I-Bytes Banking Industry

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I-Bytes
Banking
December Edition 2019
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Table of Contents
1. Financial, M & A Updates..................................................................................................................................1
2. Solution Updates................................................................................................................................................17
3. Rewards and Recognition Updates..................................................................................................................24
4. Customer Success Updates...............................................................................................................................52
5. Partnership Ecosystem Updates......................................................................................................................56
6. Miscellaneous Updates.....................................................................................................................................76
7. Event Updates...................................................................................................................................................85

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Financial, M & A Updates
Banking Industry

Financial, M&A Updates
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BMO Financial Group Reports Fourth Quarter and Fiscal
2019 Results
Fourth Quarter 2019 Compared with Fourth Quarter 2018:
• Net income4,5 of $ 1,194 million, down 30%, reflecting a restructuring charge in
the current quarter and a benefit from the remeasurement of an employee benefit
liability in the prior year; adjusted net income1 of $ 1,607 million, up 5%
• EPS2 of $ 1.78, down 31%; adjusted EPS1 of $ 2.43, up 5%
• Revenue, net of CCPB3,4, of $ 5,752 million, up 5%; revenue, net of adjusted
CCPB1, of $5,777 million, up 5%
• Provision for credit losses (PCL) of $ 253 million compared with $ 175 million in
the prior year; includes PCL on performing loans of $22 million
• ROE of 9.9%, compared with 16.1 %; adjusted ROE1 of 13.5 %, compared with
14.5
• Common Equity Tier 1 Ratio of 11.4%
• Dividend increased $0.03 to $1.06, up 6% from the prior year
Fiscal 2019 Compared with Fiscal 2018:
• Net income4,5 of $ 5,758 million, up 6%; adjusted net income1 of $ 6,249
million, up 4%
• EPS2 of $ 8.66, up 6%; adjusted EPS1 of $ 9.43, up 5%
• Revenue, net of CCPB3,4, of $ 22,774 million, up 6%
• PCL of $ 872 million compared with $ 662 million in the prior year; includes PCL
on performing loans of $121 million
• ROE of 12.6% compared with 13.3%; adjusted ROE1 of 13.7 % compared with
14.6 %
Executive Commentary
"BMO finished the year with very strong performance, delivering $1.6 billion in
adjusted earnings and adjusted earnings per share of $2.43 in the fourth quarter,
up 5% year-over-year, with pre-provision pre-tax earnings growth of 11%,
driven by positive operating leverage in all businesses and particularly strong
operating performance in Personal and Commercial banking in both Canada and
the U.S.," said Chief Executive Officer, BMO Financial Group. Our results for
the year reflect the strength and quality of our diversified businesses. Adjusted
earnings per share were $9.43, up 5% from last year. We continued to make
significant progress on our strategic priorities and delivered annual earnings
growth of 23% in our U.S. business. With a clear bank-wide focus on
disciplined expense management, we continued to improve our overall
efficiency ratio with 130 basis points of improvement in the past two years and
good momentum throughout the year. We have a number of initiatives
underway, including today's announcement of a restructuring charge, that will
serve to accelerate our momentum and help us meet our efficiency objectives
over the long-term. In addition, we gained market share in key areas, including
commercial lending and retail deposits, in Canada and the U.S. Our credit
performance remains good and we ended the year with a strong CET1 capital
ratio of 11.4%."
Description
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Scotiabank reports fourth quarter and 2019 results
• Scotiabank reported net income of $8,798 million in 2019, compared with net income of $8,724 million
in 2018. Diluted earnings per share (EPS) was $6.68, compared to $6.82 in the previous year. Return on
equity was 13.1%, compared to 14.5% in the previous year.
• Adjusting for the Acquisition and divestiture-related amounts(1) of $611 million after tax ($593 million
pre-tax), net income increased 3% to $9,409 million and EPS rose to $7.14 from $7.11 in the previous
year.
• Reported net income for the fourth quarter ended October 31, 2019 was $2,308 million compared to
$2,271 million in the same period last year. Diluted earnings per share was $1.73, compared to $1.71 in
the same period a year ago. Return on equity was 13.3% compared to 13.8% a year ago.
• Adjusting for Acquisition and divestiture-related amounts(1), net income increased 2% to $2,400 million
and EPS rose to $1.82 from $1.77 last year.
• Canadian Banking generated earnings of $4,424 million in 2019 driven by solid asset and deposit
growth, margin expansion, and higher wealth management earnings. Canadian Banking continued to
deliver an excellent customer experience across our businesses and channels and strengthened its product
suite throughout the year.
• International Banking delivered another strong year of double-digit earnings growth with reported
earnings of $3,387 million in 2019. The business successfully integrated a number of acquisitions this
year, delivering better than expected synergies. Our geographic re-positioning efforts are substantially
complete, giving us greater scale, lower operating risk, and more opportunities for growth.
• Global Banking and Markets reported earnings of $1,534 million in 2019, with double-digit asset
growth and stronger performance in the second half of the year in our capital markets business.
• The Bank's Common Equity Tier 1 capital ratio remains strong at 11.1%, or 11.55% on a pro-forma
basis including the impact of announced divestitures, with strong internal capital generation, and prudent
growth of risk weighted assets, while buying back 15 million shares this year.
"We delivered improved fourth quarter results to end a productive year for the Bank. In 2019, we
made significant progress against our strategic objectives by sharpening our geographic footprint and
improving our business mix. We've also invested heavily in our people, processes, and technology to
better position the Bank for success over the long-term," said Brian Porter, President and CEO of
Scotiabank.
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CIBC (Canada) Announces Fourth Quarter and Fiscal 2019
Results
• CIBC's results for the fourth quarter of 2019 were affected by the following items of note
aggregating to a negative impact of $0.26 per share:
• $135 million ($135 million after-tax, or $0.30 per share) goodwill impairment charge
related to the expected sale of our controlling interest in FirstCaribbean International Bank
Limited;
• $67 million ($49 million after-tax, or $0.11 per share) interest income related to the
settlement of certain income tax matters;
• $28 million ($21 million after-tax, or $0.05 per share) increase in legal provisions;
• 28 million ($20 million after-tax, or $0.04 per share) amortization of acquisition-related
intangible assets; and
• $16 million ($11 million after-tax net positive impact, or $0.02 per share) in purchase
accounting adjustments net of transaction and integration-related costs associated with the
acquisitions of The PrivateBank, Geneva Advisors and Wellington Financial.
• CIBC's capital ratios were strong, with a Basel III CET1 ratio of 11.6% as noted above,
and Tier 1 and Total capital ratios of 12.9% and 15.0%, respectively, at October 31, 2019;
• Market risk, as measured by average Value-at-Risk, was $5.7 million in 2019 compared
with $5.3 million in 2018;
• We continued to have solid credit performance, with CIBC's loan loss ratio of 29 basis
points compared with 26 basis points in 2018;
• CIBC's liquidity coverage ratio was 125% for the three months ended October 31, 2019;
and
• CIBC's leverage ratio was 4.3% at October 31, 2019.
"We remain focused on creating long-term value for all our stakeholders," says CIBC
President and Chief Executive Officer. "In 2019, we continued to execute on our
client-focused strategy by improving client experience and investing to build a
relationship-oriented bank for a modern world."
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CIMB Group (Malaysia) Announces Net Profit For First Nine
Months Of 2019
• Profit Before Tax (“PBT”) of RM4.90 billion for the first 9 months of 2019 (“9M19”), translating to a net
Earnings Per Share (“EPS”) of 38.4 sen. This was underpinned by the Group’s strong operating income, steady
loan growth and reduced provisions.
• The Group recorded a strong operating income (+7.2% YoY) at RM13.27 billion, underpinned by growth in
net interest income (“NII”) and non-interest income (“NOII”). NII grew 5.0% YoY to RM9.31 billion from the
5.6% loan growth, while the 12.8% improvement in NOII to RM3.96 billion came largely on the back of
improved capital market activity. Net Interest Margin (“NIM”) slightly declined to 2.47% in 9M19 (cf. 2.52%
in 9M18), mainly from the spread compression in Malaysia and Thailand.
• Loan loss provisions declined 9.8% to RM1.03 billion, equivalent to a loan loss charge of 0.38%. The Group’s
9M19 net profit grew 4.9% YoY to RM3.71 billion or an annualised Return On average Equity (“ROE”) of
9.1%. These numbers exclude the one-off RM928 million gain from the partial sale of CIMB-Principal Asset
Management (“CPAM”) and CIMB-Principal Islamic Asset Management (“CPIAM”) in 9M18.
• The Group’s total gross loans grew by 5.6% YoY, with strong growth posted by Thailand (+9.0%) and
Malaysia (+4.5%). Total deposits were 7.3% higher YoY, contributed by Malaysia (+8.9%) and Thailand
(+6.1%). The Loan to Deposit Ratio (“LDR”) stood at 91.6% (cf. 93.1% at Sep-18), reflecting a strong liquidity
position, with our CASA ratio strengthening to 34.3%. The Group’s gross impairment ratio stood at 3.2% as at
end-September 2019, with an allowance coverage of 94.8%.
• The Group’s Commercial Banking PBT rose by 102.4% YoY to RM1.37 billion underpinned by significantly
lower provisions and improved NOII. PBT at the Group’s Wholesale Banking division increased by 16.7% YoY
to RM1.50 billion from lower corporate provisions and improved capital market activity which brought about a
14.2% growth in NOII. The OPR cut in Malaysia and increased provisions from MFRS9-related effects had an
impact on the Group’s Consumer Banking with PBT declining 36.2% YoY to RM1.35 billion in 9M19.
• CIMB Islamic 9M19 PBT increased by 24.5% YoY to RM945.3 million, driven by a strong 20.9% growth in
operating income and 59.2% lower provisions. CIMB Islamic’s gross financing assets rose 8.5% YoY to
RM76.9 billion, accounting for 21.3% of the Group’s total gross loans. Total deposits (including investment
account) increased by 16.7% YoY to RM86.5 billion. CIMB’s “Islamic First” initiative continues to drive the
business in Malaysia and Indonesia.
Group CEO, CIMB Group said, “We are pleased to see the Group’s underlying performance remaining
strong despite the challenging environment. The better performance was driven by higher net interest
income and non-interest income, coupled with lower provisions. Our balance sheet growth remained
strong with loans and deposits growing steadily, driven by our Malaysian Consumer business”.
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Crédit Agricole (France) CIB announces the completion of the
disposal of a 6.0% stake in BSF to Ripplewood
Crédit Agricole Corporate & Investment Bank announces that,
following the exercise by RAM Holdings I Ltd, an investment
vehicle controlled by Ripplewood Advisors LLC
(“Ripplewood”) of its right to purchase a 6.0% equity stake in
Banque Saudi Fransi (BSF) at a price of 30.00 Saudi Riyals per
share, it has completed the disposal of this 6.0% stake in BSF in
respect of which all regulatory approvals have been obtained.
The terms and conditions of the transaction are unchanged as
announced on 15th March 2019. Combined with the initial
disposal of a 4.9% equity stake to a Ripplewood led consortium
completed on April 29th 2019, this transaction will have a total
positive effect in excess of 15 basis points on the fully-loaded
CET1 ratio of Crédit Agricole S.A. and of over 10 basis points
on the fully-loaded CET1 ratio of Crédit Agricole Group (both
impacts compared to the situation as of 31/12/2018). Crédit
Agricole CIB still holds a 4.0% equity stake in BSF and will
remain opportunistic in evaluating any interest in the potential
disposal of this residual equity stake.
Speaking on Crédit Agricole’s commitment to Saudi Arabia,
Chief Executive Officer of Crédit Agricole CIB stated:
“Crédit Agricole CIB remains highly confident in Saudi
Arabia’s economic perspectives, in the wake of Vision 2030,
and plans to further develop its direct presence and extend its
activities in the country”.
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Bank OZK Announces Plans for Significant Investment in Solar
Energy Power Plant
Bank OZK announced plans for a significant investment for the construction of a solar power
plant which will provide enough renewable energy to power its new corporate headquarters and
up to 40 other Arkansas locations, according to Chief Administrative Officer and Executive
Director of Investor Relations. The Bank’s investment of over $6 million represents the largest
investment in renewable energy by an Arkansas-based financial services company to date. The
solar power plant, expected to be located in Central Arkansas, will be the third-largest
commercial solar facility dedicated to a private sector customer in the State of Arkansas, and
will have generating capacity of 4.8-megawatts DC of electricity. Scenic Hill Solar, LLC, of
North Little Rock, Arkansas, will develop and oversee construction of the solar power project
for the Bank, which will include approximately 12,000 solar panels on a single-axis tracking
system. Over the course of a year, the facility is expected to generate more than 8.1 million
kilowatt-hours of electricity, enough to provide electricity for over 1,000 homes for 12 months.
Utilizing this solar energy power plant is expected to significantly shrink the Bank’s carbon
footprint by an estimated 160,000 tons of carbon dioxide over the next 30 years, equivalent to
the emissions of over 390 million passenger car miles. Design work will be finalized and
construction of the solar power plant will begin in 2020, pending approval of the Arkansas
Public Service Commission. The facility should begin generating electricity approximately six
months after all government approvals have been received. The Bank’s new corporate
headquarters building is nearing completion on a newly developed 44-acre campus at The
Ranch on Highway 10 in Little Rock. Upon its completion, a majority of the Bank’s staff at the
current headquarters will relocate to the new building. Occupancy of the new building is
expected to begin in the second quarter of 2020.
“Bank OZK is pleased to be at the forefront of our industry as we invest significantly in
environmentally responsible renewable energy to power our new headquarters in Little
Rock and up to 40 more Bank OZK offices in Arkansas. We recognize the importance of
investing in the environment and believe it will benefit our customers and our shareholders
alike. This renewable energy resource is nonpolluting and will give our Bank stable,
predictable energy costs for decades to come,” Chief Administrative Officer and Executive
Director of Investor Relations stated.
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Scotiabank announces the sale of its operations in the British Virgin Islands
to Republic Bank
7
Scotiabank announced that it has reached an agreement for the sale of 100% of its shares in Scotiabank
Limited to Republic Financial Holdings Limited. The agreement is subject to regulatory approval and
customary closing conditions. This transaction supports the Bank's strategic decision to focus on operations
across its footprint where it can achieve greater scale and deliver the best value for customers. Republic
Bank is a leading financial institution founded in 1837 in Trinidad & Tobago, providing a broad range of
financial services to individuals, corporate and institutional clients across the Caribbean. On October 31,
2019, Scotiabank completed the sale of its banking operations in Anguilla, Dominica, Grenada, St. Kitts &
Nevis, St. Lucia, St. Maarten and St. Vincent & the Grenadines to Republic Bank.
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Credicorp Ltd. (Peru): Credicorp completes acquisition of microfinance bank
Bancompartir in Colombia
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Credicorp Ltd. announces that after obtaining the necessary regulatory approvals, it has completed, through its subsidiary Credicorp Holding
Colombia S.A.S., the acquisition of 77.46% of the capital stock of Banco Compartir S.A. (“Bancompartir”) for approximately USD 76 million.
Credicorp Ltd. had previously announced an agreement for this acquisition on June 28, 2019. Founded in 1985, Bancompartir is one of the top four
microfinance banks in Colombia with over 1,800 employees serving 450,000 customers across 106 branches nationwide. Bancompartir provides
microfinance and SME financing solutions to micro entrepreneurs and other underserved segments of the population, generating opportunity for
progress and quality of life improvement to thousands of families in Colombia. As of September 30, 2019, Bancompartir had a loan portfolio of USD
230 million, total deposits of USD 236 million and a book value of USD 46 million. This acquisition represents an important step to expand
Credicorp Ltd.’s microfinance business in Latin America. Colombia is one of the countries with the largest potential for microfinance, and with
Bancompartir and Encumbra, Credicorp Ltd. is well positioned to become a market leader. With this acquisition, Credicorp Ltd. has a combined
microfinance loan portfolio of USD 3.3 billion and over 2 million microfinance customers in Peru, Colombia and Bolivia. Credicorp Ltd is the
leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio
organized into four lines of business: Universal Banking, through Banco de Credito del Peru - BCP and Banco de Credito de Bolivia; Microfinance,
through Mibanco and Encumbra; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth
Management, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.
Description

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CREDIT BANK OF MOSCOW has earned record-breaking IFRS net income
in 3Q2019
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• Net income for the first 9 months of 2019 was RUB 11.9 bln and RUB 9.7 bln for 3Q2019 alone, which is 35.3% more than in 3Q2018. That growth was driven by business expansion, improving risk
indicators and stronger efficiency indicators. Net income remains under pressure because the Bank's foreign currency-nominated perpetual subordinated Eurobonds have devaluated as the rouble has become
stronger compared to end-2018. Return on equity reached record-breaking 25.6% in 3Q2019.
• Net interest income was RUB 32.1 bln for 9M2019. Net interest margin was 2.1% for 9M2019, having widened to 2.6% in the third quarter as interest income rose by 10.0% compared to 3Q2018 to RUB
38.5 bln. Net interest income after provisions was RUB 29.2 bln for 9M2019.
• Net fee and commission income was RUB 8.5 bln in 9M2019, having declined by 4.9% yoy as settlement and wire transfer fees decreased – mainly because retail fees were trimmed down. Fee income
growth was mainly driven by cash operations, including cash collection, which rose by 24.0% to RUB 2.2 bln.
• Operating income (before provisions) was RUB 30.6 bln for 9M2019. Operating expense increased by 19.1% yoy to RUB 15.8 bln as payroll budget grew by 27.5% to RUB 11.0 bln due to general
expansion of the Bank’s business and labour market competition. In the third quarter, the Bank materially improved its operational efficiency: cost-to-income (CTI) ratio was 33.8%
• Total assets expanded by 1.8% ytd to RUB 2.2 tln, the main driver being the loan portfolio.
• Gross loan portfolio rose by 4.4% to RUB 772.6 bln in 9M2019. Corporate and retail loans represented 86.4% and 14.6%, respectively, of the total loan portfolio. The corporate loan portfolio expanded by
3.8% (7.1% net of currency revaluation) in 9M2019 to RUB 667.8 bln thanks to the RUB 63.7 bln (10.6%) growth in 3Q2019. The retail loan portfolio increased by 8.5% to 104.8 RUB bln as unsecured
consumer lending rose by 7.6% to RUB 77.7 bln and mortgage lending by 13.0% to RUB 23.4 bln.
• Loan portfolio quality is maintained at a stable high level, as evidenced by a reduction in the cost of risk by 0.9 pp in 3Q2019 to 0.8%. The NPL90+ coverage ratio was 130.4%. The share of
non-performing loans (NPL 90+) in the gross loan portfolio increased by 2.1 pp ytd to 3.7%, having declined by 0.2 pp in 3Q2019. Its increase in the first half-year was due to the deteriorated financial
condition of a large corporate borrower, whose risk level was revised downwards in the third quarter, which, among other factors, decreased the cost of risk.
• Customer deposits, which represent 63.9% of the Bank’s total liabilities or RUB 1,269.0 bln, remained at the 2018YE level, having grown, however, by 5.3% in 3Q. Retail deposits increased by 22.4% ytd
to RUB 459.2 bln, the growth being observed in both term and demand deposits. Corporate deposits shrank by 9.7% ytd to RUB 809.8 bln, but expanded by 5.5% in 3Q. The ratio of net loans to deposits was
58.0% for the first nine months of 2019.
• The Basel III capital adequacy ratio remained at a high level of 20.2% and the Tier I capital ratio was 13.3%. The Bank’s total capital according to the Basel III standards increased by 1.0% ytd to RUB
300.3 bln mainly owing to the growth of retained earnings by 12.4% to RUB 80.5 bln.
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First Citizens Bank (USA) and Entegra Bank Announce Receipt of
Regulatory Approvals for Merger
First-Citizens Bank & Trust Company and Entegra Financial Corp.
announced that First Citizens Bank's previously announced proposal to
acquire Entegra and its wholly-owned subsidiary, Entegra Bank, has
received the required regulatory approvals from the Board of Governors of
the Federal Reserve System, the Federal Deposit Insurance Corporation
and the Office of the North Carolina Commissioner of Banks. No further
regulatory approvals are required to complete the merger. Completion of
the proposed acquisition remains subject to the satisfaction or waiver of
other closing conditions, and is expected to occur on or about Dec. 31,
2019. Entegra Financial Corp. is the holding company of Entegra Bank.
Entegra's common stock trades on the Nasdaq Global Market under the
ticker symbol "ENFC." Entegra Bank operates a total of 18 branches
located throughout the Western North Carolina counties of Cherokee,
Haywood, Henderson, Jackson, Macon, Polk and Transylvania; the
Upstate South Carolina counties of Anderson, Greenville and Spartanburg;
and the North Georgia counties of Pickens and Hall.
Chairman and chief executive officer of First Citizens Bank said:
"We're excited to move toward completing the merger with Entegra
and to bring together complementary companies that share the same
core values, philosophies and commitment to excellent service. We
look forward to a smooth transition."
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INTL FCStone Inc. (USA) Reports Fiscal 2019 Fourth Quarter
Financial Results
• Interest income increased $14.8 million, or 39%, to $52.5 million in the fourth quarter compared to
$37.7 million in the prior year, primarily related to increases in volumes in our Debt Capital Markets
businesses and securities lending activities.
• Interest income in our Securities segment increased $13.2 million in the fourth quarter over the prior
year, to $34.9 million, of which $5.3 million was related to increased trading activity within our domestic
institutional dealer in fixed income securities and $7.8 million was related to an increase in conduit
securities lending activities.
• Average client equity in the Financial Agricultural (“Ag”) & Energy and Exchange-Traded Futures &
Options components of our Commercial Hedging and CES segments decreased 8% to $2.1 billion in the
fourth quarter compared to the prior year, however interest income in these businesses increased $0.1
million as compared to the prior year as a result of higher short term interest rates.
• Average money market / FDIC sweep client balances in our Correspondent Clearing business increased
13% to $849.9 million.
• Interest expense increased $15.5 million, or 61%, to $40.8 million in the fourth quarter compared to
$25.3 million in the prior year. During the fourth quarter and the prior year, interest expense directly
attributable to trading activities, including interest on short-term financing facilities of subsidiaries, was
$37.2 million and $22.4 million, respectively, and interest expense related to corporate funding purposes
was $3.6 million and $2.9 million, respectively.
• Total unallocated costs and other expenses increased $11.5 million to $53.1 million in the fourth quarter
compared to $41.6 million in the prior year. Compensation and benefits increased $6.0 million, or 27% to
$28.2 million in the fourth quarter compared to $22.2 million in the prior year, of which $0.6 million
relates to acquisitions and new business initiatives since October 1, 2018. Other non-compensation
expenses include $0.7 million in the fourth quarter related to acquisitions and new business initiatives
since October 1, 2018.
CEO of INTL FCStone Inc., stated, “This was the best annual result in our history, with all of our
businesses expanding their client footprint and increasing segment income. Our ROE was 15.5%,
which we believe to be a best in class result and empirical validation of our strategy. During fiscal
2019, organic growth was coupled with a number of targeted acquisitions which increased our
product offering and capabilities while expanding our client footprint. We believe our financial
platform connects our more than 20,000 commercial and institutional clients and over 80,0000 retail
accounts to more global markets and liquidity sources, across asset classes, than any of our
competitors. We are increasingly digitizing our platform to drive client engagement and better
leverage our global infrastructure, which we believe should drive the growth of our franchise.”
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INTL FCStone (USA) Agrees to Purchase Tellimer Group's broking
business
INTL FCStone Inc. announced that it has executed a definitive
sale and purchase agreement to acquire the brokerage
businesses of Tellimer Group. This transaction will involve
the purchase of Exotix Partners LLP, Tellimer Capital Ltd
(Nigeria) and the broking business of Tellimer Markets Inc.
The closing of this transaction is subject to limited conditions
including regulatory approval. Tellimer (formerly Exotix) has
been a leader for twenty years in providing institutional
investors, corporates, and governments access to the most
dynamic and complex financial markets in the world. With
offices in London, Dubai, Lagos and New York, the broking
business covers over 170 trading markets in Equities and
Fixed Income, specializing in emerging and frontier markets.
As part of the deal Tellimer's unique research will be
distributed to INTL's clients, to complement INTL FCStone's
Securities offering globally. The acquisition price is not
material to INTL FCStone Inc.
Head of Equities for INTL FCStone Inc. commented on the
news: "We're thrilled to incorporate Tellimer Group's
broking team and offerings into our extensive Securities
business globally. The addition expands our reach by
providing access to new markets, capabilities, and
specialized expertise. The capability of the broking business
fits extremely well with our existing equities and fixed
income businesses, and we believe the integration of our
product portfolio, global client base, and large balance sheet
will enhance INTL FCStone."
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Nordea (Sweden) to acquire SG Finans
Nordea has entered into an agreement with Société Générale to acquire all
shares in SG Finans AS (“SG Finans”) and intends to combine the business with
Nordea’s pan-Nordic finance company, Nordea Finance. SG Finans is a
Norwegian domiciled subsidiary of Société Générale and provides equipment
finance and factoring solutions. SG Finans has 360 employees and operates in
Norway, Denmark and Sweden. The acquisition of SG Finans fits well into
Nordea’s priority to focus on core business in the Nordics. The acquisition
supports Nordea’s new phase – to drive income growth initiatives, optimise
operational efficiency and create great customer experiences – communicated at
Nordea’s Capital Markets Day in October. The agreed purchase price for SG
Finans amounts to EUR 575 million which values the company at a
price-to-book multiple of 1.07x. The purchase price will be adjusted for the
equity generated up until closing. The transaction is expected to have a positive
impact on total annual income by about EUR 140 million and consume about
35-40 bp of the Common Equity Tier 1 ratio for the Nordea Group. The
transaction is also expected to result in a minor increase in the Nordea Group’s
earnings per share and return on equity.
“We are happy to announce this transaction. SG Finans runs a successful
business with very satisfied customers in three of our four home markets.
This acquisition strengthens our ability to advice and help small and
medium-sized corporates with their financial needs”, says President and
Group CEO of Nordea.
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RBC (Canada) announces sale of Eastern Caribbean banking
operations
Royal Bank of Canada announced it has entered into definitive
agreements to sell all banking operations in the Eastern Caribbean
to a consortium of indigenous banks within the region. The
transaction is subject to regulatory approval and other customary
closing conditions, and is expected to be finalized in the coming
months. The sale encompasses the branches of Royal Bank of
Canada in Antigua, Dominica, Montserrat, St. Lucia, and St. Kitts
and Nevis, as well as regional businesses operating under RBC
Royal Bank Holdings (EC) Limited in Nevis, Grenada and St.
Vincent and the Grenadines. Collectively, these operations are
referred to as “RBC Eastern Caribbean”. The consortium of five
financial entities purchasing includes: 1st National Bank of St.
Lucia, Antigua Commercial Bank Ltd., National Bank of
Dominica Ltd., the Bank of Montserrat and Bank of Nevis Ltd.
“Consistent with our strategy of being a competitive leader in
the markets where we operate, RBC is always evaluating
opportunities for our business. Earlier this year, we were
approached by a consortium of indigenous banks with their
proposal to acquire all RBC Eastern Caribbean operations,” said
Head, RBC Caribbean Banking. “After a review of our
operations and strategy, we determined this opportunity was a
good decision for the long-term future success of RBC
Caribbean, and also, that it aligned with our vision to help our
clients thrive and communities prosper.”
Description
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Societe Generale (France) announces an agreement for the sale of SG
Finans to Nordea
Societe Generale announces the signing of an agreement to sell SG Finans
AS, its equipment finance and factoring activities in Norway, Sweden and
Denmark, to Nordea Finance, the asset based finance & factoring arm of
Nordea Bank. Nordea is one of the largest financial services group in the
Nordics and serves customers in four home markets - Denmark, Finland,
Norway and Sweden. The completion of the transaction is subject to the
approval of the relevant local antitrust and financial supervisory authorities.
On completion, this transaction is expected to have a positive impact on the
Group’s CET1 ratio of around 10 basis points. The transaction will also have
a negative impact of around EUR 100 million on the Group’s 4th quarter
2019 results mainly due to goodwill impairment and fixed asset impairments.
The closing is expected to take place during the second half of 2020.
Alongside the transaction, Societe Generale Equipment Finance (SGEF) and
Nordea Finance have entered into a commercial partnership agreement that
would encompass the provision of mutual services in vendor solutions and
equipment finance. This partnership will leverage on the geographical
complementarity and combined strengths of the two institutions to offer a
wide range of products and services to international vendors that are clients
of equipment finance solutions.
Deputy Chief Executive Officer of Societe Generale group in charge of
International Retail Banking activities, Financial Services and Insurance,
comments: “With this agreement, Societe Generale makes once again a
major step in the execution of its refocusing plan and demonstrates its
ability to enter into long term partnerships. Societe Generale Equipment
Finance is a leading player in equipment finance and Societe Generale
will continue to leverage on SGEF’s ability to accompany its international
vendors and clients and support the real economy.”
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VTB Group (Russia) announces IFRS results for October and 10
months of 2019
• Total assets amounted to RUB 15.6 trillion as of 31 October 2019, up 5.7% year-to-date,
including growth of loans and advances to customers (hereafter before provision charge for
credit losses and other provisions) of 3.9% year-to-date to RUB 11.9 trillion.
• In 10M 2019 retail lending was the key growth driver having increased by 1.2% in October
and by 15.8% year-to-date. In October 2019 loan portfolio to legal entities decreased by 1.0%
due to repayment of several large exposures. In 10M 2019 loan portfolio to legal entities
decreased by 0.4%. At the same time the Group achieved robust loan growth in SME segment
where the loan book grew by 11.7% year-to-date (including SME assets of Vozrozhdenie Bank
as of 31 December 2018).
• As of 31 October 2019 the Group’s market share in Russia in corporate and retail lending
reached 19.0% (up 30 bps year-to-date) and 18.5%* (up 70 bps year-to-date), respectively.
• Deposits from legal entities increased by 3.0% in October and by 11.4% in 10M 2019, while
deposits from individuals increased by 0.9% in October and by 10.0% in 10M 2019
significantly outperforming the average market indicators.
• The share of customer funding in the Group’s total liabilities reached 82.4% as of 31 October
2019 (31 December 2018: 78.6%). Out of total funding from customers 42.0% was raised from
individuals as of 31 October 2019.
• As a result of accelerated growth of customer funding in 2019 the ratio of loan portfolio to
customer funding (LDR ratio) dropped to 96.5% as of 31 October 2019 (31 December 2018:
102.8%).
• As of 31 October 2019 the Group’s market share in Russia in corporate and retail funding was
21.7% (up 100 bps year-to-date) and 15.1% (up 110 bps year-to-date), respectively.
First Deputy President and Chairman of VTB Management Board, said: “We started the
fourth quarter with continuing improvement of core profitability on the backdrop of stable
asset quality, slowing down of costs growth and further strengthening of balance sheet
structure. The Group’s net profit reached RUB 147.6 billion in 10M 2019 which
corresponds to ROE of 11.4%, while in October 2019 net profit was RUB 19.6 billion
(ROE 14.3%). Gross customer loans increased by 3.9% year-to-date, while retail loans
grew by 15.8% and the share of retail loans in the total loan book reached 29.2%. Funding
from customers grew by 10.8% year-to-date and its share in the Group’s total liabilities rose
to 82.4%. The results of October and 10M 2019 support our full year net profit guidance of
RUB 200 billion”.
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Solutions Updates
Banking Industry

Solution Updates
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17
Solution Description
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has launched a new digital banking proposition targeting millennials
called Smartbanking. Smartbanking features digital onboarding and a range of innovative products delivered through a dedicated
mobile banking app and intuitive online banking platform. Customers can open a Smartbanking without having to visit a branch, and
only schedule the delivery of the welcome pack and debit card at the time and place of their convenience. Customers can deposit funds
into their accounts immediately or carry out any routine transaction like transfers and paying bills, free of any fees. Pre-approved
customers can also apply for a personal finance through the Express finance feature on the application and can customise their
financing package and design a bespoke repayment programme based on their particular needs. In addition to that, Smartbanking
allows users to also 'text' payments to friends in their contact list simply by selecting a contact number or a moneysmart community
nickname for instant transfers. Smartbanking accounts are also linked directly to moneysmart.ae, the region's first digital community
for personal finance, where people can exchange information and advice with peers and experts. The moneysmart community carries
finance related articles, blogs and tips. The new digital banking proposition is part of ADIB's digital transformation strategy that saw
the launch of "Express Finance" through the ADIB mobile app, which provides qualifying customers with instant access to personal
finance. Customers can also now update their personal information such as their Emirates ID, Passport and contact details through the
app without having to visit the branch.

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The 'app' of BBVA, the first in Spain that allows its customers to initiate payments
from accounts of other banks
18
BBVA has taken another step in its services thanks to the possibilities currently offered by the PSD2 regulations. The entity has
become the first bank in Spain to allow its clients, both individuals and companies, to make payments from bank accounts of other
financial entities from the web or the 'app' of BBVA in just a few minutes. To hire and use this service, private customers have to
access the global position of their account in the 'app' or BBVA website and select the option 'your other banks'. With this service,
the BBVA client can control all movements of the aggregated accounts and, from now on, also request transfers from those
accounts. The keys to the operation are confidential. With the financial aggregator, private customers will gain time in their day to
day operations with their other banks from the same channel. In addition, they can also obtain a much broader picture of their
financial statement easily, conveniently and quickly so that no details of BBVA accounts and aggregate accounts of their other
banks are lost. At present, around 150,000 individuals already use this service. In the case of companies, BBVA customers can also
make payments, both on the web and in the 'app', from the accounts they have added from their other banks in BBVA One View ,
the smart aggregator for companies. This new service will allow them, among other advantages, to better manage their financial
day-to-day operations or resolve discoveries more efficiently. In addition, at a glance you can know the balance of all your accounts
and choose from which to make the payment, based on your cash forecast, without leaving the application , and all, with the same
user experience, in all Your banks

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Commerzbank (Germany), Credit Suisse and UBS execute first live transactions on
the Deutsche Börse-HQLAX securities lending platform
19
Deutsche Börse and HQLAX successfully launched their jointly developed Distributed Ledger Technology (DLT) solution for
frictionless collateral swaps in the securities lending market. The live transactions were executed by Commerzbank, Credit Suisse
and UBS on the Eurex Repo F7-trading system. As part of these transactions, ownership of a basket of German government bonds
and a basket of corporate bonds was swapped between UBS and Commerzbank, both using Clearstream Banking S.A. as custodian.
This was followed by a cross-custodian swap between UBS and Credit Suisse, in which ownership of a basket of corporate bonds
at Clearstream Banking S.A. and a basket of German government bonds at Euroclear Bank was exchanged without the need for
securities to be physically moved between the collateral agents. Instead, the change in ownership was recorded on the digital
collateral registry, which is one of the four layers of the HQLAX operating model and was built on Corda Enterprise, the
commercial distribution of R3’s blockchain platform. In addition to Commerzbank, Credit Suisse and UBS, over 15 market
participants, including CIBC, Citi, Goldman Sachs and ING, are currently engaged in different phases of onboarding to the
HQLAX platform. Meanwhile, J.P. Morgan is in the process of becoming the third tri-party agent in the HQLAX operating model,
alongside Clearstream Banking S.A. and Euroclear Bank. This will add another important custody/collateral location to the
solution, further increasing collateral mobilisation efficiencies for participants.

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Credit Suisse (Switzerland) Goes Live with AccessFintech's Global Exception
Network
20
Credit Suisse announces the internal launch of AccessFintech's trading exception management solution. Following a
successful pilot, Credit Suisse has gone live with AccessFintech's Global Exception Network, taking an important step
towards streamlining exception management resolution across the Prime Brokerage industry. The new technology will
reduce the time needed to resolve exceptions and help clear bottlenecks that could prevent trade settlements. It will
promote better client servicing, minimize sanctions and reduce costs for all parties. This exception management solution
is now broadly accessible to financial market industry participants. It leverages a next generation technology platform
that standardizes and simplifies trading workflows across the buy and sell side, thereby enabling greater control, cost
reduction, transparency and collaboration to proactively address trade settlement issues. As the AccessFintech network
grows, the time required to resolve operational trading issues across the industry will be reduced, while the standard of
client service will continue to improve.

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Lloyds Bank (UK) launches pioneering British Sign Language online translation tool
21
Lloyds Bank is the first UK organisation to offer pop up sign language videos to translate online text. The new service will provide
easier access to essential financial information to break down some of the language barriers faced by Deaf customers. BSL is the
first language for many Deaf people with its own grammar and syntax which means that written material is often not accessible. It
is hoped that providing the online BSL videos will open up access to banking for deaf people and those with hearing impairments,
giving them with the ability to make informed financial decisions. The free service will allow customers to receive BSL
translations of the Lloyds Bank website using Signly Browser Extension assistive technology. The signed videos are pre-recorded
to cover the most popular Lloyds Bank webpages including information on products and services and online banking. Lloyds Bank,
Halifax and Bank of Scotland customers who are blind or have low vision can now connect securely with the bank through the Be
My Eyes app. The tool provides visual assistance for everyday tasks, including explaining bank statements, checking and
confirming transactions and managing money. Be My Eyes is a free mobile app for iOS and Android which has grown to become
the largest online community for people who are blind or have low vision across 150 countries. It works by giving users free access
to a network of sighted volunteers and company representatives who provide visual assistance for the task at hand. Access to the
help platform is available through a live video connection from the rear-facing camera on the customer’s smartphone using the Be
My Eyes smartphone app on either iOS or Android.

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QIB (Qatar) Enhances its Corporate Internet Banking Capabilities
22
As part of its strategy to continuously enhance its digital platforms, Qatar Islamic Bank (QIB) has recently updated its Corporate
Internet Banking portal. The online portal was updated to address and specifically cater to the ever-changing banking needs for
large, medium and small Corporate customers. In addition to a highly secured passageway for the customers to conveniently
manage most of their daily banking needs without the need to visit a branch, the latest update includes several new innovative
features that are easy to use. By utilizing QIB’s Corporate Internet Banking platform, QIB’s corporate customers can benefit from
an overall reduction in banking administrative and procedure time required to complete banking tasks, since the platform provides
an instant, comprehensive and convenient experience. The updated portal allows QIB’s corporate customers to have full digital
control over their accounts through several new functionality enhancements. One of which is SWEEP – Liquidity Management,
which allows customers to set up instructions on the online portal to make end of day sweeping between accounts. Sweeping can be
set for full amount transfer or just a certain amount. With this feature, customers no longer have to send manual instructions to the
Bank to set up SWEEP, instead, they can simply do it online. With the addition of the new Auto Cover – Liquidity Management
function, customers no longer have to send manual instruction to the Bank to set up Auto Cover. Instead they can just use the online
portal to link two accounts, in order to make payments from one account and cover funds from another account instead of issuing
physical cheques. This will enable customers to manage their liquidity and maximize profit against account balance.

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Northern Trust (USA) Enhances Collateral Management Services to help Clients
Optimize Performance and Meet Margin Obligations
23
Northern Trust is expanding its collateral management services for over-the-counter (OTC) derivatives trading. The new functionality will
enable asset managers and institutional investors to outsource key aspects of regulatory compliance to Northern Trust and optimize collateral
selection – driving efficiencies in how they meet margin obligations. Northern Trust’s Margin Segregation Service will include new capabilities
that streamline complex processes for meeting uncleared margin rules, such as undertaking industry-standard electronic settlement messaging
and providing advanced collateral reporting. Clients can take advantage of the service to pledge assets from their trading account and place them
into segregated accounts for each broker, thereby retaining their investments with a single asset servicing provider for optimal efficiency,
consolidated record-keeping and oversight. Additionally, Northern Trust has partnered with risk and collateral management services expert
AcadiaSoft to provide an outsourced solution for collateral optimization calculating clients’ initial margin obligations, issuing margin demands
to clients’ brokers, and determining if and when margin is to be transferred. With this service, clients will have the ability to seamlessly optimize
collateral selection, using algorithmic technology to identify their best assets available to meet regulatory eligibility requirements. It will allow
only optimal assets to be deployed to meet margin obligations – helping optimize investment performance. Collectively, these capabilities may
enable Northern Trust’s clients to meet their obligations under the European Market Infrastructure Regulation (EMIR), the United States’
Dodd-Frank Wall Street Reform and Consumer Protection Act, and equivalent global regulations. These advanced capabilities will be part of
Northern Trust’s comprehensive range of collateral, derivatives and liquidity management solutions. Clients can access these services globally,
either on a component basis – to complement their current in-house practices – or as part of a broader suite of collateral management solutions.

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Rewards & Recognition Updates
Banking Industry

R & R Updates
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Consecration: Attijariwafa bank group (Morocco) consolidates its leadership and
wins 2 new awards in London
24
During the 12th edition of the “African Banking Awards 2019” award ceremony by EMEA Finance Magazine, the
Attijariwafa bank group was awarded 2 excellence awards on December 5, London: "Best Moroccan bank of the year 2019"
for the 5th consecutive year. CBAO, for its part, was elected "Best bank in Senegal for the year 2019", and this for the 3rd
consecutive time. According to the benchmark British magazine, these 2 consecrations come to reward the progress made
by the Attijariwafa bank group in 2019, because it was able to balance its expansion and growth by taking risks into account
in a sometimes difficult context, and to offer its diversified customers new innovative products and services, excelling in
investment banking services. EMEA Finance magazine is an important periodical, based in London, which deals with the
financial sector in Europe, the Middle East and Africa, regions among the most dynamic and emerging in the world. EMEA
Finance, complete source of information for the finance sector in the EMEA region, is a periodical exclusively dedicated to
financial events, activities and successes linked to the international financial sector. EMEA Finance magazine is published
six times a year. Relevant and informative supplements that provide analysis and investigation of special topics are
frequently included with the magazine.
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Banco de Chile is recognized as the Company with the best Corporate Reputation
of the decade
25
Banco de Chile was chosen as the “Company with the best Corporate Reputation of the 2010-2019 decade”, according to the
study Merco Empresas y Líderes 2019, after having remained in the first places of the ranking in All versions of this period. In
addition, it remained in third place in the general ranking of companies 2019, thus consolidating its leadership in corporate
reputation. With this special recognition, the study prepared by the Corporate Reputation Business Monitor celebrates the first
application of the survey in Chile conducted in 2010, when Banco de Chile ranked first in the Banking and Financial
Institutions category and in seventh place in the general ranking. To prepare the ranking of the one hundred leading and most
respected companies in the country, 31,194 surveys were conducted on people from various sectors, such as business
executives, experts and opinion leaders, media representatives, consumers and workers, who answered a questionnaire open in
which they were free to vote for any company, regardless of size. They were asked to value companies in aspects such as their
economic results, quality of the commercial offer, internal reputation, ethics and corporate responsibility, in addition to their
capacity for internationalization and innovation. Merco is a benchmark reputation assessment instrument in the world, applied
to eight areas. It is based on a multistakeholder methodology and has a presence in twelve countries: Spain, Colombia,
Argentina, Chile, Ecuador, Bolivia, Brazil, Mexico, Peru, Costa Rica, Panama and in process in Portugal.
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Santander (Spain) named Bank of the Year in Western Europe and the Americas
by The Banker magazine
26
Banco Santander has been named Bank of the Year in Western Europe, the Americas, Spain, Portugal, Argentina and Chile by
The Banker magazine. The Banker recognized the bank’s “peerless commitment to an enhanced customer experience”, its
pursuit of operational efficiency and its development of new digital, global trade and global merchant services. In addition, it
commended Santander on its ability to deliver strong financial results “despite often challenging macroeconomic conditions”
and on the successful integration of Banco Popular. Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and
commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and
the Americas, and is the largest bank in the euro zone by market capitalization. Its purpose is to help people and businesses
prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of
commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well
as financially empowering more than 10 million people over the same period. At the end of September 2019, Banco Santander
had EUR 1.04 trillion in customer funds, 144 million customers, of which 21 million are loyal and 36.2 million are digital (51%
of active customers), 12,700 branches and 200,000 employees. Banco Santander made underlying profit of EUR 6,180 million
in the first nine months of 2019, an increase of 2% compared to the same period the previous year.
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Bank of Ireland Recertified with Business Working Responsibly Mark
27
Bank of Ireland has been recertified with the Business Working Responsibly Mark, an independently audited standard for CSR
and Sustainability. First awarded with the mark in 2016, Bank of Ireland received its 2019 accreditation at an event held in
Dublin hosted by Business in the Community Ireland. Bank of Ireland’s achievement in getting recertified with the Business
Working Responsibly Mark highlights the achievements made by the bank in the sustainability area, including becoming a
signatory to the UN principles for Responsible Banking, the launch of the Sustainable Finance Fund and the commitment to
reduce carbon emissions intensity by 50% by 2030. Recertification required Bank of Ireland employees to contribute to a
detailed questionnaire covering 22 areas across Community, Workplace, Marketplace, Environment and Government, and the
Bank also undertook a four day audit across its sites in Dublin, Belfast and Bristol. Gavin Kelly, CEO Retail Ireland, accepted
the certification on behalf of the Group, joining CEO’s from Dawn Meats and EIR on a panel to discuss the responsible and
sustainable business agenda. Bank of Ireland was praised as part of the audit for the progress made in reducing staff travel
times and adapting to a more agile working approach, as well as its employees engagement with the community. The Bank’s
recent commitment to the UN Principles for Responsible Banking will help further improve responsible and sustainable
behaviour within the group and to meet growing expectations in this area.
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Jinzhou Bank won the Best Mobile Banking Innovation Award of the Year
28
On December 5, the "2019 Bank Digital Transformation Summit Forum" and the 15th Annual China Electronic Banking
Ceremony, organized by the China Financial Certification Center (CFCA) and nearly a hundred member banks, were
successfully held in Beijing. The theme of this year's annual ceremony was "Discovery and Transcendence", and the
winners of the "China Electronic Bank Gold List Award" for 2019 were announced at the meeting. Jinzhou Bank won the
"Best Mobile Banking Innovation Award 2019" for its new upgrade of mobile banking app and innovation in mobile
finance. This year, Jinzhou Bank successfully released a new version of the mobile banking app under the digital
competition pattern of "mobile is king, experience first" in the banking industry, which realized the original design from the
four aspects of page design, interactive experience, product system, and technological intelligence. There are
comprehensive upgrades of products and services, which effectively meet the "more convenient, smarter and more
optimized" service needs of mobile finance customers. Based on this, it has further expanded Jinzhou Bank's mobile finance
by rapidly iterating product systems and service scenarios. The service boundary of the business has played a positive role
in establishing the brand image of Jinzhou Bank's electronic banking.
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BMO Financial Group Recognized with 2019 True North Social Impact Award
29
BMO Financial Group announced it has received the American Chamber of Commerce (AmCham) in Canada's True North Social Impact award. The award
recognizes the bank's meaningful social contributions across North America over the past year. By honouring the award recipient's positive contribution to
society, AmCham Canada is encouraging the cross-border community to extend its focus beyond trade and the economy to further build on the affirmative and
constructive collaboration between the U.S. and Canada. Companies are awarded for social impact initiatives including continuous training and skills
development, education and apprenticeships, charitable initiatives, environmental efforts, or mental health and wellness programs. Over the past year, BMO has
made a number of significant contributions across communities in both Canada and the U.S. including:
• Earlier this year, BMO announced commitments to support a thriving economy, sustainable future, and inclusive society, as part of the bank's purpose to
Boldly Grow the Good in Business and Life.
• In October 2019, BMO announced the closing of its inaugural U.S. $500-million 3-year Sustainability Bond to support the Bank's commitment to sustainable
finance.
• In October 2019, BMO Harris Bank announced a $10 million commitment to United Way of Metro Chicago supporting the United Way's Neighbourhood
Network, an initiative designed to reduce economic disparity and create sustainable opportunities across neighbourhoods. Last year, BMO also announced a $10
million commitment to United Way Greater Toronto to encourage economic growth and launched an initiative to bring together business leaders to work with
community on reducing economic disparity.
• In 2018, BMO participated in over $10 billion in financing for renewable energy projects and has jointly led sustainable bond issuances for Ontario, Quebec
and the World Bank. This commitment represents the next step in BMO's strategic vision to help clients achieve their sustainability objectives.
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Scotiabank Named Bank of the Year in Canada
30
Scotiabank has been named the Canadian Bank of the Year for 2019 by The Banker magazine, a Financial Times publication. The award highlights those banks
that have achieved industry-wide excellence within the banking community. Over the past several years, Scotiabank has successfully repositioned itself through
a series of strategic acquisitions and divestitures, both in Canada and in core international markets, to focus the Bank's footprint and strengthen its business mix.
This work has allowed Scotiabank to add new customers, grow earnings, achieve greater scale across its key markets and reduce operational risk. This year's
award acknowledges the Bank's investments in digital and technology to deliver innovative solutions that elevate the customer experience. Earlier this year,
Scotiabank launched a new mobile banking app for Canadian customers, leveraging actual user feedback to deliver an improved overall experience. The Scotia
mobile banking app is now the top-rated financial app in Canada on both the Apple Store and on Google Play. The Bank's investments are also making a
difference in key customer touchpoints like onboarding in our Canadian retail and commercial businesses. The award also recognizes Scotiabank's leadership in
executing an ambitious digital strategy enabled by PLATO, an innovative cloud development platform that is accelerating the Bank's technology transformation.
PLATO is an integrated set of technical products that enable Scotiabank to develop cloud-based applications faster, accelerating the time-to-market for
personalized digital innovations that are transforming the customer experience. Scotiabank's commitment to environmental, social, and governance topics
through its Sustainable Business Strategy is also reflected. The Bank believes that its long-term success is interwoven with the world around it. Just this month,
Scotiabank announced that it will mobilize $100 billion by 2025 to reduce the impacts of climate change. Scotiabank received the award at a ceremony held last
night in London, United Kingdom. The Bank also took home wins for its businesses in The Bahamas and in Trinidad & Tobago.
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Garanti BBVA, Turkey's best entity in Investor Relations in 2019
31
The Extel Survey, recognized as the best independent evaluation of the European investment sector, has just
published its results for 2019. Garanti BBVA has been named the best entity in Turkey in the area of Investor
Relations. The opinions of more than 14,000 professionals of about 3,500 asset management and brokerage firms are
sought in the preparation of the survey. The Investor Relations Unit of Garanti BBVA has received four awards,
ranking among the 10 best banks in Europe. The financial director of Garanti BBVA, Aydın Güler, has been
distinguished as the third best CFO in Turkey, while Handan Saygin, head of Investor Relations, has been named
Best Professional in this area in Turkey. After the announcement of the results, CEO of Garanti BBVA, has indicated
that, for the entity, “this recognition as 'Best Turkish entity' in relation to Investors in a survey as prestigious as Excel
Survey is a source of pride ”, And stressed that“ it implies a validation of the effort and commitment of our team ”.
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BDO (Philippines) is the PH’s Strongest Bank for 2nd straight year
32
BDO Unibank, Inc. keeps its #1 position in the local banking industry after The Asian Banker named it 2019’s
Strongest Bank by Balance Sheet in the Philippines for the second straight year. The Asian Banker Strongest Banks
by Balance Sheet is “the most comprehensive annual evaluation that captures the quality and sustainability of the
balance sheets of the banks in the Asia Pacific, Middle East, and Africa regions.” Banks are rated on a scale of 0-5
and ranked based on the following performance indicators: scale, balance sheet growth, risk profile, profitability,
asset quality, and liquidity. The Asian Banker underscored BDO’s healthy balance sheet and profit as well as its low
non-performing loan (NPL) ratio and high loan loss reserves to gross NPLs ratio. The country’s largest bank*
recently reported growth in third quarter earnings at P32.1 billion from the previous level of P21.5 billion in the same
period last year. The bank attributes its net income to the expansion of its recurring core revenues, complemented by
the sustained increase in fee incomes and life insurance premiums. It translates to a Return on Common Equity
(ROCE) of 12.5%, compared to 9.5% in 9M18. While its nine-month net income brings it closer to its full-year
earnings guidance of P38.5 billion, the bank remains steadfast in capitalizing on the country’s solid economic pace
and growth opportunities in underserved and emerging markets, leveraging its focused growth strategy, strong
business franchise, solid balance sheet, and extensive geographic reach.
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Comerica Bank (USA) Named in the Inaugural Texan by Nature 20
33
Texan by Nature (TxN), a Texas-led conservation nonprofit founded by former First Lady Laura Bush, announced that Comerica Bank has been
named as an honoree of the first-ever Texan by Nature 20 (TxN20) – an official ranking of 20 companies with Texas operations that have made a
demonstrative commitment to conservation. With the launch of the TxN 20, Texan by Nature aims to recognize the best and most innovative
work in conservation coming from Texas-based business and operations. As part of the TxN 20, Texan by Nature will honor 20 companies
across 10 industries in the Lone Star State whose ingenuity are forging new, beneficial paths in conservation. The largest bank headquartered in
Texas and one of the largest in the country, Comerica has racked up awards in sustainability – The Climate Registry recognized the company for
excellence in greenhouse gas management, and its paper shredding days are signature community events in Dallas and Houston, where the
company partners with Iron Mountain shredding to collect, shred and recycle paper documents for free. Bolstered by an internal environmental
policy statement that looks to every employee and applies to the entire company, Comerica Bank is committed to reducing climate change
business risks while identifying opportunities to mitigate the impact of rising global temperatures. Each year, the firm tracks its progress in
environmental sustainability areas most relevant to its business, including greenhouse gas emissions, water, waste and paper use,
environmentally-beneficial (green) lending, environmentally responsible procurement, and sustainability engagement and communication. As
beautiful as it is big, Texas is home to some of the largest cities in the United States and the world's 10th largest economy. A leader in multiple
industries with 11 ecoregions, eight mountain ranges, and over 150 conservation organizations, Texas is a diverse state with the opportunity to
model the importance of bringing conservation and business together for the benefit of our people, prosperity, and natural resources.
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Comerica (USA) Earns High Mark in Newsweek’s Inaugural America’s Most
Responsible Companies Ranking
34
Comerica Incorporated received national recognition for its commitment to corporate responsibility, placing ninth in Newsweek’s
first ranking of America’s Most Responsible Companies. The rankings included evaluations of more than 2,000 companies across
the country with only 300 making the list. The inaugural ranking was based on a balanced approach to environment, social and
corporate governance (ESG) performance and completed in partnership with global data research firm Statista Inc. The recognition
by Newsweek is one of several corporate responsibility honors for Comerica’s sustainability initiatives in 2019. Earlier this year,
Comerica was named to the 2019 Global 100 Most Sustainable Corporations by Corporate Knights and received a Climate
Leadership Award from the Center for climate and Energy Solutions (C2ES) and The Climate Registry (TCR) for the second
consecutive year. Comerica’s work in the communities earned the organization recognition on The Civic 50 by Points of Light. The
Civic 50 evaluates companies according to investment, integration, institutionalization and impact. Comerica Incorporated (NYSE:
CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The
Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses
be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select
businesses operating in several other states, as well as in Canada and Mexico.
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BIDV (Vietnam) receives two outstanding banking awards
35
The award ceremony took place on 27 November 2019 in Ho Chi Minh city within the framework of Vietnam Retail Banking Forum 2019
co-organized by Vietnam Banks Association (VNBA) and International Data Group (IDG). BIDV is the only bank to receive the “Outstanding
Retail Bank” award for the fourth consecutive year. The bank was also awarded the “Outstanding E-Banking" for the third time. The two awards
were among important categories of the Vietnam Outstanding Banking Awards (VOBA). The VOBA awards were evaluated objectively on strict
criteria by experts from governmental agencies, ministries and associations in the finance and banking sector. The prestigious awards are
recognition of BIDV's efforts over the past 10 years in improving retail banking size, efficiency and quality. In the retail banking business, BIDV
has determined improving efficiency and applying modern technology as breakthroughs, customers and human resources as the core, and have
achieved impressive business results. Accordingly, retail deposits reached over VND600 trillion, retail credit is over VND360 trillion; net
income from retail banking reached more than VND17 trillion; and growth in the period 2016-2019 averages over 30 percent p.a. Individual
customer base grows more than 10 percent per year, reaching over 12 million customers. BIDV's outstanding products and services have brought
positive experiences to customers such as: personal loans (home loans, business loans, car loans, etc.), savings, card products, money transfer,
insurance, securities, and packages dedicated to the segment such as BIDV Premier service. Regarding to e-banking, 7 million customers of
BIDV have banked online, with an average of 5 million active users monthly. In addition, more than 100 million transactions have been
conducted via BIDV Interner Banking and Mobile Banking this year, an increase of 50 percent year-on-year.
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LUKB (Switzerland): Scope Award 2020 for asset management
36
LUKB has won the Scope Award 2020 in the “Special Provider” category for its range of stocks from equity, bond and strategy funds. The rating agency
Scope evaluates fund companies in the “Special Provider” category that manage at least 8 to a maximum of 24 funds. LUKB prevailed against 49
competitors in this category. In the past nine years, LUKB has been regularly awarded awards from Scope (formerly FERI Eurorating Award) for the
LUKB investment fund “Expert growth” in the “Global flexible strategy strategy” category: twice as a winner and six times with an award for one of the
top five top funds. This year, the LUKB won the Scope Award 2020 in the category “special providers”. Not only the quality of a single investment fund
was decisive for the award, but the quality of the entire product range over several years. The rating agency Scope's analysis includes more than 4,500
funds and 280 asset managers from Germany, Austria and Switzerland. Scope assesses the overall performance in 24 fund and asset management
categories. In this year's analysis, the “Special Provider” category, which also includes LUKB's asset management, consisted of a total of 50 asset
managers, who were measured according to the following evaluation criteria:
• Fund management
• Organization of the investment process
• Implementation of the investment process
• management environment
• Scope fund rating
• Relative and absolute performance over different time periods
• as well as corresponding risk indicators
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NBK awarded ‘Best Foreign Exchange Provider’ in Kuwait and the Middle
East for 2020
37
National Bank of Kuwait (NBK) was recognized as the Best Foreign Exchange Provider in Kuwait and the Middle East for 2020 in an exclusive
survey compiled by the world-renowned financial magazine Global Finance. Global Finance, headquartered in New York, was founded in 1987 and is
one of the leading publications specialized in economic research and analysis. The magazine has a circulation of over 50,000 and a diverse reader
base ranging from corporate and financial institution executives to investment and strategic decision-makers in 188 countries. The publication
conducts several annual surveys to gage financial services providers’ innovation and profitability around the world. The rankings, compiled by
international finance magazine, Global Finance, are based on input from industry analysts, corporate executives and technology experts. NBK is
enlisted among the World's Best Foreign Exchange Providers along with major international financial institutions such as Citibank, BBVA, Societe
Generale, Nomura, Deutsche Bank and Credit Suisse. The award is a recognition of NBK’s leadership in providing the best banking solutions that
meet the needs of its clientele. Global Finance magazine has named its 20th World’s Best Foreign Exchange Providers in 113 countries, and 7 global
regions, as well as the best banks for FX research and analysis and for FX trading technology. Global Finance also named its Corporate FX Awards
honorees, covering FX management and innovation. Global Finance used a series of criteria—including market share, number and size of deals,
service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing and market reputation—to
score and select winners, based on a proprietary algorithm. NBK continues to collectively enjoy the highest credit ratings from the top three
international rating agencies; Moody’s, Fitch Ratings and Standard and Poor’s. The Bank’s ratings are supported by its high capitalization, prudent
lending policies, and its disciplined approach to risk management, in addition to its highly recognized and very stable management team.
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Nordea (Sweden) ranked best corporate bank in the Nordics
38
Nordea was again chosen as the best corporate bank among large Nordic corporates with an all-time high customer
satisfaction score in the 2019 Prospera survey. This marks the third consecutive year that Nordea is voted the best
corporate bank in the Nordics and the fourth consecutive year with improved satisfaction scores for Nordea. In Norway
and Denmark, Nordea C&IB was ranked as the best corporate bank, with the highest customer satisfaction scores ever to
be recorded in Prospera’s survey history. Also in Finland, Nordea C&IB gained a clear number one spot in the Prospera
annual large corporate customer survey for the second year. Nordea C&IB in Sweden came second in the 2019 rankings.
– “I am very proud of what the team has accomplished and the recognition that our corporate customers appreciate the
full-service offering of Corporate & Investment Banking across the Nordics. We are also very grateful for the trust our
customers show us which is a testament to the strength of our long-term partnership. We will continue to do our utmost
to be a value-added long-term partner, and this recognition motivates us to continue to improve and be a strong personal
and financial partner for our customers”, says Global Co-Head of Nordea Corporate & Investment Banking (C&IB).
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Global Finance names QIB as the safest Islamic Bank in Qatar for the third
consecutive year
39
Qatar Islamic Bank (QIB) has been named the safest Islamic Bank in Qatar for the third consecutive year by Global
Finance, a New-York based magazine. Adding to its list of awards and achievements, QIB was also recognized as the 4th
safest Islamic Bank in the GCC, and the 36th safest Bank in emerging markets. Global Finance evaluates the ratings and
total assets of the key players in each region, providing an overview of which financial institutions offer the greatest safety
for customers and stakeholders. The rankings are recognized as a trusted standard of financial safety for over 25 years. The
Banks were selected through an evaluation of long-term foreign currency ratings from Moody’s, Fitch, as well as the
company reports. The rankings are a reflection of QIB’s success over the past few years and a testament to the Bank’s
growth strategy that has been focused on prudent financing policies and disciplined approach to risk management. The
Bank’s strategy is closely tied with Qatar’s National Vision 2030 and the government’s commitment to investments in the
country’s infrastructure, the diversification of the economy and the development of a strong private sector. In recent years,
QIB has been working on building a sustainable business strategy and establishing competitive advantage by introducing
innovative products and services, improving service performance, upgrading the Bank’s risk management framework, and
migrating to new technology platforms that allow QIB to improve efficiency and better serve its customers. The successful
implementation of this strategy has contributed to the Bank’s leading position in Qatar and the region.
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QIB (Qatar) Awarded best straight-through-processing (STP) in payments by
Citibank
40
Qatar Islamic Bank (QIB) has been conferred the prestigious annual straight-through-processing (STP) Excellence Award presented by
Citi Qatar for outstanding performance in Straight Through Processing (STP) and delivery of commercial and financial payments in
USD. The Award was handed over at a meeting held at QIB Head Office, attended by senior officials from QIB and Citibank. The
award recognizes QIB’s state-of-the-art in-house funds transfer architecture and reflects the Bank’s consistent high SWIFT payment
standards which facilitate automated processing resulting in beneficiary account credits in the fastest time. The STP award recognizes
quality in the field of payment transactions, reflecting the degree of full automation. STP is set up in a way that ensures that payments
are done automatically without human involvement as a result of which less processing time and resources are used and proves
effective for both QIB, Citi and the end customers. The award was given to QIB for conducting international settlement services with
an STP rate above 97 per cent. Citibank’s STP Award is presented annually to banks that have efficiently processed foreign currency
payments. In recognition of its accomplishments in the past year, QIB received several prestigious awards for its digital innovation:
"Best Digital Bank in Qatar" by the Asian Banker, “Best Consumer Digital Award 2018” and “Islamic Finance Innovator Award 2019”
from the esteemed Global Finance Magazine, and the “Excellence in Mobile Banking 2018” award at the New Age Banking Summit in
Doha. These awards reflect QIB’s continuous efforts to develop its existing product suite and create innovative digital solutions to meet
the fast-changing financial needs and preferences of its customers in Qatar.
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Sberbank (Russia) gets TAdviser award for Fintech API integrative solution
41
Sberbank’s integration techniques have been recognized as the best in the Digital Ecosystem category and won the TAdviser IT Prize.
They all are collectively known as Fintech API and provide a seamless integration of fintech companies’ services and host-2-host
integration with ERP systems. Sberbank’s Fintech API is a technology which brings together banking and non-banking products and
services in one online platform, lets users seamlessly log on to the partners’ services with a universal login, instantly exchanges
payment details, and integrates business accounting systems into the internet banking. One solution includes SberBusiness ID seamless
login experience, conclusion of client’s consent to data transfer, invoicing and payment methods, methods of processing invoices and
transactions, methods of managing payroll projects, debt and payment registers, methods of working with international payments, and
corporate service subscriptions. It enables Sberbank clients to use traditional banking services and new non-financial services with
Sberbank Business Online work with data, pay for services, log on to B2B services, and automate routine operations in a way that is
secure, fast and convenient. For example, once logging in to the bank and setting the synchronization with all accounting systems,
Sberbank corporate clients can send payroll registers to the bank without exporting or importing documents via the internet banking.
Previously, large companies could spend a whole working day to export registers from the accounting system and upload them to the
internet banking solution manually.
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Sberbank (Russia) wins seven European Contact Center and Customer Service Awards
42
Sberbank’s integration techniques have been recognized as the best in the Digital Ecosystem category and won the TAdviser IT Prize.
They all are collectively known as Fintech API and provide a seamless integration of fintech companies’ services and host-2-host
integration with ERP systems. Sberbank’s Fintech API is a technology which brings together banking and non-banking products and
services in one online platform, lets users seamlessly log on to the partners’ services with a universal login, instantly exchanges
payment details, and integrates business accounting systems into the internet banking. One solution includes SberBusiness ID seamless
login experience, conclusion of client’s consent to data transfer, invoicing and payment methods, methods of processing invoices and
transactions, methods of managing payroll projects, debt and payment registers, methods of working with international payments, and
corporate service subscriptions. It enables Sberbank clients to use traditional banking services and new non-financial services with
Sberbank Business Online work with data, pay for services, log on to B2B services, and automate routine operations in a way that is
secure, fast and convenient. For example, once logging in to the bank and setting the synchronization with all accounting systems,
Sberbank corporate clients can send payroll registers to the bank without exporting or importing documents via the internet banking.
Previously, large companies could spend a whole working day to export registers from the accounting system and upload them to the
internet banking solution manually.
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Sberbank (Russia) and Aviasales name Top 10 tourist destinations most popular among
Russians for New Year holidays
43
Sberbank Insurance, a Sberbank subsidiary, and Aviasales flight search site have ranked the most popular tourist
destinations Russians go to for New Year holidays. Moscow ranked first on the Top 10 list with 12% of early
bookings. Ranking second is St. Petersburg (7%), ranking third is Bangkok (4.5%), followed by Sochi (4.1%), Bali
(3.6%), Istanbul (3.2%), Prague (3%), Simferopol (2.7%), Krasnodar (2.6%), and Phuket (2.2%). During the last
New Year holidays – between December 27, 2018 and January 13, 2019 – some 800 Sberbank Insurance customers
sought medical assistance using their insurance policies when travelling. As much as 62% of these accounted for
Thailand. The Top 5 countries where travelers sought medical help using their insurance policies also included
Russia (5%), India (4%), Indonesia (3.5%), and Vietnam (3%). Acute respiratory infections, digestive disorders, and
traumas were the most popular reasons to visit a doctor. Some 35% of the insured events accounted for respiratory
diseases, like viral infections, bronchitis, running nose, and otitis. Digestive disorders accounted for 20% of cases,
and traumas accounted for 5%. Bites from insects, primates, and a venomous snake were the unconventional reasons
why policyholders sought medical assistance in Thailand.
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Sberbank (Russia)gets three awards at Tagline Awards 2019
44
Sberbank has won the prestigious Tagline Awards. Sberbank Online app won two gold medals, one for “Best mobile / AR /
VR / IoT project”, which is a general category, and another one in the “Best financial / insurance company app” category. In
July 2019 a huge update was released for Sberbank Online, making the app adjust to each customer individually. AI
algorithms choose individual cards with the most relevant actions. For even better customer experience, the app also
features a new login screen that morphs depending on the time of the day and location. Sberbank’s Chat Bot for Corporate
Clients was also recognized in the Chat Bots and AI Technology category. The service first appeared on Sberbank’s website
nearly a year ago, on December 25, 2018. It helps customers get quick counsel on transaction products and services.
Recently, the chat bot functionality also welcomed an account reservation option. Tagline Awards is a Russian award for
interactive projects and digital achievements. It is awarded annually for the most innovative, interesting and high-quality
projects demonstrating the extensive expertise of Russian agencies and in-house teams. The Tagline Awards jury team
includes renowned creative and art directors, marketing and communications directors from the biggest companies,
software development and customer experience professionals. The judges consider the concepts, their quality and efficiency
with which commercial tasks get tackled.
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Sberbank (Russia) Online makes to Top 3 list of most popular apps in Russia
45
Sberbank Online has made it to Top 3 most-downloaded free iPhone apps of the year for the first time, with
only WhatsApp messaging app and Instagram social networking service ahead of it. Apple has compiled its
annual ranking of the App Store applications Russians download the most. Before that Sberbank Online had
been ranking fourth for three years running, and ranked sixth even before that. The app’s active users added
30% y-o-y to reach 53 mln people. Most of them are Android users, however iPhone owners open Sberbank
Online 20% more often. Deputy Chairman of the Executive Board, Sberbank, “Traditionally it’s
communications apps that lead the App Store ranking. This year Sberbank Online ranked third, which
proves that digital banking is becoming indispensable to Russians. We’re happy to be part of this change.”
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Sberbank (Russia) wins three Time for Innovations Awards
46
Sberbank has won three Time for Innovations 2019 awards for Best Project on Innovation Introduction, Innovation of the Year, and Project
of the Year, all in the Artificial Intelligence, Robotics and Digital Economy category. Sberbank’s Robotic Cash Recalculation Unit was
recognized as the Best Project on Innovation Introduction. Developed by Sberbank Robotics Laboratory, the unit recalculates, sorts, and
packs cash automatically, thus tripling productivity. Each unit can recalculate up to 600 kg of cash a day. The solution has already been
introduced and is being scaled at the bank. Digital twin Elena was recognized as the Innovation of the Year. The digital twin of a TV host
was created in Robotics Laboratory using deep learning artificial neural networks; it cuts time and cost to produce video content while
maintaining the needed and sufficient quality of materials. The voice and image are fully digital and were created with the help of AI using
uploaded text. With the new technology, an all-new TV news format for Sberbank Group was launched in April. It’s called SberNews and
it’s hosted by Elena. The news blocks are broadcast on the intranet and the bank’s website. The kNOwTEACHER project won an award as
the Project of the Year. This is an advanced R&D project by Sberbank Robotics Laboratory that can flexibly pick up an object using a
robot-equipped manipulator with the computer vision and AI-based robotic control technologies at the core. The robot independently learns
about an object without a teacher and picks the object up no matter what its placement is. The project automates processes on manipulating
an object of an unknown shape and in an unknown place. After the short-term machine learning on a certain type of objects, the technology
allows for such objects to be picked up when they are placed randomly and lets the manipulator do things that require knowing the current
location of the object. The bank obtained a patent for this invention.
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Sberbank (Russia)wins five awards at RETAIL FINANCE AWARDS — 2019
47
Sberbank has won five awards in four categories at the annual RETAIL FINANCE AWARDS — 2019. The “All about Your Money. Financial
Literacy in Plain Language” project won two awards as “Best Social Project” and “Best Social Project According to Retail Finance Magazine
Readers”. The project implies large-scale personalized communications covering the following themes: Savings, Investing, Having Loans,
Making Economies, Increasing Earnings. Customers received introductory questionnaires, experienced six communication rounds, and passed a
final test. For the time being, this is the bank’s biggest financial literacy initiative in terms of engagement. The project audience topped 30 mln,
of which 5 mln read one e-mail or history via Sberbank Online mobile app and over 500,000 people read all six of them. The key difference that
makes Sberbank, the Finance Ministry and the CBR stand out is the wide use of personalized approach through neural networks model that had
picked relevant information for clients. The final testing proved a dramatic raise in awareness of the issues among clients. The “DomClick by
Sberbank: Mortgaged Apartment in One Day, Myth or Reality” project won the prize in the Marketplace special category. DomClick is a real
estate marketplace that can help you answer practically any housing-related question online, from applying for a mortgage to registering your
title. You can apply for a mortgage online in five minutes and take out a mortgage without presenting your documents. In Moscow every second
mortgage is taken out via DomClick, while in Russia every fourth one. As much as 45% of Sberbank clients learn about the lending decision
within 30 minutes; 95% of clients learn about it within 24 hours. On DomClick you can choose from over 2 mln ads placed by the bank’s trusted
partners or home owners. While your mortgage loan is being issued you can enjoy the assistance of professional consultants, who can answer
any question via the chat 24/7.
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Sberbank (Russia) Online mobile app wins Runet Prize 2019
48
The major Sberbank Online update has won the Mobile Application award at Runet Prize 2019, which was organized by the
Russian Association for Electronic Communications with financial support from the Federal Agency on Press and Mass
Communications of the Russian Federation. Released in July 2019, the massive Sberbank Online update features artificial
intelligence algorithms that analyze the profile of users and what they do to customize the app and suggest the most relevant
actions and products on the main screen. The app design also changes depending on the time of the day and user location. The
Sberbank Online update had earlier received awards at Tagline 2019, Retail Finance Awards 2019, and Time of Innovations
2019. On top of that, the Sberbank Online mobile app made it to the Top 3 apps on App Store annual ranking list, following
WhatsApp and Instagram, for the first time. For the third consecutive year Spasibomania 3.0 Hyperthrow, which is part of the
Spasibo by Sberbank loyalty program, won a Runet Prize in a popular vote category. Project participants receive prizes and
offers from program partners by opening cells on a virtual map through gamification mechanics. Any member of the loyalty
program can receive one million rewards points with Spasibomania. Three people have already won this grand prize.
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