BoD: 2014 financial statements approved
2014 results: €17.8 million net profit (€9.8 million in 2013, +81.2%)
THE BOARD OF DIRECTORS OF BANCA AKROS (BIPIEMME GROUP)
HAS APPROVED THE RESULTS OF THE 2014 FINANCIAL YEAR
- Profit before tax of €28.1 million (€24.7 million in 2013, +13.8%); net profit of €17.8 million (€9.8 million in 2013, +81.2%)
- The bank consolidated its presence in market making and bond brokerage (ranking 2nd on behalf of third parties on EuroMOT and EuroTLX, 3rd on DomesticMOT, 1st on Hi-MTF), on the Electronic Stock Exchange (MTA) of the Borsa Italiana (ranking 4th) and in options on the FTSEMIB index (ranking 2nd). The Bank participated in the main share capital increase and listing operations carried out in 2014 on the Italian stock market.
- Assets under management amount to approximately €2 billion.
Milan, 9 February 2014 – 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 the Chief Executive Officer Marco Turrina, has approved the 2014 financial statements.
“The company’s management, based on the development of the range of services and products offered to customers, control of the chosen markets and of the relative market shares with constant control of the risks taken, ensured the achievement of positive income results, with confirmation of adequate capitalisation ratios and liquidity levels,” commented Chief Executive Officer Marco Turrina.
During the financial year, the Bank achieved a net interest and other banking income of approximately €80.9 million (-1.2% compared to financial year 2013); profit before tax amounted to approximately €28.1 million (+13.8%), net profit to approximately €17.8 million (+81.2%).
As at 31 December, the Common Equity Tier 1 ratio was 16.7%.
With regard to market making and trading activities:
- The contribution of the government bond, domestic bond and Eurobond business remained significant.
- In line with the indications of the Group’s Business Plan, the implementation of the joint coverage project with the Parent Company continued in the Corporate & Investment Banking activities for Corporate customers, with a special attention to the specific target represented by the Mid Corporate segment operating in the territory where the Group has its roots; also in this context, operations at the service of companies and institutional counterparties in instruments for hedging interest rate, exchange rate and commodity risks were consolidated.
- In derivative trading on Italian equities and indices, the Bank confirmed its position as a reference operator in regulated markets and over the counter.
In brokerage on behalf of third parties (Source: Assosim), the Bank:
- Consolidated its leading presence in the bond markets, ranking 2nd among the operators active in the EuroMOT segment and 3rd in the DomesticMOT segment of Borsa Italiana (with a market share of 20.7% and 13.9%, respectively). It ranked 2nd in the EuroTLX market (with a market share of 17.1%) and 1st in the Hi-MFT market (with a market share of 30.9%), thanks also to the SABE contribution, the proprietary system for dynamic best execution research, in accordance with MiFID regulations.
- Confirmed its 4th place on the Electronic Stock Exchange (MTA) of the Borsa Italiana (with a market share of 8.1%).
- Ranked 2nd in options on the FTSEMIB index and 1st in the IDEX energy derivatives market.
Equity brokerage also relies on the activities of ESN – European Securities Network, the equity research and trading partnership set up by Banca Akros with eight other independent European investment banks active in their national equity markets. It should be noted that, in the special survey published in July, EXTEL-Thomson Reuters highlighted ESN for the best quality offered in roadshows in southern Europe, particularly thanks to the contribution of Banca Akros in Italy.
In the Equity Capital Market business, Banca Akros assisted the Parent Company as Joint-Global Coordinator, without guarantee, in the share capital increase for a total of €500 million, which was successfully concluded in May, and participated, as guarantor, in the share capital increase transactions of Banco Popolare, Banca Monte dei Paschi di Siena, Banca Carige, Credito Valtellinese and Cattolica Assicurazioni, and as Co-Bookrunner, in that of Banca Popolare di Sondrio. The Bank took part, as guarantor and placing agent, in the public offer operations aimed at listing the companies Cerved S.p.A., FinecoBank S.p.A., Fincantieri S.p.A., Rai Way S.p.A. and Anima Holding S.p.A. on the Electronic Stock Exchange (MTA); for the latter, the Bank also acted as Co-Lead Manager in the related institutional placement. Banca Akros also assisted the Notorious Pictures S.p.A. company as Nominated Advisor, Global Coordinator and Specialist, in its listing on the AIM market of the Borsa Italiana.
In the Debt Capital Market, Banca Akros participated, as the only Italian bank in the Management Group and as Lead Manager and Bookrunner, in the institutional issue of a five-year fixed-rate senior bond of the Parent Company successfully placed in January for the amount of €500 million, as well as in the placement of various issues of primary international institutional issuers including one of the European Investment Bank in which it acted as Joint-Lead Manager and Bookrunner. The Bank also participated, as Co-Lead Manager, in the placement of a 10-year senior bond issued by SIAS S.p.A. for an amount of €500 million. With a view to supporting the funding of SMEs, the Group acted as arranger in relation to mini-bond issues.
In the advisory sector, Banca Akros acted, among other things, as financial advisor as well as broker in charge of coordinating the collection of subscriptions in relation to the takeover bid promoted on Meridiana S.p.A. and also acted as broker in charge of coordinating the collection of subscriptions in the takeover bid promoted on Aeroporto di Firenze S.p.A., Società Aeroporto Toscano (S.A.T.) Galileo Galilei S.p.A. and Bonifiche Ferraresi S.p.A.
In Private Banking activity, carried out directly in the Milan office and through the branches in Rome and Turin, focus was placed on the selected target of high net worth customers. In particular, there was continued development of the offer of specialised services in asset management, leveraging the recognised characteristics of personalisation in the service, in an “open architecture” context, and in the activities of administration, collection and execution of orders on domestic and international markets. Assets under management totalled approximately €2 billion at the end of the year (approximately +1%).
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|Banca Akros S.p.A.|
|Reclassified income statement||31/12/2014||31/12/2013||Changes|
|(€/million, rounded)||in value||in %|
|Net interest and other banking income||80.9||81.9||-1.0||-1.2%|
|Profit before tax||28.1||24.7||3.4||+13.8%|
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Banca Akros, investment bank and private banking of the Banca Popolare di Milano Group, has well-established domestic operations complemented by the development of activities on the main international markets and offers products and services with high quality standards, with it also belonging to one of Italy’s leading banking groups.
ESN – European Securities Network LLP – London
Banca Akros is one of the founding institutions of ESN (European Securities Network LLP), the company jointly owned by 9 leading European banks and brokers, active in the trading and production with common standards of financial studies and analyses, strongly characterised by independence, on approximately 700 European equities. ESN is a multi-local partnership with around 100 analysts and 150 sales and traders dedicated to European equity markets.
GSN North America Inc. – New York
In the USA, Banca Akros also operates through GSN North America Inc., formerly ESN North America Inc., of which it owns approximately 12%, a broker-dealer based in New York and member of the National Association of Securities Dealers Inc. (NASD); this allows, among other things, operations on the NASDAQ and NYSE. GSN North America’s business is aimed at American institutional customers to whom it offers investment ideas on European equities using the research of ESN’s partners and at European institutional customers to whom it offers an efficient order execution service on American equity markets. The other shareholders of GSN North America are France’s CM-CIC Securities (85%) and Spain’s BEKA Finance (3%).
Group S.r.l. – Milan
Group S.r.l. is the company, 12.5% owned by Banca Akros, which studies markets and provides services to its shareholders (eight leading Italian banking groups), with a view to their participation in corporate financing and/or the placement of financial instruments (shares and bonds) to the public. Group members have a distribution network of more than 7,000 bank branches.
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Banca Akros S.p.A.
Gianluca Verzelli – Communications Department
Milan: Viale Eginardo 29, 20149 – Tel +39 02 4344 41 – Fax +39 02 4344 4300
Rome: Via Gregoriana 34, 00187 – Tel +39 06 4544 0746
Turin: Corso Galileo Ferraris 31, 10121 – Tel +39 011 1970 4715