Bank Of Nova Scotia · TSX:BNS
Bank Of Nova Scotia — Scotiabank — Investor Day (January 2016)
88 slides from Bank Of Nova Scotia's investor day presentation, January 2016
Slide 1: International Banking Investor Day
International Banking Investor Day
Slide 2: Introduction
Introduction Jake Lawrence, SVP, Investor Relations
Slide 3: Agenda
Agenda Session Speaker Breakfast Regency Room E (2nd floor, Hyatt Regency) International Banking Investor Day Regency Room D (2nd floor, Hyatt Regency) Opening Remarks Jake Lawrence, SVP INVESTOR RELATIONS Chile Overview Francisco Sardón, SVP & COUNTRY HEAD, CHILE Question & Answer Colombia Overview
Slide 4: Caution Regarding Forward Looking Statements
Caution Regarding Forward Looking Statements Our public communications often include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commiss
Slide 5: Chile Overview
Chile Overview Francisco Sardón, SVP & Country Head, Chile
Slide 6: Agenda
Agenda Who We Are Today Why We Bank Chile How We Have Performed What Will Drive Our Growth 2
Slide 7: Our Business Today
Our Business Today Customers >3.0 million Branches >200 Employees >5,500 Total net income $216 million Average loans $15 billion Average deposits $7 billion ROEE1 / ROA2 10.3% / 1.3% Capital ratio (local) 11.3% Governance Independent Board • Retail & Small Business Fiscal year end 2015. Net income a
Slide 8: A 25-Year Track Record in Chile
A 25-Year Track Record in Chile 99.5% 2015 2010 98.8% 2009 24% 2007 2001 Partnership 1999 51% 1990 100% 99.5% 60% 4
Slide 9: Strong Presence in All Market Segments
Strong Presence in All Market Segments Corporate Affluent Premium Banking Commercial Preferente Small Business Mass Market Micro Finance 5
Slide 10: Building Presence in our Key Customer Segments
Building Presence in our Key Customer Segments Retail Banking Business Banking ● Multi-Segment customer base ● Full service, Corporate and Investment Banking platform ● Diversified product mix ● Tailor made products & services ● #3 in Credit Cards (12% market share) ● Fast turnaround, deep industry
Slide 11: Growing Market Share – Large Opportunity
Growing Market Share – Large Opportunity September 2015 Market Share % – Loans 19.4% 18.5% 13.8% 13.0% 7.2% 6.7% 5.9% Santander Banco Banco Bci Corpbanca BBVA de Chile Estado 7
Slide 12: Strong Market Share in Credit Cards & Mortgages
Strong Market Share in Credit Cards & Mortgages Market Share as of September 2015 Total Loans #7 5.9% Credit Cards #3 11.7% Mortgages #6 7.4% Personal Loans #6 6.0% Commercial Loans #7 4.8% Total Deposits #7 4.4% Mutual Funds #5 4.2% 8
Slide 13: Focused on Improving Customer Loyalty
Focused on Improving Customer Loyalty Context Focused on Improving Customer Loyalty: Significant branch network restructuring FY15 Union negotiations Economic deceleration Scotiabank 36% High individual sales productivity Competition 39% Dedicated premium relationship officers Faster tur
Slide 14: Agenda
Agenda Who We Are Today Why We Bank Chile How We Have Performed What Will Drive Our Growth 10
Slide 15: Investment Thesis Centered on Chile
Investment Thesis Centered on Chile Fundamentals Strong Metrics ● Solid macro fundamentals ● Consistent GDP growth (4% range over 5 years) ● Highest GDP per capita in the region ● $23,000 USD GDP per capita facilitates banking penetration ● Developed banking industry ● Chile banking system same size
Slide 16: A Disciplined Economy in a Volatile World
A Disciplined Economy in a Volatile World Chile Historical GDP Private Credit Provided by Banking Sector (% of GDP) 5.8% 5.8% 80% 5.5% 4.2% 54% 39% 31% 1.9% 2.1% 2010 2011 2012 2013 2014 2015 Chile Colombia Peru Mexico 12
Slide 17: Agenda
Agenda Who We Are Today Why We Bank Chile How We Have Performed What Will Drive Our Growth 13
Slide 18: Strong Growth Story
Strong Growth Story Leadership • Renewed leadership team & reinforcing working environment Retail • Focused on sales productivity Banking Wholesale • Delivering timely solutions and services Banking • Selective targeted segments Risk • Upgraded collections • Reduced structural costs Ops and IT • Str
Slide 19: Chile’s Growth Story…(2010-2015)
Chile’s Growth Story…(2010-2015) Strong Net Income Growth Strong Revenue Growth (in millions of Canadian dollars at constant FX) (in millions of Canadian dollars at constant FX) $216 $785 7% CAGR 9% $156 CAGR $507 2010 2015 2010 2015 Fiscal year end. Net income after minority interest 15
Slide 20: Strong Balanced Loan Growth & Well Diversified Portfolio
Strong Balanced Loan Growth & Well Diversified Portfolio Average Loans 1 Portfolio Breakdown (in billions of Canadian dollars at constant FX) (2015 average loans) CAGR: 11% $14.8 Residential Mortgages 31% $7.8 Retail $8.8 Business 14% CAGR Banking $4.0 47% Credit Cards 8% $7.0 Business 3% CAGR Banki
Slide 21: Strong Deposit Growth
Strong Deposit Growth Average Deposits 1 Portfolio Breakdown (in billions of Canadian dollars at constant FX) (2015 average deposits) CAGR: 10% $6.7 $1.0 Retail 7% $4.2 CAGR Demand Term $0.7 Deposits Deposits Business 21% 79% $5.7 Banking 11% CAGR $3.5 2010 2015 Fiscal year end 17
Slide 22: Significant Growth Over the Last Three Years
Significant Growth Over the Last Three Years Strong Net Income Growth 1 Loan Growth vs System (in millions of Canadian dollars at constant FX) (Local GAAP) 28% 16% 18% 11% $216 10% 11% 11% 22% 2013 2014 2015 CAGR $146 Scotiabank Exc. Cencosud System Deposit Growth vs System (Local GAAP) 28% 12% 8% 1
Slide 23: Higher Risk Adjusted Margins and Focused on Improving Productivity
Higher Risk Adjusted Margins and Focused on Improving Productivity Risk Adjusted Margin1 Productivity (Canadian GAAP at constant FX)2 57.5% 54.0% 54.9% 53.1% 52.7% 3.2% 50.8% 2.9% 2.8% 2.8% 2.8% 2.5% 2.5% 2010 2011 2012 2013 2014 2015 2.7% 2.7% 2.7% 2.4% 2.4% Productivity vs System (Local GAAP)1 64.
Slide 24: Agenda
Agenda Who We Are Today Why We Bank Chile How We Have Performed What Will Drive Our Growth 20
Slide 25: Four Key Strategic Initiatives Driving Growth
Four Key Strategic Initiatives Driving Growth 1 2 3 4 Enhance Maximize Drive Core Improve Retail Cencosud Deposit Operational Presence Alliance Growth Effectiveness 21
Slide 26: Enhance Retail Presence
Strategic Initiative #1: Enhance Retail Presence Core Deposit Growth (in billions of Canadian dollars) $462 $363 13% CAGR ● Increasing primary banking relationship by multi product offering 2013 2015 ● Enhancing client onboarding process by streamlined processes Digital Growth (2 Year CAGR) ● Contin
Slide 27: Maximize Cencosud Alliance
Strategic Initiative #2: Maximize Cencosud Alliance Credit Card Market Share ● 3rd largest retailer in Latin America 12% ● Increasing cross sell opportunity ● 2.5 million additional customers ● 95 points of sale ● Profitability improvement by a high spread portfolio 2% Credit card market share Pre P
Slide 28: Maximize Cencosud Alliance
Strategic Initiative #2: Maximize Cencosud Alliance Loans (in billions of Canadian dollars at constant FX) $1.6 - $2.1 14% ● Leveraging Cencosud client base CAGR through active client campaigns ● 3-5 Year Target: $1.1 – Additional $11 million in net income from synergies with Cencosud portfolio 2015
Slide 29: Drive Core Deposit Growth
Strategic Initiative #3: Drive Core Deposit Growth Improve Funding Cost Total Deposits (in billions of Canadian dollars at constant FX) $2.1 - 2.7 14% ● Acquiring Corporate & Commercial CAGR deposits ● Enhancing cash management platforms $1.4 ● Focusing on Premium customers 2015 3-5 Year Target Fisc
Slide 30: Improve Operational Effectiveness
Strategic Initiative #4: Improve Operational Effectiveness Reduce Gap with System (Local GAAP) 2015 System Loans/# Branches (in millions of 139 113 ● Continuing to focus on productivity Canadian dollars) Loans/FTE ● Improving turnaround times (in millions of 4.2 4.3 Canadian dollars) ● Optimizing ne
Slide 31: Key Strategic Initiatives Driving Growth
Key Strategic Initiatives Driving Growth Enhance Retail Presence 3-5 Year Targets 11-13% CAGR Maximize Cencosud Alliance earnings growth <52% Drive Core Deposit Growth productivity ratio Positive Improve Operational Effectiveness operating leverage Growth in core business Canadian GAAP, constant FX
Slide 32: Growth Set to Accelerate
In Summary Growth Set to Accelerate RESILIENT Investing in a stable economy ECONOMY Leveraging partnership with THE Cencosud to drive credit card growth OPPORTUNITY & cross-sales OPERATING Driving further operational effectiveness EFFECTIVENESS 28
Slide 33: Chile Q&A
Chile Q&A § Scotiabank"
Slide 34: Colombia Overview
Colombia Overview Santiago Perdomo, SVP & Country Head, Colombia
Slide 35: Agenda
Agenda Who We Are Today Why We Bank Colombia How We Have Performed What Will Drive Our Growth 2
Slide 36: Our Business Today
Our Business Today Customers 3.1 million Branches >175 Employees >6,000 Total net income $178 million BNS share of net income $93 million Average loans $9 billion Average deposits $7 billion • Retail ROEE1 / ROA2 6.6% / 1.7% • Corporate & Capital ratio (local) 11.4% commercial • Pensions Governance
Slide 37: Building One of Colombia’s Leading Financial Institutions
Building One of Colombia’s Leading Financial Institutions BNS acquires 51% of Banco Colpatria Mercantil Colpatria Acquired 2013 Colfondos 2012 Launched Banco Colpatria 2011 Mercantil Colpatria 2009 2007 BNS acquires 51% of 1997 Colfondos 1969 1955 GE sold 49% back to Banco Colpatria GE bought a 49%
Slide 38: Continuing to Build Presence in our Key Customer Segments
Continuing to Build Presence in our Key Customer Segments Retail Banking Business Banking ● Diversified product mix ● Diversified product mix ● #1 Credit Cards ● Multi-industry focus (16.4% market share) ● Customized transactional ● #4 Mortgages solutions capabilities (6.9% market share) ● Take adva
Slide 39: Opportunity to Grow Market Share
Opportunity to Grow Market Share September 2015 Market Share % – Loans 22.8% 14.3% 13.6% 10.2% 7.0% 6.2% 5.3% 4.1% 3.2% Bancolombia Banco de Davivienda BBVA Banco de Corpbanca Banco Banco Bogota Occidente Popular Agrario de Credencial Colombia 6 6
Slide 40: Strong Market Share in Credit Cards
Strong Market Share in Credit Cards Market Share as of September 2015 Total Loans #7 5.3% Commercial Loans #7 4.3% Mortgages #4 6.9% Retail Loans #5 7.1% Credit Cards #1 16.4% Total Deposits #7 5.0% 7 7
Slide 41: Investing to Improve the Customer Experience
Investing to Improve the Customer Experience Goal Key Measurements Customer Loyalty 2015 vs. 2014 Improving the FY15 customer Customer Complaints 30% experience to strengthen our Online customers* 21% + Colpatria 35% relationship Facebook Fans 11% Competition 37% Unaided Awareness 33% * Active every
Slide 42: Agenda
Agenda Who We Are Today Why We Bank Colombia How We Have Performed What Will Drive Our Growth 9
Slide 43: Solid Investment Thesis For Colombia
Solid Investment Thesis For Colombia Solid macro fundamentals ● GDP 2016 forecast 2.9% ● Population of 46 million with a median Favorable demographics age of 29 ● 38% of population >15 have account Low banking penetration with a financial institution ● $24 billion in investment over Solid infrastruc
Slide 44: Seasoned Regulatory Environment
Seasoned Regulatory Environment Strong supervision – Superintendencia Financiera Full IFRS compliance in 2015 Counter cyclical reserves requirements Basel II Compliant 11
Slide 45: Agenda
Agenda Who We Are Today Why We Bank Colombia How We Have Performed What Will Drive Our Growth 12
Slide 46: Colombia’s Growth Story…
Colombia’s Growth Story… Strong Net Income Growth 1 Strong Revenue Growth 2 (in millions of Canadian dollars at constant FX) (in millions of Canadian dollars at constant FX) $162 $1,048 20% 24% CAGR CAGR $94 $549 2012 2015 2012 2015 1Before NCI. Colombia figures exclude Credit Mark 2Colpatria Acquis
Slide 47: Strong Double Digit Loan Growth & Well Diversified Portfolio
Strong Double Digit Loan Growth & Well Diversified Portfolio Average Loans 1 Portfolio Breakdown (in billions of Canadian dollars at constant FX) (2015 average loans) CAGR: 15% Residential $9.0 Mortgages 13% $4.3 Retail $5.8 16% Business Other Retail CAGR Loans Banking $2.7 19% 52% Business 14% $4.7
Slide 48: Strong Deposit Growth & Well Diversified Portfolio
Strong Deposit Growth & Well Diversified Portfolio Average Deposits 1 Portfolio Breakdown (in billions of Canadian dollars at constant FX) (2015 average deposits) CAGR: 15% $6.9 $1.2 Retail 12% $4.6 CAGR Demand Term $0.9 Deposits Deposits Business 56% 44% $5.7 16% Banking CAGR $3.7 2012 2015 Fiscal
Slide 49: Attractive Spreads – Well Compensated for Risk
Attractive Spreads – Well Compensated for Risk Risk Adjusted Margin1 Productivity (Canadian GAAP at constant FX)2 51.6% 5.65% 5.20% 49.7% 49.7% 5.03% 4.89% 48.6% 4.96% 4.94% 4.30% 4.10% 2012 2013 2014 2015 Productivity vs System (Local GAAP)1 51.8% 51.6% 51.4% 46.6% 2012 2013 2014 2015 43.4% 42.8% 3
Slide 50: Agenda
Agenda Who We Are Today Why We Bank Colombia How We Have Performed What Will Drive Our Growth 17
Slide 51: Four Key Strategic Initiatives Driving Growth
Four Key Strategic Initiatives Driving Growth 1 Accelerate Credit Card Growth 4 2 Capture Consumer Micro Improve Funding Mix Finance Opportunity and Cost 3 Target Business Banking Opportunities to Infrastructure Spend 18
Slide 52: Accelerate Credit Card Growth
Strategic Initiative #1: Accelerate Credit Card Growth Credit Card Customer Penetration – Opportunity ● New alliance with AMEX 28% ● Strong business model with a solid co-branding strategy 22% 18% ● Full roll-out with new partnerships (PriceSmart; Spirit; Linio; Panamericana) ● Implement technology
Slide 53: Capture Consumer Micro Finance Opportunity
Strategic Initiative #2: Capture Consumer Micro Finance Opportunity Codensa Banking the Underserved Population ● Profitable risk-return 90% ● Expand Alliance with Codensa by 75% launching a partnership with MasterCard 55% 62% ● Replicate the Codensa model across Colombia ● Leverage Scotiabank risk m
Slide 54: Target Business Banking Opportunities to Infrastructure Spend
Strategic Initiative #3: Target Business Banking Opportunities to Infrastructure Spend Government Infrastructure Investment (in billions of Canadian dollars) $24B ● Solid relationships with local $9 and global players $7 ● Leveraging Scotiabank’s global industry expertise $5 ● Partner with Colpatria
Slide 55: Improve Funding Mix & Cost
Strategic Initiative #4: Improve Funding Mix & Cost Cost of Funds 5.0% ● Implement new cash 4.5% 3.7% 4.2% management platform: 3.8% 3.8% – Increase corporate deposits 4.0% 3.7% 3.5% – Capture corporate payments 3.2% 3.1% 3.2% ● Reduce cost of funds Industry Colpatria 2010 2011 2012 2013 2014 2015 2
Slide 56: Key Strategic Initiatives Driving Growth in Colombia
Key Strategic Initiatives Driving Growth in Colombia Accelerate Credit Card Growth 3-5 Year Targets 11-13% CAGR Capture Consumer Micro Finance earnings growth Opportunity <49% Target Business Banking Opportunities productivity ratio to Infrastructure Spend Positive Improve Funding Mix & Cost operati
Slide 57: Positioned for Continued Profitable Growth
In Summary Positioned for Continued Profitable Growth THE Strong performance record PERFORMANCE THE Attractive economic fundamentals FUNDAMENTALS THE Multiple growth drivers GROWTH 24
Slide 58: Colombia Q&A
Colombia Q&A areas tl ed — au — . 7 — il ¥ | | § Scotiabank"
Slide 59: Peru Overview
Peru Overview Miguel Uccelli, SVP & Country Head, Peru
Slide 60: Agenda
Agenda Who We Are Today Why We Bank Peru How We Have Performed What Will Drive Our Growth 2
Slide 61: Our Business Today
Our Business Today Customers 3.1 million Branches >300 Employees >11,000 Total net income $465 million Average loans $15 billion Average deposits $11 billion ROEE / ROA1 22.1% / 2.3% Capital ratio (local) 13.8% Governance Independent Board • Retail • Corporate & commercial • Consumer & micro finance
Slide 62: Full Range of Services
Full Range of Services Mutual Brokerage Trust Consumer & Collection Pension Funds House Company MicroFinance Services Fund 4
Slide 63: Long Term Commitment in Peru
Long Term Commitment in Peru 2015 2013 2008 2006 Portfolio 1997 5
Slide 64: Strong Presence in All Market Segments
Strong Presence in All Market Segments Corporate Affluent Commercial Premium Banking Small Business Mass Market Emerging Retail Micro Finance (Consumer Finance) 6
Slide 65: Scotiabank Peru
Building Presence in our Key Customer Segments Retail Banking Business Banking ● Diversified product mix ● Strong market share: Corporate ● Multi-segment customer base 17.8% and Commercial 15.7% and value propositions ● Business model oriented in ● Exclusive American Airlines relationship building P
Slide 66: Scotiabank is One of the Top Financial Groups in Peru
Scotiabank is One of the Top Financial Groups in Peru September 2015 Market Share % – Loans 32.7% 21.5% 17.2% 11.0% 3.4% 3.3% BCP BBVA Interbank BanBif Mi Banco Combined Market Share of Scotiabank and CrediScotia 8
Slide 67: Strong Market Share Across All Products
Strong Market Share Across All Products Market Share as of September 2015 Total Loans #3 17.2% Credit Cards #3 15.3% Mortgages #3 15.2% Personal Loans #2 21.6% Commercial Loans #3 17.6% SME Loans #2 17.6% Total Deposits #3 15.0% Mutual Funds #3 18.6% Demand + Savings #3 14.9% Combined Market Share o
Slide 68: Continuing to Improve Customer Loyalty
Continuing to Improve Customer Loyalty Recent Actions Customer Loyalty: Distinctive Customer Service Focused on Currently Outperforming the in Alternate Channels vs. Peers Customer Loyalty Competition Enhanced Branch model 2015 with customer FY15 focus Branch 4th Renewed service Correspondent Sc
Slide 69: Agenda
Agenda Who We Are Today Why We Bank Peru How We Have Performed What Will Drive Our Growth 11
Slide 70: Solid Investment Thesis for Peru
Solid Investment Thesis for Peru Fundamentals Strong Metrics ● Solid macro fundamentals ● Highest GDP growth and lowest inflation in the region – GDP 2016 Forecast 3.5% ● Favorable demographics ● Population of 30 million with a median age of 27 ● Low banking penetration ● Consumer loans: 6.3% of GDP
Slide 71: Solid Regulatory Environment
Solid Regulatory Environment Well regulated Banking system with low NPLs Strong supervision by Superintendencia de Banca, Seguros y AFPs – which is strongly aligned with OSFI Basel III gradual implementation until 2016 Sound & Stable Market friendly regulation focused on Banking financial in
Slide 72: Agenda
Agenda Who We Are Today Why We Bank Peru How We Have Performed What Will Drive Our Growth 14
Slide 73: Peru’s Growth Story…
Peru’s Growth Story… Strong Net Income Growth Driven by Solid Revenue Growth (in millions of Canadian dollars at constant FX) (in millions of Canadian dollars at constant FX) $465 $1,678 11% 17% CAGR CAGR $984 $211 2010 2015 2010 2015 Fiscal year end. Net income after minority interest 15
Slide 74: Strong Double Digit Loan Growth
Strong Double Digit Loan Growth Average Loans Portfolio Breakdown (in billions of Canadian dollars at constant FX) (2015 average loans) CAGR: 18% $15.1 $6.1 Retail Other Retail 21% 18% Business CAGR $6.6 Credit Banking 59% Business Card $2.7 $9.0 6% 18% Banking CAGR Residential $3.9 Mortgages 14% 20
Slide 75: Strong Deposit Growth
Strong Deposit Growth Average Deposits Portfolio Breakdown (in billions of Canadian dollars at constant FX) (average deposits) CAGR: 12% $11.0 Savings 26% $4.6 $6.1 Retail Term 11% Deposits CAGR $2.7 51% $6.4 Business 13% Banking Demand CAGR $3.4 Deposits 23% 2010 2015 Fiscal year end 17
Slide 76: Higher Spreads – Well Compensated for Risk and Strong Productivity Management
Higher Spreads – Well Compensated for Risk and Strong Productivity Management Risk RiskAdjusted Margin1 AdjustedMargin Productivity (Canadian GAAP at constant FX)2 50.8% 48.9% 46.5% 43.4% 44.1% 5.9% 42.8% 5.5% 5.5% 5.1% 5.1% 5.2% 5.6% 5.3% 5.3% 4.7% 2010 2011 2012 2013 2014 2015 4.4% 4.1% Productivi
Slide 77: Agenda
Agenda Who We Are Today Why We Bank Peru How We Have Performed What Will Drive Our Growth 19
Slide 78: Three Key Strategic Initiatives Driving Growth
Three Key Strategic Initiatives Driving Growth 20
Slide 79: Accelerate Payments
Strategic Initiative #1: Accelerate Payments Credit Card Market Share Including Citibank Acquisition 15.2% ● Increasing use of analytics 12.2% ● Increasing market share and primary card usage in upscale segments 2014 2015 ● Leveraging our recent partnership with American Airlines Credit Card Share o
Slide 80: Drive Retail Transformation
Strategic Initiative #2: Drive Retail Transformation Premium Banking Share of Wallet 40.0% 37.7% ● Redesigning our customer experience & retail branches ● Improving distribution productivity 2015 3-5 Year Target ● Re-launching Premium Banking Payroll Market Share and building our model ● Strengtheni
Slide 81: Grow Business Banking
Strategic Initiative #3: Grow Business Banking Corporate & Commercial Share of Wallet ● Deepening relationships & 30.0% driving cross-sales 23.9% ● Enhancing Mid-market Strategy ● Strengthening cash management offering, payroll acquisition & 2015 3-5 Year Target retention model Mid-Market Share of W
Slide 82: Key Strategic Initiatives Driving Growth in Peru
Key Strategic Initiatives Driving Growth in Peru 3-5 Year Targets Accelerate Payments 10-12% CAGR earnings growth Drive Retail Transformation <43% productivity ratio Grow Business Banking Positive operating leverage Growth in core business Canadian GAAP, constant FX 24
Slide 83: Positioned to Maintain Profitable Growth
In Summary Positioned to Maintain Profitable Growth THE Attractive macroeconomic FUNDAMENTALS environment THE Proven track record of PERFORMANCE sustainable growth THE Strong platform to take GROWTH further market share 25
Slide 84: Peru Q&A
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Slide 85: § Scotiabank"
§ Scotiabank"
Slide 86: Closing Remarks
Closing Remarks Dieter Jentsch, Group Head International Banking
Slide 87: Profitable Growth Over the Next 3-5 Years
In Closing Profitable Growth Over the Next 3-5 Years NIAT Operating Productivity Ratio (CAGR) Leverage International 8-10% 54-55% Positive Banking Pacific Alliance 9-11% <52% Positive 7-9% Mexico <58% Positive (12-14% pre-tax) Chile 11-13% <52% Positive Colombia 11-13% <49% Positive Peru 10-12% <43%
Slide 88: Positioned to Deliver Good Asset & Deposit Growth Over the Medium Term in the Pacific Alliance
In Closing Positioned to Deliver Good Asset & Deposit Growth Over the Medium Term in the Pacific Alliance THE POSITIONING 3-5 Year Targets Investing in the right Latin American markets 9-11% Earnings THE STRATEGY CAGR growth Driving a clear growth strategy <52% Productivity ratio THE EXECUTION Posit