Banca Akros BoD approves 2015 financial year results

Net profit of €16.6 million – Common Equity Tier 1 ratio of 14.7%

 

THE BOARD OF DIRECTORS OF BANCA AKROS (BPM GROUP)

HAS APPROVED THE RESULTS OF THE 2015 FINANCIAL YEAR

 

  • Net profit of €16.6 million (€17.8 million in 2014)
  • Common Equity Tier 1 ratio of 14.7%.
  • The Bank consolidated its top position in market making and bond brokerage, ranking 2nd on behalf of third parties on DomesticMOT and EuroMOT, ranking 3rd on EuroTLX and ranking 1st on ExtraMOT and Hi-MTF; its 4th place was also confirmed on the Electronic Stock Exchange (MTA) of the Borsa Italiana (Source: Assosim).
  • Banca Akros participated in the main share capital increase and listing transactions carried out on the Italian stock market during the period, as well as in many transactions in the Debt Capital Market sector.
  • In Private Banking, assets under management amounted to approximately €2.2 billion, up by approximately 8% compared to 31 December 2014, partly thanks to positive net inflows.

 

Milan, 4 February 2016 – The Board of Directors of Banca Akros – Investment bank and Private Banking of the Banca Popolare di Milano Group, chaired by Graziano Tarantini and led by Chief Executive Officer Marco Turrina – approved the results as at 31 December 2015.

During the period, the Bank achieved net interest and other banking income of approximately €79.8 million (€80.9 million in 2014); net profit stood at approximately €16.6 million (€17.8 million in 2014).

As at 31 December 2015, the Common Equity Tier 1 ratio was 14.7%, including, in accordance with applicable prudential regulations, the portion of profit for the year not proposed for distribution.

In market making and trading, there was a positive contribution from equity derivatives, government bonds, domestic bonds and Eurobonds. The development of trading in financial risk hedging and management instruments (interest rate, exchange rate and commodity) for institutional and corporate customers continued, also as part of the joint coverage with the Parent Company in Corporate & Investment banking, with special attention to the specific reference target represented by the Mid Corporate segment operating in the territory where the Group has its roots.

In brokerage on behalf of third parties (Source: Assosim), the Bank:

  • Consolidated its presence in the bond markets, ranking 2nd on the DomesticMOT and EuroMOT segments of the Borsa Italiana (with a market share of 17.8% and 20.5%, respectively), 3rd on the EuroTLX market (with a market share of 17.6%), and 1st on the Hi-MTF market and on the ExtraMOT market (with a market share of 37.4% and 30.4%, respectively), also thanks to the SABE contribution, the proprietary system for the automatic search for dynamic best execution.
  • Was confirmed in 4th place on the Electronic Stock Exchange (MTA) of Borsa Italiana (with a market share of 8.7%), and 3rd on the ETF Plus market (with a market share of 7%) and ranked 1st on the SeDeX market (with a market share of 22.1%).
  • Ranked 3rd in options on the FTSEMIB index (with a market share of 6.7%).

The offer to customers of brokerage services on equity markets also benefits from the activities of ESN – European Securities Network LLP, the European equity research and trading partnership set up by Banca Akros with seven other independent investment banks active in their national markets. Notably, in the Thomson Reuters Starmine Analyst Awards 2015, ESN was listed first in the ranking for the “Machinery” sector, thanks to the coverage of the analyst working at Banca Akros.

In the Equity Capital Market business, Banca Akros acted as Sponsor and Joint-Lead Manager in the listing on the Italian Stock Exchange of the company Banzai, as placing agent for the public offer and Joint-Bookrunner in that of Banca Sistema, as Joint-Bookrunner for the SPAC Capital for Progress 1, as Placing Agent in the Aedes share capital increase, as Financial Advisor and Placing Agent in the share capital increases of I Grandi Viaggi and Fiera Milano, and as Guarantor and Placing Agent in the recapitalisation of Banca Monte dei Paschi di Siena and Banca Carige.

The Bank also participated, as Co-Lead Manager, Guarantor and Placing Agent, in the initial public offers of Poste Italiane and Openjobmetis, and, as Guarantor and Placing agent, in the public offers for the listing of Oviesse, Massimo Zanetti Beverage Group and INWIT.

In the Debt Capital Market, the Bank participated as Joint Lead Manager and Bookrunner in the placement with institutional investors of a fixed-rate bond issue by Prysmian, expiring in 2022, for a total of €750 million, which was the largest European issue by an unrated corporate issuer. Banca Akros also participated, as Additional Guarantor, in the public subscription offer to the retail public of a fixed-rate bond issue by Autostrade per l’Italia maturing in 2023 for a total amount of €750 million, listed on the Electronic Bond Exchange (MOT) of the Borsa Italiana. Also in the Corporate sector, the Bank acted as Co-Manager in the two euro issues of the company International Game Technology, carried out as part of the merger with the company GTECH. In the institutional segment, Banca Akros participated, as Joint-Lead Manager and Bookrunner, in the two covered issues made by the Parent Company BPM – of €1 billion at 7 years in September and, respectively, of €750 million at 10 years in November – and in the subordinated Lower Tier II issue made by Veneto Banca in November. The Bank was also involved in more than twenty issues by leading international issuers, including the European Investment Bank and Germany’s KFW.

In the Advisory activities, Banca Akros acted as the broker in charge of coordinating the collection of subscriptions in relation to the voluntary public offer promoted by the Parent Company for the partial repurchase of certain bonds issued by it. As part of its credit advisory activities, the Bank acted as Advisor and Arranger, among other operations, in the structuring of a loan in favour of FIAMM S.p.A. aimed at supporting the purchase, processing and transformation of raw materials; the loan was disbursed by the Parent Company BPM, as financing bank, and saw SACE participate as guarantor. Credit advisory activities in the energy sector also continued with the organisation of renewals of expiring operations.

In the Private Banking activities carried out at the Milan office and at the Rome and Turin branches, the Bank focused on its characteristic target of high net worth customers by offering personalised asset management services – in an “open architecture” context – and administration and order collection services featuring high capacity for execution on domestic and international markets. The total value of assets under management stood at around €2.2 billion at the end of the year, up by 8% compared to 31 December 2014, reflecting the good trend in net inflows and the positive performance for the period.

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