Banco Santander, S.a. · BME:SAN
Banco Santander — Investor Day (April 2019)
87 slides from Banco Santander's investor day presentation, Apr 3, 2019
Slide 1: Santander Investor Day: Opening Presentation
3 April 2019 Santander Investor Day Ana Botín Group Executive Chairman OPENING PRESENTATION
Slide 2: Important Information
Important Information Non-IFRS and alternative performance measures In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”), this presentation contains certain financial measures that constitute alternative performance measures (“APMs
Slide 3: Important Information
Important Information Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or r
Slide 4: Agenda
01 New team delivers 3-year plan, building on our foundations 02 Looking ahead: Our three-pillar plan for increasing profitability 03 Key takeaways and medium-term goals
Slide 5: Our strategy: a relentless focus on earning customer loyalty
Our strategy: a relentless focus on earning customer loyalty… Our aim To be the best open financial services platform, by acting responsibly and earning the lasting loyalty of our people, customers, shareholders and communities …by being
Slide 6: Strong execution of customer loyalty and digital strategy over last 3 years
Strong execution of our customer loyalty and digital strategy by our new team over the last 3 years Earn lasting customer loyalty Be the bank of choice for our customers, delivering superior customer experience Note: New exceptional leaders in Brazil, Mexico, US, UK, Spain, Corporate and Investment
Slide 7: Growth: loyal and digital customers delivered top line growth
Growth Increase in loyal and digital customers has delivered sustained top line growth Loyal customers (Mn) Digital customers (Mn) Customer revenues (Constant €Bn2) [Graphic Appears Here]
Slide 8: Profitability: significant improvement over the last 3 years
Profitability Significant improvement in profitability in most geographies over the last 3 years 2015 2018 c.40% of our c.90% of our capital 1 with capital 1 with growth: Organic RoTE > CoE RoTE > CoE in Value-creating acquisitions (Popular, discipline Banif Portugal, DB retail and SMEs Poland, Citi
Slide 9: Profitability: progress in capital allocation by segments
Profitability Strong progress in our capital allocation by segments/portfolios… …but still there is more to do
Slide 10: Strength: FL CET1 increased by 304bps
Strength FL CET1 increased by 304bps as the Group accumulated €18Bn of capital Capital generation between December 2014 and December 2018 (bps) + €25.3Bn - €2.3Bn—€12.8Bn + €10.2Bn + €7.5Bn + €17.7Bn (1) Popular acquisition had a largely neutral impact on Group’s solvency.
Slide 11: Our GPS delivered increases in EPS and TNAV per share
Our ‘GPS’ has delivered increases of 55% in EPS and 41% in TNAV per share + cumulative cash DPS, excluding FX (1) Statutory EPS and TNAVps grow th adjusted for the increase in shares from scrip dividends. Figures excluding FX are in constant Euros. (2) Source: Bloomberg as of 29/03/19. All figures i
Slide 12: We have built on our strong foundations
We have built on our strong foundations Scale Both in-market and global scale Diversification Across 10 core markets Europe Developing and and Americas Mature Predictability & Growth Lowest volatility among peers EPS quarter volatility1,2 9% vs c.140% Santander peers avg. Net income increase1,2 1999
Slide 13: Group knowledge and scale add value to retail and commercial franchises
Group knowledge and scale add increasing value to our retail and commercial franchises Existing global businesses Payment related businesses Shared services (1) Wealth Management including Insurance. (2) Global Consumer Finance including SCF, UK LatAm consumer finance operations and SCUSA. (3) 2015
Slide 14: Scale is increasingly a necessary competitive advantage
Scale is increasingly a necessary competitive advantage “At-scale” banks who can invest in digital and technology and generate growth in customers and revenues have a disproportional advantage SAN vs. US Big Four Peer 1 Peer 2 Peer 3 Peer 4 (1) Digital customers are users who have logged on through
Slide 15: Europe: franchise strongly positioned to improve
Europe European franchise strongly positioned to improve Present in the Deliver customer most growth focusing on profitable superior experience banking and best in class markets efficiency Leveraging on c.1.2Mn customers, Openbank, our 100% digital 38% loyal/active full service (+28% loyal customer
Slide 16: LatAm: unique structural growth opportunity
LatAm We are the LatAm bank, giving us a unique structural growth opportunity Large c.600Mn economies with high total population1 growth c.3% prospects combined GDP CAGR2 Great c.200Mn growth unbanked population potential c.60Mn middle class3 expansion by 2030 (+20%) (1) Latin America 2017 populatio
Slide 17: US: attractive market with growing network effects
US The US is an attractive market with increasingly strong and growing network effects with our European and LatAm businesses Largest banking pool 1/3 ($550Bn) c.3% with continued growth world‘s banking pool expected growth p.a. Consistent high 13%-15% Concentrated profitability RoTE Big 4, fragment
Slide 18: US: building blocks in place plus Group scale
US Building blocks in place plus leveraging Group scale and customer base open strong opportunities SBNA positive evolution Attributable Profit 2018 $345Mn (C.3.5x) (increase from $96Mn in 2017) NIM SBNA vs Peers average (2015-18) 3.3% 2.9% 3.2% +62bps1 2.2% (Gap reduction) 1) Comparison w ith SBNA
Slide 19: Global businesses make local banks more competitive
Our existing 3 global businesses make our local banks more competitive, leveraging network effects High growth, high profitability businesses Higher growth Growing profitability prospects RoRWA5 RoRWA Medium-term goals ‘15 ‘18 revenue CAGR6 Corporate & Investment 42% of client revenues 1.3% 1.8% c.8
Slide 20: Embedding a common culture and building a more responsible bank
Embedding a common culture and building a more responsible bank Building a Delivering profit with purpose Simple, Personal and Fair Bank Supporting our Percentage of employees who consider the Bank is: communities… 6.3Mn1 people supported 63% 69% …promoting 74% 273k microentepreneurs 63% financial s
Slide 21: Attracting and retaining the best and most diverse talent
Attracting and retaining the best and most diverse talent is key to achieving our commercial goals Aim Enablers Priorities Strategic Culture & Engagement To be an 1 Workforce employer Planning of choice Attract & Recruit Chosen for our HR Digital 2 purpose, culture Transformation and the Retain & De
Slide 22: Agenda: Key takeaways and medium-term goals
01 02 03 New team delivers Looking ahead: Key takeaways 3-year plan, building Our three-pillar and medium-term on our foundations plan for increasing goals profitability
Slide 23: Our three-pillar plan: improving operating performance
Improving operating performance Our three-pillar plan for Accelerating digitisation: building an open financial increasing services platform profitability Continuing to improve capital allocation
Slide 24: Our three-pillar plan for increasing profitability
Our three-pillar plan for increasing profitability Improving operating performance Accelerating digitisation: building an open financial services platform Continuing to improve capital allocation
Slide 25: Further leveraging our diversification and scale
Further leveraging our diversification and scale US Europe Accelerating Building the leading growth with European bank in sustainable customer experience profitability and profitability, leveraging our scale & digital LatAm A region with structural growth and high and increasing profitability
Slide 26: LatAm: structural growth and high profitability
LatAm A region with structural growth and high and increasing profitability [Graphic Appears Here]
Slide 27: US: expected RoTE of 11-13%
US Growing on the back of Group operational leverage, with expected RoTE of 11-13% Medium-term Adjusted 2018 goals RoTE, %4 Medium-term goal Market share1,2 3% Gain 11-13% RoTE Loyal/active 2018 19% 20% customers1 Digital 8% customers1 0.9Mn 1.1Mn +19% RoTE Customer satisfaction Peer RWA #9 avg rank
Slide 28: Europe: leading European bank in profitability and customer experience
Europe Building the leading European bank in profitability and customer experience, leveraging scale & digital 2018 Medium-term RoTE, % goals Medium-term goal Market share1,2 12% Gain 12-14% RoTE Loyal/active 2018 33% 40% customers1 Digital 11% customers1,3 13Mn c.17Mn +27% RoTE # of countries RWA A
Slide 29: Accelerating digitisation: building an open financial services platform
Our three-pillar plan for increasing profitability Improving operating performance Accelerating digitisation: building an open financial services platform Continuing to improve capital allocation
Slide 30: Our twin-track approach to transformation
Our twin-track approach to transformation Accelerate through high growth ventures “Speedboats” Be the best for our customers and deliver profitable growth
Slide 31: €20 billion investment in IT and digital
€20 billion investment in IT and digital—improving the customer experience while lowering the cost of delivery Digital & Technology expenditure per year €Bn SAN vs. US Big Four as % of 2018 revenue Peer 1 5.8 9.1% We plan to Peer 2 5.8 7.7% invest c.5.0 9.9% >€20Bn Peer 3 7.3 9.2% in the coming Peer
Slide 32: Santander Global Payments: cornerstone of open platform
Santander Global Payments will be the cornerstone of our open financial services platform and loyalty strategy Santander Group position (sector revenues c.9% CAGR1) A worldwide in >4Mn SMEs top10 acquiring volume2 in payments p.a.3 >80Mn cards €500Bn across customers Global Trade Global Merchant A A
Slide 33: Global Trade Services
A Global Trade Services: one global platform providing integrated best-in-class solutions >170k Our vision World trade growth 1.5x Number of SMEs faster than GDP growth trading internationally Deliver fast & efficient products for SMEs, Higher gross margin Market previously only per customer1 access
Slide 34: Leveraging Getnet to build Global Merchant Services
B Leveraging Getnet to build our Global Merchant services Top 10 global acquirers by turnover Global Merchant Services volume €Bn1 Transaction Market share2 in Brazil growth1 Specialist 1,500 (one of largest acquiring market in (Getnet vs market) the world by revenues) Bank +16x 14% 2xsince 2014 Ban
Slide 35: One Pay FX
C One Pay FX: our simple, fair and secure way to send money abroad €90Bn Market revenues1 For our existing customers (One Pay FX) Open market solution (Pago FX) Simple (3-clicks), Fair (competitive pricing) Single global platform “at-scale”: the price and and Safe (Santander-backed) transparency of
Slide 36: Openbank: Europe's largest full service digital bank
Openbank is Europe’s largest full service digital bank, with best in class UX, and a business model which should lead to c.20% ROTE and 25%-35% C/I1 How will Openbank create value? Today Medium-term Attract, engage and retain customers without a branch network, best user Countries 10 experience and
Slide 37: Superdigital: Banking without a bank
Superdigital: ´Banking without a bank´ Superdigital targeting the 300Mn+ underbanked1 in LATAM Profitable, cost-effective service model for a traditionally unprofitable segment Possible because of Santander´s Easy: 3-step Profitable since local presence, products & services onboarding 2018 Today: Me
Slide 38: Global capabilities benefit countries while building an open platform
Global capabilities provided by global procurements, digital, T&O… benefit countries while building an open platform Contributes today to …will deliver for future benefits to Group efficiencies… countries and global businesses €680Mn EUROPE1 REST TOTAL (2018) • €250Mn procurement IT & Ops c.€730Mn c
Slide 39: Continuing to improve capital allocation
Our three-pillar plan for increasing profitability Improving operating performance Accelerating digitisation: building an open financial services platform Continuing to improve capital allocation
Slide 40: Levers to drive further improvement in profitability
We are executing the following levers to drive further improvement in profitability, aligned with our strategic plan Improved capital Capital Further alignment allocation: efficiency: Digitisation: of senior more capital to our minimum profitability driving higher revenue management most profitable
Slide 41: Agenda: Key takeaways and medium-term goals
01 02 03 New team delivers Looking ahead: Key takeaways 3-year plan, building Our three-pillar and medium-term on our foundations plan for increasing goals profitability
Slide 42: Strategy to drive loyal customers, EPS and TNAV per share
We are confident our strategy will drive further loyal customers while increasing EPS and TNAV per share Medium-term goals RoTE1 FL CET1 13-15% 11-12% Dividend Efficiency pay-out ratio 42-45% 40-50% Growth Profitability Strength
Slide 43: Thank You
Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: 3 April 2019 Santander Investor Day Jose Antonio Álvarez Group CEO Item 3
Slide 44: Santander Investor Day: Jose Antonio Álvarez, Group CEO
3 April 2019 Santander Investor Day Jose Antonio Álvarez Group CEO
Slide 45: Important Information
Important Information Non-IFRS and alternative performance measures In addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”), this presentation contains certain financial measures that constitute alternative performance measures (“APMs
Slide 46: Important Information
Important Information Forward-looking statements speak only as of the date of this presentation and are based on the knowledge, information available and views taken on such date; such knowledge, information and views may change at any time. Santander does not undertake any obligation to update or r
Slide 47: Our medium-term goals
Our medium-term goals People Customers • Top 10 company to work: • Loyal customers3: c.26 Mn 6 geographies • Digital customers4: c.50 Mn • Top 3 in customer satisfactio n: People Customers All markets2 • Digital sales5: >50% Communities Shareholders • Financially empowered Communities Shareholders •
Slide 48: Operational levers to enhance profitability
01 02 03 Operational levers to Solvency & capital Group enhance profitability allocation medium-term goals
Slide 49: Group: operational levers to enhance profitability
A GROUP Operational levers to B Core Banks enhance profitability C Global Businesses
Slide 50: Management team focused on further improving profitability
Management team focused on further improving profitability Operating performance Accelerate digitisation Capital allocation • BAU cost control • Digitisation driving higher • Natural reweighting towards • Outperform in integrations & customer satisfaction & market more profitable businesses restruct
Slide 51: Drivers behind targeted profitability improvement
Drivers behind our targeted profitability improvement: top line growth, operational efficiency & capital allocation Operational levers2 to enhance underlying RoTE (%) Key expected drivers1 NII and volumes growing at mid-single digit 15-14% Revenues Fee income ab ove volumes 14-13% BAU cost control 1
Slide 52: Global capabilities expected to deliver c.€1.2Bn in new efficiencies
Global capabilities expected to deliver c.€1.2 Bn in new efficiencies at a Group level, of which c.€1 Bn in Europe Global EUROPE1 REST TOTAL capabilities to enhance IT & Ops c.€730Mn c.€270Mn c.€1Bn operating efficiency across the Shared Group services & c.€220Mn c.€220Mn Others Total c.€1Bn c.€270M
Slide 53: Core Banks
A Group Operational levers to B CORE BANKS enhance profitability C Global Busin esses
Slide 54: Further leveraging our diversification and scale
Further leveraging our diversification and scale US Europe Accelerating Building the leading growth with European bank in sust ainable customer experience pro fitability and profitability, l everaging our scale & digital LatAm A region with structural growth and high and increasing profitability
Slide 55: LatAm: high growth and profitability region
LatAm LatAm: a high growth & profitability region that will consequently increase its weight Key expected levers Medium-term goals High structural growth: Loans Financial (2018 > Medium-term) Commercial (2018 > Medium-term) to GDP at 49% Focus on customer experience Loyal/Active C/I 38% 33-35% 28% 3
Slide 56: Strong position in all LatAm markets
LatAm Strong position in all of our LatAm markets with a sharp improvement in profitability since 2015 Top-tier in most countries High potential to increase its contribution (loans market share) (as % of total Group; 2018) RWAs Loans Deposits Att. Profit3,4 26% 18% 17% #3 42% #152 #31 LatAm offers h
Slide 57: Brazil: significantly improved commercial franchise and profitability
Brazil: we have significantly improved our commercial © franchise and profitability since 2015... Performance Underlying ROTE Macro Significant 20% Recovery + Orthodox macro reforms to improvement 14% GEESE sur | unleash GDP growth of our up potential commercial ad ae + Structural inflation & CoE fr
Slide 58: LatAm Brazil: continued market share and profitability gains
LatAm …and we expect to continue gaining market share and profitability Business priorities Goals Continue • Sound volu me growth with market converging share gains 2018 Medium-term goal towards best- • Increase loyal and digital 1 RoTE 20% > 20% in-class customers & sales • High focus on retail: co
Slide 59: Mexico: improved returns while investing in the franchise
LatAm Mexico: we have significantly improved returns while heavily investing in the franchise… Performance Underlying RoTE Macro Significantly High growth • GDP growth potential still 20% increase in 13% potential at sound levels profitability while growing • Low inflation environment our retail 201
Slide 60: Mexico: investment plan to drive profitability growth
LatAm …and we expect our investment plan to drive growth in profitability Business priorities Goals Customer • Build on recent investments to centric model gain market share 2018 Medium-term goal highly focused 1 RoTE 20% 19-21% on digital • Increase loyal & digital customers & sales. Grow in Loyal/
Slide 61: Chile: profitability improvement in the medium-term
LatAm Chile: profitability improvement in the medium-term Business priorities Goals Reinforce • Sustain v olume growth, with market high focus on retail 2018 Medium-term goal leadership 1 • Expand fee income… RoTE 18% 19-20% Loyal/Ac tive • …by developing key 46% 54% commercial initiatives: customer
Slide 62: USA: potential to improve profitability
US USA: high potential to improve profitability on the back of strong operational leverage Key expected levers Medium-term goals Attractive US market: better Financial (2018 > Medium-term) Commercial (2018 > Medium-term) risk return dynamics Benefitting from Group Loyal/Active 19% 20% scale customer
Slide 63: Europe: focus on improving profitability
Europe Europe: focus on improving profitability, leveraging cost efficiencies Key expected levers Medium-term goals1 Low credit demand & rates: Financial (2018 > Medium-term) Commercial (2018 > Medium-term) limited revenue growth… …and CoR at lows… Loyal/Active C/I 52% 47-49% 33% 40% customers1 …req
Slide 64: Leading positions in Europe, potential for €1Bn cost efficiencies
Europe Leading positions in Europe, with potential for €1Bn in cost efficiencies through further operational integration Leading market shares… …and key contributor for the Group (loans market share) (as % of total Group; 2018) RWAs Loans Deposits Attr. Profit3,4 54% 52% 70% 75% #5 Solid returns des
Slide 65: €700Mn expected new efficiencies from new cost paradigm in Europe
Europe €700Mn expected new efficiencies coming from our new cost paradigm in Europe: digital transformation & a cross-border approach IT & Operations Shared services • Public cloud Expected efficiency gains derived IT • Agile from further integration in Europe • Core system evolution • Global platfo
Slide 66: Popular integration ahead of plan
Europe The integration of Popular is ahead of plan and we expect €250Mn of additional efficiencies Increasing local scale Commitments Delivering ahead of target 2018 loans market share Original synergy expectation (2017) Additional cost synergies 12% 18% New c.€250Mn c.€500Mn Increased expected cost
Slide 67: Spain: committed to maintaining market leadership
Europe Spain: committed to maintaining our market leadership… Performance Underlying RoTE Macro Reinforcement 11% Positive cycle • >2% GDP growth above of customer 8% expected to Eurozone average loyalty and continue in the experience comin g years • Falling unemployment and th rough digital 2015 20
Slide 68: Spain: ongoing improvements in profitability and efficiency
Europe …while delivering ongoing improvements in profitability & efficiency Business priorities Goals Maintaining • Mainta in SME & corporate leadership leader ship leveraging on 2018 Medium-term go al while Popular’s know-how RoTE1 1 1% 14-16% achieving • Consumer & payments growth best-in-class Lo
Slide 69: UK: operational and capital efficiency gains
Europe UK: operational & capital efficiency gains Business priorities Goals Increasing • Improvi ng customer profitability experien ce & satisfaction 2018 Medium-term goa l through • Profitable growth in reta il and 1 RoTE 9% 10-12% efficiency and improved corporate returns by capital focusing on se
Slide 70: SCF: company of choice for auto-makers in Europe
Europe SCF: the company of choice for auto-makers in Europe Business priorities Goals Extracting • Maintai n our number #1 value from our positio n in auto market share Medium positio n as a 2018 term goal • Market share gains in the specialised consumer business monoliner RoTE1 16% 14-15% • Strengt
Slide 71: Portugal and Poland: improving profitability and efficiency
Europe Portugal & Poland: improving profitability and efficiency on the back of successful integrations Business priorities Goals Medium Reinforce our • High focus on retail deposits, 2018 term goal position as the AuMs and insurance first privately- • Grow market share in RoTE1 12% 13-15% owned ban
Slide 72: Global Businesses
A Group Operational levers to B Core Banks enhance profitability GLOBAL C BUSINESSES
Slide 73: CIB and Wealth Management: established, profitable global businesses
CIB & Wealth management are two well-established and highly profitable global businesses which benefit from the Group’s scale & global footprint Existing Corporate and Investment Banking global businesses Wealth Management1 Consumer Finance2 Global Merchant Services Payment related Global Trade Serv
Slide 74: CIB: sustainable returns through the cycle
CIB: our corporate-centric business has delivered sustainable returns through the cycle Strong track-record… …which is expected to continue (RoRWA2; %) 1.8% Enhance our Capital light tailor-made model 1.3% services C/I 39% 41% Improve Maintain RoRWA best-in-class 2015 2018 efficiency Focused on incr
Slide 75: WM: capital-efficient business model with high growth potential
WM: capital-efficient business model which offers very high growth potential, especially in insurance Strategic priorities Our medium-term focus Weighted market share2 (%, 2018) Current market share3 Potential market share upside1 Capture the SME opportunity +2x potential increase in PAT if natural
Slide 76: Solvency and capital allocation
01 02 03 Operational levers to Solvency & Group enhance profitability capital allocation medium-term goals
Slide 77: FL CET1 increased by 304bps since 2014
FL CET1 increased by 304bps since 2014, accumulating €18Bn of capital Capital generation between December 2014 and December 2018 (bps) FL CET1 435 35 2018 11.30% 304 214 118 186 2014 8. 27% Organic capital Perimeter exc. Dividends +AT1 Organic capital 2015 capital Total capital generation Popular1 g
Slide 78: Profitability enhancement and efficient capital allocation
High focus on profitability enhancement and efficient capital allocation Improved capital allocation Profitability enhancement Natural Minimum Commercial Operational reweighting profitability transformation efficiency: towards our thresholds in & profitability simplification & most profitable all se
Slide 79: CIB capital allocation standards to be implemented in all businesses
Efficient capital allocation standards of our CIB business to be implemented in all of our businesses & segments…. CIB’s strong performance… …expected to be achieved in all segments Revenues +2% CAGR 1 RORAC-based tools to maximise the return on capital… 2 …ensuring that all customer relationships c
Slide 80: RoRWA improvements across the board
…should result in RoRWA improvements across the board RoRWA1 RoRWA 20181 Medium-term RoRWA1 evolution ~ ~ <2% <2% ~ 2-3% 2-3% >3% >3% Higher expected profitability driven by business improvement and capital allocation
Slide 81: Continue generating ~40 bps per annum while remunerating shareholders
We aim to continue generating ~40 bps per annum while remunerating our shareholders and growing the business Annual organic capital generation Medium-term in the medium-term ~40 bps cumulative one-offs 13-15% 40-50% Headwinds to be offset RoT E2 Pay-out with management actions 175-190 bps 11-12% 11.
Slide 82: Additional levers to neutralise regulatory impacts
Santander has additional levers to neutralise regulatory impacts Expected regulatory impacts… … to be offset with management actions IFRS 16: IFRS 16 requires lease obligations to Minimum profitability c.20 bps be brought on balance sheet as a A thresholds for all segments liability at the present v
Slide 83: Strong credit fundamentals
Strong credit fundamentals Liquidity Coverage Net Stable Funding Santander S.A. meets current MREL Ratio (LCR) Ratio (NSFR) requirement1 and Group capital requirements (AT1: >1.5%; T2: 2%)… 158% 114% Group …so going forward we wil l focus more on preferred instrument s and covering Funding Plan 2018
Slide 84: Group medium-term goals
01 02 03 Operational levers to Solvency & capital Group enhance profitability allocation medium-term goals
Slide 85: Our medium-term goals
Our medium-term goals RoTE1 FL CET1 13-15% 11-12% Dividend Efficiency pay-out ratio 42-45% 40-50% • We are the leading LatAm • Laid foundations for • Leading European bank accelerating growth bank in profitability and • Continue structural profitable • Mid-term RoTE1 11- growth growth 13%2 • Mid-ter
Slide 86: Our medium-term goals
Our medium-term goals People Customers • Top 10 company to work: • Loyal customers3: c.26 Mn 6 geographies • Digital customers4: c.50 Mn • Top 3 in customer satisfactio n: People Customers All markets2 • Digital sales5: >50% Communities Shareholders • Financially empowered Communities Shareholders •
Slide 87: Thank You
Thank You. Our purpose is to help people and businesses prosper. Our culture is based on believing that everything we do should be: SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,