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Magnus Uggla: "The Branch is the Bank"

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A presentation held by Magnus Uggla, head of Handelsbanken International, at the high level seminar "Towards a sustainable financial system", hosted by the Stockholm based think tank Global Challenge in cooperation with London School of Economics and Swedish House of Finance on September 12th 2013.

Veröffentlicht in: Wirtschaft & Finanzen, Business
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Magnus Uggla: "The Branch is the Bank"

  1. 1. ”The Branch is the Bank” Magnus Uggla – General Manager Handelsbanken International Executive Vice President, Handelsbanken Stockholm Sept 12, 2013
  2. 2. Handelsbanken • A universal bank founded in 1871 • Same business model for 41 years • Total assets 280 BEUR • Some 800 branches in 24 countries – organic growth • 11,000 employees
  3. 3. Handelsbanken’s goal • Higher profitability than the average of banks in Handelsbanken´s home markets. • This goal is to be achieved by the Bank having more satisfied customers and lower costs than its competitors. 3
  4. 4. Handelsbanken Group Return on shareholder’s equity 1973 – 2013:H1 4 Return on shareholder’s euquity after tax (1973-2008: standard tax). Adjusted for one-off items. * Comparable banks: SEB, Nordea, Swedbank and since 2003 also Danske Bank and DNB. -5 0 5 10 15 20 25 30 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 20112013 H1 Handelsbanken Other comparable banks*%
  5. 5. Barclays BNPP CBK Erste Raiffeisen BBVA Intesa Unicredit Santander SocGen Danske DNB Nordea SEB Swedbank SHB (2)% 0% 2% 4% 6% 8% 10% 12% 14% 16% 4% 6% 8% 10% 12% 14% 16% 18% RoE2012A Basel III Core Tier 1 ratio 2012A Handelsbanken Group Highest RoE AND strongest capitalisation 5 Source: Company filings; SNL; FactSet as of April 25; J.P. Morgan estimates. Basel III Core Tier 1 ratio 2012A – as reported by the company or estimated by J.P. Morgan research in the instances where the companies do not report the ratio RoE 2012A: net income attributable to shareholders, divided by average shareholders’ equity. As reported in company filings
  6. 6. Average annual growth in equity including dividends Handelsbanken Group 6 Dividends reinvested in RoE per quarter CAGR, compounded annual growth rate
  7. 7. -0.20 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 H1 Handelsbanken Other Nordic banks* Annual average SHB % Handelsbanken Group Loan losses as a percentage of lending Average 1998 – 2012: Handelsbanken = 0.04% Other Nordic banks* = 0.22% Less than one fifth of the peer group’s average! * Arithmetic mean of loan loss ratio for other listed Nordic banks: SEB, Nordea (Nordbanken), Swedbank, Danske Bank and DNB. Annual average other Nordic banks 7
  8. 8. ”The branch is the bank”
  9. 9. Our growth model: Income/expense trend for UK branches 9 Handelsbanken Group 0 5 10 15 20 25 30 35 40 45 50 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Income, average Costs, average SEK m per branch ~40% of branches more than 4 years old ~60% of branches less than 4 years old
  10. 10. Key issues: • Corporate culture - risk appetite - incentives • Pressure from the capital markets - equity investors - debt investors
  11. 11. QUESTIONS?

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