,7% Institutional Investors - 1 0.445.307 1 0.445.307 10,6% Foreign Investors - 1 2.160.253 1 2.160.253 12,3% Total 51.886.766 4 6.966.008 98.852.774 Investor Relations | 1Q12 | 28/32
- 29. Dividends and Interest on Own Capital PINE has delivered an attractive dividend yield paying dividends/interest on own capital on a quarterly basis. 55 33 45 30 35 40 35 16 25 25 15 1S07 2S07 1S08 2S08 1S09 2S09 1S10 2S10 1S11 2S11 1Q12 Investor Relations | 1Q12 | 29/32
- 30. Appendix
- 31. Social Investment and Responsibility PINE supports and promotes the Brazilian culture and sports Social Instituto Alfabetização Solidária Culture Paulo von Poser: exhibit of the painter Paulo von Poser, who is one of Brazil’s most prominent artists Instituto Casa da Providência Quebrando o Tabu: documentary based on the analysis from the former President of Brazil, Fernando Henrique Cardoso, on the fight against drugs Além da Estrada: motion picture, which received the award for best in the 2010 Sports Minas Tênis Clube: training program for athletes director Rio Festival Responsible Credit “Li fE i ” h B kd fi Most Green Bank Lists of Exceptions”: the Bank does not finance projects or those organizations that damage the environment, are involved in illegal labor practices or produce, sell or use products, substances or activities considered prejudicial to society. System of environmental monitoring, financed by the IADB and coordinated by FGV, and internally-produced sustainability reports for corporate loans. Recognized by the International Finance Corporation (IFC), private agency programs of the World Bank as the most "green" bank as a result of its transactions under the Global Trade Finance Program (GTFP) and its on lending to companies focused on renewable energy and ethanol. Investor Relations | 1Q12 | 31/32
- 32. Investor Relations Noberto Pinheiro Jr. CEO Susana Waldeck Norberto Zaiet Jr. CFO COO Raquel Varela Head of Investor Relations Alejandra Hidalgo Investor Relations Manager Phone: +55-11-3372-5343 www.pine.com.br/ir ir@pine.com.br This presentation contains forward-looking statements related to business prospects, estimates for operating and financial results, and estimates related to prospects for growth at Banco Pine. These are merely projections and as such are based exclusively on the expectations of Banco Pine’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, and the performance of the Brazilian economy and the industry, among other factors and risks disclosed in Banco Pine’s filed disclosure documents, and are, therefore, subject to change without prior notice. Investor Relations | 1Q12 | 32/32