Banca Generali S.p.a. · MIL:BGN
Banca Generali — 9M 2022 Earnings Presentation
61 slides from Banca Generali's earnings presentation, Nov 4, 2022
Slide 1: Investor Presentation 9M22 Results
Investor 9M22 RESULTS Presentation 4 November 2022
Slide 2: To be the No. 1 private bank
To be the No. 1 private bank, unique by value of service, innovation and sustainability 9M 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of Business Update and Closing Remarks service, innovation Annex and susta
Slide 3: 9M 2022 Results: Executive Summary
9M 2022 RESULTS: EXECUTIVE SUMMARY Resilient commercial results despite challenging financial markets conditions, supported by an in-depth review of the value proposition to clients to reflect the new macro environment Solid 9M 2022 recurring results - above the 3Y Business Plan target - leveraging
Slide 4: Recurring Net Profit
RECURRING NET PROFIT SOLID RECURRING RESULTS AMID TOUGH MARKET CONDITIONS AND TAX ONE-OFF Net Profit €\m Recurring Net Profit1 +14% +24% €\m 9M 2022 recurring net 163.5 profit (+24%) 132.0 +2% supported by higher recurring revenues (NII 48.7 53.2 54.7 55.6 and gross fees) and tight cost discipline 9
Slide 5: Net Financial Income
NET FINANCIAL INCOME MAJOR BENEFICIARY OF THE ONGOING INTEREST RATES HIKE Net Financial Income (NFI) €\m +20.9% 9M 2022 net financial income 108.7 +19.0% (+21%) benefitted from the strong NII expansion (+35%) 89.9 20.8 leveraging on an ongoing acceleration in the last three 24.7 quarters driven by r
Slide 6: Total Gross Fees
TOTAL GROSS FEES RECURRING FEES PROVED RESILIENT AMID CHALLENGING BUSINESS CONDITIONS Total Gross Fees €\m +2.8% 9M 2022 gross -4.1% recurring fees proved sticky in 688.4 708.0 absolute value -2.0% Gross recurring fees (+2.8% YoY) despite 239.2 244.6 234.0 229.4 negative market conditions 9M21 9M22
Slide 7: Management Fees
MANAGEMENT FEES MANAGEMENT FEES PROVING STABLE IN VALUE +4.8% -2.1% Management Fees 586.9 615.3 -0.7% €\m 9M 2022 management 206.4 209.9 203.4 202.0 fees (+4.8% YoY) posted a small increase. At quarterly 9M21 9M22 3Q21 1Q22 2Q22 3Q22 level, management fees were resilient both -2.9% compared to the A
Slide 8: Banking and Entry Gross Fees
BANKING AND ENTRY GROSS FEES CYCLICAL COMPONENTS ACCOUNT FOR 65% OF THE DECREASE Banking and Entry Gross Fees €\m 9M 2022 entry fees fell by -8.6% €9.7m, of which €6.5m due to front fees from 101.5 managed products 92.7 -16.4% (cyclical component) and 30.7 21.0 €3.2m on lower primary placements 26.9
Slide 9: Total Pay-out Ratio
TOTAL PAY-OUT RATIO PAY-OUT RATIO IMPROVED FURTHER ON CYCLICAL COMPONENTS Total Pay-out Ratio and Fee Expenses €\m 9M 2022 fee Total Fee Expenses 361.9 364.6 125.1 124.6 122.6 117.4 expenses (+0.7%) were little changed 46.6% 46.2% 46.6% 45.5% in absolute value 45.7% 45.0% reflecting the Pay-out to F
Slide 10: Operating Costs (1/2)
OPERATING COSTS (1/2) COSTS TREND FULLY IN LINE WITH GUIDANCE Total Operating Costs1 €\m Breakdown of Core Operating Costs1 €\m +6.3% 181.9 9M 2022 total +5.8% 171.1 2.6 operating costs 0.7 14.7 (+6.3%) included €2.6m 14.8 164.6 related to one-off 155.5 3.9 +5.5% 2.5 +5.6% development projects 25.6
Slide 11: Operating Costs (2/2)
OPERATING COSTS (2/2) BEST IN CLASS LEVELS FOR COST RATIOS Operating Costs / Total Assets Cost / Income Ratio 0.45% 0.40% 0.37% 0.33% 0.33% 0.31% 0.30% 0.30% 0.28% 2014 2015 2016 2017 2018 2019 2020 2021 9M22 1 11 NOTE: 1) Excluding performance fees and one-off items
Slide 12: Summing Up
SUMMING UP Comments (€ m) 9M 21 9M 22 % Chg Operating result ex. performance fees (+10%) reflecting progress in NII and resilient business margin Net Financial Income 89.9 108.7 20.9% Net recurring fees 326.4 343.4 5.2% Variable fees 196.6 17.6 -91.1% Total non operating charges (excl. one- Total Ba
Slide 13: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2022 Financial Results To be the No. 1 private bank, unique Balance Sheet & Capital Ratios by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks and sustainabili
Slide 14: Balance Sheet (1/2)
BALANCE SHEET (1/2) SIMPLE AND LOW RISK BALANCE SHEET 9M 2022 Balance Sheet - Assets and Liabilities € 17.8 bn (+1.6bn YTD) Total balance sheet increased by 1.4 0.8 €1.6bn (+10% YTD) to €17.8bn driven 2.0 by the expansion of retail deposits due to clients’ higher risk aversion 2.5 amid complex finan
Slide 15: Balance Sheet (2/2)
BALANCE SHEET (2/2) FINANCIAL ASSETS EXPLOITING HIGHER INTEREST RATES Total Assets and Interest-Bearing Assets €\bn Focus on Financial Assets (Banking Book) €\bn 17.8 16.2 Total PTF Classification Bond PTF Classification 15.6 2.0 Other assets 2.0 4% 1.9 2.5 Equity & It Govt bonds Loans to Banks & 2.
Slide 16: Capital and Liquidity Ratios
CAPITAL AND LIQUIDITY RATIOS SOLID CAPITAL POSITION CONFIRMED Total Capital Ratio % Leverage Ratio % CET1 AT1 Capital ratios above SREP 18.4% 17.4% requirements (CET1 8.0% 16.8% 4.8% 5.1% 16.1% 4.6% and TCR 12.3%) 1.3% 1.1% 4.2% 1.5% 1.1% Changes in 9M 2022 17.1% capital ratios reflected 14.6% 16.3%
Slide 17: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique by value of Net Inflows, Assets and Recruiting service, innovation Business Update and Closing Remarks and sustainabili
Slide 18: Total Assets
TOTAL ASSETS CHALLENGING FINANCIAL MARKETS DRIVING RISK AVERSION HIGHER Total Assets €\bn AUM €\bn 85.7 82.1 80.4 Financial markets 11.9 58.2 60.6 declined also in 11.2 12.8 54.6 September driving 9M 12.7 13.3 16.3 2022 financial markets’ 13.0 16.1 15.7 performance lower: Euro govt bonds: -18.3%, Eu
Slide 19: AUM Breakdown
AUM BREAKDOWN IN HOUSE SOLUTIONS SUPPORTED BY RESILIENT FINANCIAL WRAPPERS AM Products €\bn Insurance Products €\bn 33.0 31.3 9M 2022 AM 28.9 solutions (-7.7% Financial 9.4 26.9 27.5 8.9 25.7 YoY) driven mostly by wrappers 8.7 Traditional life third-party funds (- Third-party policies 10.3%) while i
Slide 20: Net Inflows
NET INFLOWS SOUND VOLUMES, MORE DEFENSIVE PRODUCT MIX Total Net Inflows €\bn AUM Net Inflows €\bn 5.5 3.2 9M 2022 net inflows posted results off 2021 1.5 4.1 4.1 1.6 peak’s levels, yet solid in terms of volumes 0.5 2.1 0.8 1.1 0.2 1.5 0.6 0.8 9M 2022 net inflows mix was affected by clients’ 2.2 2.1
Slide 21: Net Inflows in Retail Funds/SICAV
NET INFLOWS IN RETAIL FUNDS/SICAV LUX IM IMPROVES MIX, YET VOLUMES REMAIN LOW Focus on Net inflows in Retail Funds/SICAV €\bn Net inflows in Focus on 9M22 retail Funds/Sicavs (€\bn) 9M 2022 LUX IM net 2.1 LUX IM inflows were high Retail net inflows by investment category (€\bn) quality - while weak
Slide 22: ESG Products
ESG PRODUCTS POSITIVE TREND UNAFFECTED BY SLIDING FINANCIAL MARKETS Assets in ESG Products €\bn ESG as % of Managed Solutions Net Inflows in ESG Products €\bn 14.6% 15.2% 1.0 6.0 14.3% 5.9 13.0% 11.0% 3.8 0.6 7.7% 0.4 9M20 9M21 9M22 1Q20 9M20 2020 9M21 2021 9M22 9M20 9M21 9M22 22
Slide 23: Net Inflows by Acquisition Channel
NET INFLOWS BY ACQUISITION CHANNEL SOLID CONTRIBUTION FROM EXISTING FAs Net Inflows by Acquisition Channel €\bn Recruitment Trend # of new recruits Net inflows driven by 5.5 existing FAs (75% of 123 total net inflows) 1.8 4.1 105 4.1 96 86 Continued focus on 1.5 70 79 younger profiles 1.1 72 73 51 •
Slide 24: October 2022 Commercial Update
OCTOBER 2022 COMMERCIAL UPDATE SOLID COMMERCIAL DATA Total Net Inflows €\bn Advanced Advisory €\bn Recruitment # of new recruits 4.6 85 6.9 1.3 56 2.6 0.5 0.4 29 6 1.2 0.2 0.4 -0.5 -0.1 Jan - Oct October 2022 Assets YTD Net Jan - Oct October 2022 Under inflows 2022 2022 Advisory Banking assets AUC F
Slide 25: To be the No. 1 private bank
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 26: New Macro and Investment Environment Since Plan Launch
NEW MACRO AND INVESTMENT ENVIRONMENT SINCE THE LAUNCH OF THE PLAN DRIVING BUSINESS AND FINANCIAL ADJUSTMENTS Rethinking of the offer Seizing new investment opportunities leveraging on bonds Investing in equity with flexible portfolio and savings/switch plans Global equity vs. global bonds - Annual r
Slide 27: New Managed Solutions Launched in 4Q 2022 (1/2)
NEW MANAGED SOLUTIONS LAUNCHED IN 4Q 2022 (1/2) INVESTMENT SOLUTIONS TO CAPTURE OPPORTUNITIES IN THE CURRENT MARKET €10m per day net inflows 4Q 2022 New Product Offer since inception (from 13 October) New in-house Lux Treasury fund New financial wrapper focused on short term liquidity management Liq
Slide 28: New Insurance Solutions for 4Q 2022 and 2023 (2/2)
NEW INSURANCE SOLUTIONS FOR 4Q 2022 AND 2023 (2/2) EXPANDING INSURANCE OFFER LEVERAGING ON THE NEW INTEREST RATES SCENARIO The normalisation of the interest rates environment opens the way to the return of traditional life insurance Phase 1: 4Q 2022 Phase 2: 2023 Reopening the offer of Traditional L
Slide 29: Closing Remarks
CLOSING REMARKS KEY TARGETS CONFIRMED OVER THE PLAN HORIZON Objectives and KPIs 2022-24 2022 Guidance 2023 Guidance Guidance - Net Inflows guidance seen at - Net Inflows guidance €5.5-€6.0bn by year end seen at €6.0-€6.5bn Consistent growth - Growing recovery of managed confirmed €18bn–€22bn and ins
Slide 30: To be the No. 1 private bank: Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 31: Recurring Net Profit Build-up
RECURRING NET PROFIT RUN RATE OF RECURRING NET PROFIT ABOVE 2022-2024 TARGET Build up of Recurring Net Profit1 €\m Operating items Non operating items Higher 9M 2022 recurring +25.3 +6.2 net profit (+24% YoY) 163.5 driven by higher recurring revenues (NII and net fees) 6.4 (0.2) (11.1) leveraging on
Slide 32: Recurring Net Profit – Yearly Trend
RECURRING NET PROFIT – YEARLY TREND EARNINGS’ QUALITY AND SUSTAINABILITY STEADILY GROWING Recurring Net Profit1 €\m 176.6 2021 recurring net profit increased by 148.6 153.8 3x since 2014 and 133.1 almost 2.0x since 2017 90.0 Asset growth and 70.7 75.0 new revenue streams more than 53.4 offset 2018-2
Slide 33: Tax Agreement
TAX AGREEMENT REINFORCING PREMISES TO SUSTAINABLE GROWTH PATH Banca Generali signed a framework agreement with the Italian Revenue Agency for the settlement of tax claims in relation to transfer pricing for the tax periods from 2014 to 2019. More in detail, the agreement recognized: No penalties for
Slide 34: Investment Yields
INVESTMENT YIELDS TOTAL NII YIELD TRACKING INVESTMENT YIELD ON FINANCIAL ASSETS Total NII Yield: Quarterly Trend Financial Assets Yield: Quarterly Trend 0.89% 0.95% 0.86% 0.87% 0.87% 0.81% 0.75% 0.82% 0.77% 0.75% 0.78% 0.79% 0.78% 0.74% 0.74% 0.75% 0.71% 0.74% 0.71% 0.80% 0.79% 0.66% 0.66% 0.60% 0.6
Slide 35: Banking Book (1/2) Maturities
BANKING BOOK (1/2) MATURITIES Banking Book Maturities by Year €\bn Banking Book Maturities – Split by Accounting Treatment €\bn 2.3 HTC HTCS 2.0 2.0 1.3 1.1 1.7 2.3 0.8 0.6 0.7 0.7 0.6 0.05 0.4 1.1 0.8 0.2 0.7 0.7 0.7 0.6 0.2 0.6 0.4 0.3 0.2 0.2 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Slide 36: Banking Book (2/2) High Quality Loan Book
BANKING BOOK (2/2) HIGH QUALITY LOAN BOOK Total Assets and Interest-bearing Assets €\bn Focus on Loan Book (Banking Book) €\bn 17.8 16.2 9M22 Credit Book €\bn Lending Quality % 15.6 2.0 1.4 Other assets 2.0 1.9 2.5 0.8 Loans to Banks & 2.3 2.4 other liabilities 1.7 Loans to Clients 98.6 Financial as
Slide 37: To be the No. 1 private bank: Annex
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 38: Growth Through the Evolution of the Bank
GROWTH WILL BE ACHIEVED THROUGH THE EVOLUTION OF THE BANK BASED ON THREE KEY PILLARS Pillars Value of service Bring the Bank even closer to the FA network and Clients Innovation Continue to build a data-driven, digital and open bank Sustainability Be the ESG reference point for all our Stakeholders
Slide 39: Offer, Service Model and Network Management Approach
OFFER, SERVICE MODEL AND NETWORK MANAGEMENT APPROACH 1 st P i l l a r KEY STRATEGIC GUIDELINES 1 st P i l l a r Value of service Bring the Bank even closer to the FA network and Clients Guidelines KPIs Providing FAs with bespoke products, services and Assets under Targeted offer platforms to anticip
Slide 40: Expanding into New Client Segments
EXPANDING INTO NEW CLIENT SEGMENTS 1 st P i l l a r PRODUCTS, SERVICES AND PLATFORMS TO SERVE CURRENT CLIENTS AND ATTRACT NEW CLIENTS Advanced Client pyramid 1. Advisory 2. In-house offer 3. Insurance 4. AuC & Banking 5. Lending 2021 Client assets1 Introduction of sophisticated and exclusive solutio
Slide 41: Three Dedicated Service Models
THREE DEDICATED SERVICE MODELS 1 st P i l l a r TO BETTER SUPPORT FAS AND CLIENTS New service models Target Client and description High potential Clients Enhanced Enhanced “Double touch” service model, powered by dedicated Family Office data-driven platform, to better capture complex-need HNW Client
Slide 42: Bringing Growth to the Next Level
BRINGING GROWTH TO THE NEXT LEVEL 1 st P i l l a r BY WORKING ON BOTH PRODUCTIVITY AND NETWORK EXPANSION 1. Data-driven approach 1. Service models & targeted offers Managerial initiatives & support Geomarketing & support 2. New talent pools Private talent 2. Next generation & diverse talent Internat
Slide 43: New Recruitment Pools
NEW RECRUITMENT POOLS 1 st P i l l a r DIVERSIFIED ACTIONS TO ATTRACT A WIDER POPULATION OF FAS Recruitment guidelines Private talent + Next generation & diverse talent + International expansion ATTRACT THE BEST ONBOARD THE NEXT EXPAND RECRUITMENT PROFESSIONALS GENERATION OF FAS TO SWITZERLAND Lever
Slide 44: Expanding Growth in Switzerland
EXPANDING GROWTH IN SWITZERLAND 1 st P i l l a r BY ADDRESSING CLIENTS MANAGED IN ITALY AND CLIENTS MANAGED IN SWITZERLAND Targeting >€5bn-€7bn Client assets1 (between productivity and recruitment) over a 5-year horizon Client assets of ~€1.2bn between BG Offering re-location to Swiss Valeur and BG
Slide 45: Strategic Guidelines on Data, Platforms and Partnerships
STRATEGIC GUIDELINES ON DATA, PLATFORMS AND PARTNERSHIPS 2 nd P i l l a r ONGOING PATH TOWARDS INNOVATION 2 nd P i l l a r Innovation Continue to build a data-driven, digital and open bank Guidelines KPIs Systematizing data to power our commercial approach, Operating Costs / Data-driven bank by depl
Slide 46: Partnerships Ecosystem (1/2)
PARTNERSHIPS ECOSYSTEM (1/2) 2 nd P i l l a r OVER THE PAST YEARS WE HAVE OPENED OUR ARCHITECTURE TO BEST-OF-BREED PARTNERS Front-end Certificates Workflow & Contact Home/Mobile ESG Data Advisory Hub Automation Center Robo 4 Advisor Banking Investments Trading Digital assets Management Back-end Plug
Slide 47: Partnerships Ecosystem (2/2)
PARTNERSHIPS ECOSYSTEM (2/2) 2 nd P i l l a r THIS APPROACH ENABLES US TO TACKLE KEY TRENDS ALSO BY ACCESSING PARTNERS’ INNOVATION Trends Partners Industry leaders Sustainability Digital investing BG as an orchestrator, continuous flow of innovation from partners in specialized verticals Key Trends
Slide 48: Strategic Guidelines for BG's Sustainability Path
STRATEGIC GUIDELINES FOR BG’S SUSTAINABILITY PATH 3 rd P i l l a r STATED FOR EACH STAKEHOLDER 3 rd P i l l a r Sustainability Be the ESG reference point for all our Stakeholders Guidelines KPIs Enriching our SDGs1 value proposition by expanding Clients and FAs our ESG offer and continuous training
Slide 49: Key Accomplishments Until 2021 Year-End
KEY ACCOMPLISHMENTS UNTIL 2021 YEAR-END 3 rd P i l l a r ESG VALUE PROPOSITION TO ANY STAKEHOLDER Clients Shareholders Employees Community & Financial Advisors & Authorities & future Generations Unique commercial ESG factors assessments Employee training (56h avg. Adoption of Women's approach (SDGs
Slide 50: Most Recent ESG Ratings and Dialogue with Shareholders
MOST RECENT ESG RATINGS AND DIALOGUE WITH SHAREHOLDERS 3 rd P i l l a r COMMITMENT TO TRANSPARENCY AND OPEN COMMUNICATION MSCI 9.2 - Negligible Risk EE (strong)1 A BG ranks 1st out of 449 players Outlook updated from “stable” to Outlook updated from “BBB” to “A2” in the asset management sector “posi
Slide 51: BG's Sustainability Strategy Based on Four Guidelines
BG’S SUSTAINABILITY STRATEGY BASED ON FOUR GUIDELINES 3 rd P i l l a r DEDICATED TARGETS BY EACH STAKEHOLDER Clients Shareholders Community Employees & Financial Advisors & Authorities & Future Generations Enhance our ESG Reinforce transparency on Further foster diversity & Climate protection and of
Slide 52: Sustainability Commitment: Key 9M 2022 Achievements
SUSTAINABILITY COMMITMENT 3 rd P i l l a r KEY 9M 2022 ACHIEVEMENTS • In July 2022, Banca Generali integrated its Mifid questionnaire with ESG topics • Banca Generali has started a transversal working group within the Clients & FAs • As of 30/9, 50% of total clients have already Shareholders & Bank
Slide 53: 2022-2024 Financial Targets
2022-2024 FINANCIAL TARGETS TARGETING EVEN STRONGER NET INFLOWS, RECURRING NET PROFIT AND DIVIDENDS Objectives KPIs Targets Consistent growth Cumulated net inflows 2022-2024 €18bn–€22bn Increase of recurring net profit1 10%–15% Profitable growth 2021-2024 CAGR Cumulated DPS2 2022-2025 Remunerative g
Slide 54: Dividend Policy 2022-2024
DIVIDEND POLICY 2022-2024 STEADILY GROWING DPS, €7.5-€8.5 P.S. CUMULATED OVER 2022-25 (CASH VIEW) Deliver steadily growing DPS (cash view) by smoothing Objectives potential earnings volatility connected to variable fees, while increasing flexibility in capital deployment Differentiated payout1: 70%-
Slide 55: Closing Remarks
CLOSING REMARKS WHY WE ARE CONFIDENT TO DELIVER ON TARGETS Sizeable Acceleration of structural industry trends, with opportunity growing market share for FA networks Sound strategy Strategy resting on hard-to-match foundations: and foundations quality of FA network + technology Tried and tested mana
Slide 56: To be the No. 1 private bank: Sector
To be the No.1 private bank, unique by value of service, innovation and sustainability 9M 2022 Financial Results To be the No. 1 Balance Sheet & Capital Ratios private bank, unique Net Inflows, Assets and Recruiting by value of service, innovation Business Update and Closing Remarks and sustainabili
Slide 57: Net Italian Household Wealth to Keep Growing
NET ITALIAN HOUSEHOLD WEALTH TO KEEP GROWING PENETRATION OF MANAGED ASSETS RISING QUICKLY Net Italian Household Wealth €\tn Targetable Financial Wealth – Product mix €\tn 1 11.4 10.5 4.0 9.6 9.7 4.0 3.6 2.6 3.6 3.0 1.3 3.0 1.6 2.6 1.0 1.1 1.3 1.6 0.7 0.5 1.0 0.4 0.6 0.8 0.5 0.3 0.3 6.8 7.0 0.8 6.2 6
Slide 58: Private & HNW Household Wealth Has Outpaced Market Growth
PRIVATE & HNW HOUSEHOLD WEALTH HAS OUTPACED MARKET GROWTH FA NETWORKS HAVE EXPANDED THEIR MARKET SHARE Targetable Financial Wealth – Client segmentation €\tn Targetable Financial Wealth – Distribution channel €\tn Lower Affluent & Mass Banks Affluent Other channels Private FA Networks HNW Not alloca
Slide 59: Assoreti, Association of FA Networks
ASSORETI, ASSOCIATION OF FA NETWORKS YEARLY NET INFLOWS Assoreti – Net inflows €/bn Subprime European Chinese 4Q18 Stock Geopolitical mortgage sovereign debt stock market Equity & market crisis, crisis crisis crash + crypto crash inflationary 57.3 global sell-off crash (Covid) pressure, record marke
Slide 60: Assogestioni, Association of Italian Asset Management
ASSOGESTIONI, ASSOCIATION OF ITALIAN ASSET MANAGEMENT YEARLY NET INFLOWS Assogestioni – Total net inflows €/bn Subprime European Chinese 4Q18 Stock Geopolitical mortgage sovereign debt stock market Equity & market crisis, crisis crisis crash + crypto crash inflationary global sell-off crash (Covid)
Slide 61: Disclaimer
DISCLAIMER The manager responsible for preparing the company’s financial reports (Tommaso Di Russo) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this presentation corresponds to the document results, books and a