The Board of Directors of Banca Akros – the investment and private banking bank of the Banco BPM Group, chaired by Graziano Tarantini and led by the Chief Executive Officer Marco Turrina – approved the results as at 30 June 2017.
"In a context characterized by an overall positive setting of the main operating markets, despite the persistence of conditions of particularly low volatility, even in a multi-year historical comparison, the company management has ensured the achievement of positive and growing results of profitability and high levels of capitalization and liquidity. During the period, the expansion of the offer of products and services and the commercial action towards customers continued. The Bank is also involved in leading the "CIB integration site" aimed at concentrating the Group's Corporate & Investment Banking activities at Banca Akros, according to the guidelines defined in the 2016-2019 Business Plan", commented the Director Marco Turrina delegate.
The Bank achieved a net result of financial management of approximately Euro 34,8 million (Euro 34,7 million in the first half of 2016). After the recognition of an impairment of EUR 1,8 million - due to the estimated shorter useful life of the software as a result of the IT reorganization of the Group to which it belongs - and the contribution paid to the Single Resolution Fund of EUR 1,2 million, the The net profit amounted to approximately Euro 4,5 million, an increase of approximately 9% compared to the 4,1 million of the first half of 2016.
At 30 June 2017 the Common Equity Tier 1 ratio was 22,5% (18,6% at 31 December 2016); the Leverage ratio is equal to 13,6% (11,1% as at 31 December 2016).
In market making and negotiation activities, the positive contribution of operations on equity derivatives and government bonds, domestic bonds and Eurobonds was confirmed; in May the Bank participated, in the role of Co-Dealer and market maker, on behalf of the Ministry of Economy and Finance, in the placement on the MOT market of Borsa Italiana of the eleventh issue of the BTP-Italia, maturing in 2023 The development of operations on hedging and financial risk management instruments (interest rate, exchange rate and commodity) continued positively at the service of institutional and corporate customers, also in the context of joint coverage with the Parent Company, with particular attention to the specific reference target represented by the Mid Corporate segment.
In the intermediation activity on behalf of third parties (Source: Assosim) the Bank:
- consolidated its presence in the bond markets, placing itself in 2nd place in the ranking of intermediaries active on behalf of third parties on the Italian bond markets and, in particular, in 4th place in the DomesticMOT segment and in 2nd place in the EuroMOT segment of Borsa Italiana (with a market share of 11,9% and 19,9% respectively), in 3rd place on the EuroTLX market (with a market share of 16,5%), as well as in 1st place on the Hi-MTF market and on the ExtraMOT market (with a market share of 26,1% and 27,5% respectively), also thanks to the contribution of SABE, the proprietary system for the automatic search for dynamic best execution in compliance with MiFID regulations;
- was confirmed in 4th place on the Italian Stock Exchange (with a market share of 7%), and was placed in 4th place on the ETF Plus market (with a market share of 5,9%) and in 2nd place on the SeDeX market (with a market share of 20,2%);
- it ranked 3rd in options on the FTSE MIB index (with a market share of 5,6%).
The offer to customers of intermediation services on the stock markets also makes use of the activity of ESN - European Securities Network LLP, the partnership in European equity research and trading set up by Banca Akros with seven other independent European investment banks and active in their respective national markets, which offers broad corporate access to investors in individual countries, thanks to the coverage of around 600 listed companies by 90 analysts and 130 sales and traders.
In Equity Capital Market activities, Banca Akros participated, with the role of Co-Bookrunner, in the guarantee consortium for the Unicredit capital increase operation, for a total of EUR 13 billion, which was successfully completed in February. The Bank also acted, in the role of Joint-Bookrunner, in the institutional offer aimed at the listing of the company Indel B on the Mercato Telematico Azionario of Borsa Italiana and coordinated the takeover bids on the companies Mediacontech, Best Union Company and Meridie.
In the sector of Non Performing Loan assignments Banca Akros was Co-Arranger in the auction for a portfolio of 693 million Euros of non-performing real estate loans (so-called Project Rainbow) put up for sale by the Parent Company Banco BPM.
In the Debt Capital Market, we note the Bank's participation, in the role of Joint-Lead Manager and Bookrunner, in the placement with institutional investors of a bond issue by the company Atlantia, at a fixed rate maturing in 2025, for a total of Euro 750 million. In the Financial Institutions segment, Banca Akros participated, as Joint-Lead Manager and Bookrunner, in an institutional issue by Iccrea Banca, at a fixed rate maturing in 2020, for a total of Euro 600 million. The Bank also participated in a further fourteen issues by primary Italian and foreign issuers, including the European Investment Bank (EIB) and the German KFW.
In Advisory activities, among other things, the Credit Advisory activity continued positively, with Banca Akros engaged in origination activities as part of the collaboration agreement signed with SACE (Cassa depositi e prestiti Group ) for an amount of Euro 150 million, in which Banca Akros acts as arranger, advisor and agent for financing transactions with guarantees on inventories and SACE as guarantor.
In the Private Banking activities, carried out in the Milan office and in the Rome and Turin branches, operations continued with the primary objective of overseeing customers and supporting their specific needs, also with a view to the planned demerger of the business unit in favor of Banca Aletti, in execution of the guidelines of the 2016-2019 Group Business Plan. The overall valuation of assets under management and assets under management amounted to approximately Euro 1,2 billion at the end of the half year.
