Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — FY2001 Earnings Presentation
71 slides from Dexia Holding SA's earnings presentation, Mar 14, 2002
Slide 1: Financial Results in 4th quarter and year 2001
Financial Results in 4th quarter and year 2001 Analysts meeting 14 March, 2002 Paris
Slide 2: Meeting's Agenda
Meeting’s Agenda ü Comments on 4th quarter and year 2001 Results R. von Lowis Group Chief Financial Officer ü Update on Strategy and Corporate Matters P. Richard Group Chief Executive Officer ü Questions
Slide 3: Changes in reporting methods and conventions
Changes in reporting methods and conventions Consolidated Accounts Segment Reporting üDepositors guarantee premiums and taxes üOLO’s gains no longer distributed among are now deducted from the net banking business lines; now kept under the “Central income; they were previously counted as Assets” hea
Slide 4: Main steps of changes in the scope of consolidation
Main steps of changes in the scope of consolidation* Ely F.M. Perimeter of the changes in scope Kempen of consolidation in the year on year comparisons Fin. Opale Artesia Lab. Labouchere “Constant scope” in year on year FSA FSA comparisons Old Scope Old Scope Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2000 2001 * see
Slide 5: Bird's eye view
Bird’s eye view % change 2001 2000 % change at constant scope Net Profit (M ) 1,426 1,001 + 42.5 % + 5.1 % EPS 1 ( ) 1.25 1.15 + 9.1 % ROE 18.7% 17.7% - 1 adjusted for 10/1 split in June 2001
Slide 6: Q4 2001 Results
Q4 2001 Results % change (M€) Q4/2001 Q3/2001 % change underlying* Revenues 1,415 1,337 +5.8% +4.0% - of which exceptional 35 10 Costs -953 -861 +10.7% +0.1% - of which : -127 -10 . acq./ integration costs & provisions Artesia . exceptional +26 Gross Operating Income 462 477 -3.1% +10.7% Write downs
Slide 7: Year 2001 Results
Year 2001 Results % change (M€) 2001 2000 % change underlying* Revenues 5,665 3,735 +51.7% +5.3% - of which exceptional 172 174 Costs -3,371 -2,057 +63.9% +9.8% - of which : -137 . acq./integration costs & provisions Artesia . exceptional 31 -108 Gross Operating Income 2,294 1,678 +36.7% -0.3% Write
Slide 8: Analysis of Group Profit and Loss 2001 Revenues
Analysis of Group Profit and Loss 2001 Revenues Variances due to: Total Changes in % change of (M ) 2001 2000 % change variance Exceptional underlying consolidation Underlying items scope Net Interest & Related 3,496 2,555 +36.9% 941 850 -124 216 +9.5% Income * Net Commissions & 1,470 965 +52.2% 505
Slide 9: Analysis of quarterly revenues 2001
Analysis of quarterly revenues 2001 (M €) Q1 2001 Q2 2001 Q3 2001 Q4 2001 1,453 59 1,459 50 15 11 24 1,415 64 24 1,376 18 1,365 1,339 10 1,337 1,309 +4.3% +2.8% -4.9% Underlying OLO's Exceptional Net Contribution of newly consolidated companies * Reported
Slide 10: Analysis of Group Profit and Loss 2001 Costs
Analysis of Group Profit and Loss 2001 Costs Variances due to: Total Changes in Exceptional % change of (M ) 2001 2000 % change variance underlying consolidation items and Underlying scope integration costs Payroll Expenses -1,600 -847 +88.9% -753 -593 -78 -82 +9.8% Retail Network -348 -255 +36.5% -
Slide 11: Accounting Treatment of the Provision for integration of Artesia
Accounting Treatment of the Provision (247 M€) for integration of Artesia (M ) Dexia Bank Artesia BC Bacob Bank Total Provision for future integration costs - 119.5 -53.0 -74.3 - 246.8 Fiscal effect + 48.0 + 21.3 +29.8 + 99.1 Write back GBRR + 70.0 - - - Imputation to goodwill - - 31.7 -44.5 - 76.2
Slide 12: Analysis of quarterly costs in 2001
Analysis of quarterly costs in 2001 (M €) Q1 2001 Q2 2001 Q3 2001 Q4 2001 17 8 953 119 20 10 861 831 835 -26 787 -2 785 775 -2 773 +5.6% +0.5% +1.5% Underlying Exceptional Intégration Artesia Changes in consolidation scope * Reported
Slide 13: Analysis of Group Profit and Loss 2001 Gross Operating Income
Analysis of Group Profit and Loss 2001 Gross Operating Income Variances due to: Total Changes in Exceptional % change of (M ) 2001 2000 % change variance underlying consolidation items and Underlying scope integration costs Revenues 5,565 3,735 +51.7% +1,930 1,745 -2 187 +5.3% Costs -3,371 -2,057 +6
Slide 14: Analysis of Group Profit and Loss 2001 Write Downs and Provisions
Analysis of Group Profit and Loss 2001 Write Downs and Provisions Variances due to: Total Changes in % change of (M ) 2001 2000 % change variance Exceptional underlying consolidation Underlying items scope Allowances for loan -281 -114 +146.5% -167 -69 0 -98 +86.0% losses + off B/S items Losses / ga
Slide 15: Key evolutions of the cost of risk
Key evolutions of the cost of risk 281 25 : Share leasing (Q4) 22 : Enron (Q4) 6 : Argentina (Q4) 16 : Sabena (Q2; Q3; Q4) 51 : Edgewater (Q2; Q4) (M €) 63 Artesia 114 98 Other 2000 2001
Slide 16: Percentage of cost of risk related to customer loans
Percentage of cost of risk related to customer loans O/S + off balance sheet commitments (in basis points) 52 bp Average for large Dexia European banks* 14 bp 8 bp 7 bp 6 bp 2 bp 1997 1998 1999 2000 2001 * Ratio of Cost of Risk related to customer loans only. Source : companies publications to date
Slide 17: Analysis of Group Profit and Loss Other P&L items
Analysis of Group Profit and Loss Other P&L items Variances due to: Total Changes in Exceptional % change of (M ) 2001 2000 % change variance underlying consolidation items and Underlying scope integration costs Share of Profit in +48 +29 +64.4% +19 +30 0 -11 -36.2% Equity Accounted co's Taxes -534
Slide 18: Segment Performance
Segment Performance
Slide 19: Public & Project Finance: L.T. Outstandings
Public & Project Finance Activity Highlights 4 L.T. Outstandings (in & off B/S)* + 12.4 % + 8.8 % 119.6 123.5 109.9 10.5 13.4 (Bn €) Other 11.0 Public Sector 109.1 110.1 98.9 Dec. 00 Dec. 01 Dec. 01 Dexia alone with Artesia * fully consolidated Co’s ; Germany excluded
Slide 20: Public & Project Finance: Deposits & Customers' Assets
Public & Project Finance Activity Highlights 4 Deposits & Customers’ Assets + 44 % 15.2 -6% (Bn €) 11.2 10.5 Dec. 00 Dec. 01 Dec. 01 Dexia alone with Artesia
Slide 21: Public & Project Finance: New Insurance Premiums
Public & Project Finance Activity Highlights 4 New Insurance Premiums + 115 % 323 + 53 % 230 (M €) 150 12 months 2000 12 months 2001 12 months 2001 Dexia - Sofaxis alone with Artesia (DVV / Les Assurances Populaires)
Slide 22: Credit Enhancement Business - FSA: Present Value of Gross Premiums
Credit Enhancement Business - FSA Activity Highlights 4 Present Value of Gross Premiums +56% 697 120 International (M US$) + 10 % 448 109 354 ABS + 78 % 199 + 59 % 222 Muni 140 12 months 2000 12 months 2001
Slide 23: Public & Project Finance Year 2001 results
Public & Project Finance Year 2001 results (M€) % change 2001 2000 % change underlying* Revenues 1,769 1,144 +54.7% +6.3% Of which exceptional -10 Costs -693 -419 +65.1% +5.2% Gross Operating Income 1,077 725 +48.6% +7.0% Net Income 665 388 +71.6% +9.9% ROEE 21.4% 17.7%
Slide 24: Public & Project Finance Q4 2001 results
Public & Project Finance Q4 2001 results (M€) % change Q4/2001 Q3/2001 % change underlying* Revenues 475 417 +13.9% +10.1% Of which exceptional 5 -10 -184 -173 Costs +6.4% +6.4% Gross Operating Income 292 245 +19.2% +12.5%
Slide 25: Retail Financial Services: Customers' Assets
Retail Financial Services 2001 Activity Highlights 4 Customers’ Assets + 34.6 % 79.7 + 0.7 % (Bn €) 24.7 off B/S products 59.2 59.6 OPC 15.6 - Market effect : -1.5 16.2 - New money : +2.1 traditional deposits 55.0 43.6 43.4 Dec. 00 Dec. 01 Dec. 01 Dexia alone with Artesia
Slide 26: Retail Financial Services: Credit Outstandings
Retail Financial Services Activity Highlights 4 Credit Outstandings + 45.5 % 20.7 (Bn €) + 8.1 % 6.3 SME 15.4 14.2 5.4 4.7 Personal Sector 14.4 9.5 10.0 Dec. 00 Dec. 01 Dec. 01 Dexia alone with Artesia
Slide 27: Retail Financial Services: Insurance Premiums
Retail Financial Services Activity Highlights 4 Insurance Premiums + 95.3 % 1,927 (M €) 271 Non Life + 18.5 % 1,169 987 94 Life 104 1,656 1,075 883 12 months 2000 12 months 2001 12 months 2001 Dexia alone with Artesia
Slide 28: Retail Financial Services Year 2001 results
Retail Financial Services Year 2001 results % change (M€) 2001 2000 % change underlying* Revenues 1,762 1,114 +58.1% +3.2% Of which exceptional -3 +19 Costs -1,443 -862 +67.4% +5.3% Of which exceptional -1 -11 Gross Operating Income 319 253 +26.3% -4.1% Net Income 216 156 +38.9% +3.5% ROEE 12.4% 16.
Slide 29: Retail Financial Services Q4 2001 results
Retail Financial Services Q4 2001 results % change (M€) Q4/2001 Q3/2001 % change underlying* Revenues 428 430 -0.5% -1.9% Of which exceptional 6 Costs -360 -369 -2.4% -2.7% Of which exceptional -1 Gross Operating Income 68 60 +13.3% +5.0%
Slide 30: Investment Management: Private Banking / Affluent Customers Assets
Investment Management Services Activity Highlights 4 Private Banking / Affluent Customers Assets Other acquisitions 41.6 - 8.9 % Artesia 1.4 4.1 (Bn €) Net Outflows 3.8 36.9 0.0 Market effect Kempen 6.2 37.5 -0.9 33.6 2.8 -1.2 share 4.1 -1.3 leasing 30.7 29.5 P.B. portfolios - 3.9 % Dec. 2000 Dec. 2
Slide 31: Investment Management: Assets under Management
Investment Management Services Activity Highlights 4 Assets under Management + 48.1 % Consolidation Effect 20.7 82.8 (Bn €) +1.3 -2.9 7.8 Artesia 55.9 New Market 54.3 Kempen money effect & Ely - 2.9 % Dec. 2001 without Dec. 2001 with Dec.2000 acquisitions acquisitions
Slide 32: Fund Administration Activity Highlights
Fund Administration Activity Highlights # of transactions # of portfolios # of transactions processed (000’s) managed (Millions) +27% +14% +39% CAGR 362 CAGR CAGR 1,067 4.64 307 944 4.00 822 225 2.4 1999 2000 2001 1999 2000 2001 1999 2000 2001 Custody Central Administration Transfer Agent
Slide 33: Investment Management Services Year 2001 results
Investment Management Services Year 2001 results % change (M€) 2001 2000 % change underlying* Revenues 1,190 911 +30.6% -13.6% Of which exceptional 3 -40 Costs -732 -449 +63.2% +10.3% Of which exceptional -4 Gross Operating Income 458 462 -1.0% -34.8% Net Income 253 308 -17.9% -40.9% ROEE 46.7% 62.4
Slide 34: Investment Management Services Q4 2001 results
Investment Management Services Q4 2001 results % change (M€) Q4/2001 Q3/2001 % change underlying* Revenues 303 281 +7.8% +8.6% Of which exceptional 1 3 Costs -200 -188 +6.4% +3.7% Of which exceptional -5 Gross Operating Income 103 93 +10.8% +18.9%
Slide 35: Capital Markets and Treasury Activities Activity Highlights
Capital Markets and Treasury Activities Activity Highlights LONG TERM FUNDS ISSUED CREDIT SPREAD PORTFOLIO (Bn €) Total: 53 Bn € * +37.6% 23.8 Speculative grade 0.5% 17.3 8.7 BBB Other 7.9% AAA 7 33.8% AAA rated A 29.5% +46.6% 15.1 10.3 AA 28.3% 2000 2001 * excl. CLN portfolio
Slide 36: Capital Markets and Treasury Activities Year 2001 results
Capital Markets and Treasury Activities Year 2001 results % change (M€) 2001 2000 % change underlying* Revenues 636 295 +115.8% +40.4% Of which exceptional -38 -28 Costs -184 -118 +56.2% +8.3% Of which exceptional -2 -10 Gross Operating Income 452 177 +155.6% +56.7% Net Income 295 137 +114.5% +37.4%
Slide 37: Capital Markets and Treasury Activities Q4 2001 results
Capital Markets and Treasury Activities Q4 2001 results % change (M€) Q4/2001 Q3/2001 % change underlying* Revenues 129 185 -30.3% -16.9% Of which exceptional -23 2 Costs -49 -44 +11.4% +6.8% Of which exceptional -2 Gross Operating Income 80 141 -43.3% -24.5%
Slide 38: Key Performance Ratios
Key Performance Ratios 2001 2000 RWA (Bn ) 103.6 74.0 Tier One Ratio (%) 9.3% 9.3% RORWA (%) 1.72% 1.51% ROE (%) 18.7% 17.7% Profit Margin (%) 26.9% 28.5% C/I Ratio (%) 59.5% 55.1%
Slide 39: Dividend
Dividend 2001 2000 % change Gross Dividend* 0.48 0.43 +11.6% Net Dividend 0.36 0.32 +11.3% Pay-out Ratio 39.3% 41.9% * proposed for 2001
Slide 40: Focus and Deliver
Update on Strategy and Corporate Matters Focus and Deliver Pierre Richard Group Chief Executive Officer
Slide 41: 2002 priorities and focus
ü 2002 priorities and focus: Costs and Integration ü Central Management ü Continue to deliver towards corporate objectives
Slide 42: 2002 priorities and focus: COSTS
2002 priorities and focus: COSTS Management is committed to contain the costs below 2001 (pro forma) (M€) Target : 39 maximum level 3,410 137 of costs in 2002 Cost 1st Half 3,371 year 2001 Kempen + Ely FM 7 38 3,304 Acq./integration Other Other costs and integration exceptional provisions Artesia co
Slide 43: Cost Management is an ongoing priority
2002 priorities and focus: COSTS Cost Management is an ongoing priority 2002 Budget highlights: • No acquisitions • Prudent view on revenue growth with some exceptions in high profile business • Effective $ cost decrease expected in - Capital Markets and Treasury - Retail Financial Services - Invest
Slide 44: Integration of Artesia (1)
2002 Priorities and Focus Integration of Artesia (1) Steering the integration 4 Group Executive Committee is fully committed 4 From April 1st 2002, one single Management Board for Dexia Bank and Artesia: ð Luc Onclin chairman 4 One Executive Committee Member in charge of the integration project: ð A
Slide 45: Integration of Artesia (2)
2002 Priorities and Focus Integration of Artesia (2) Key topics of concertation with staff representatives ü Characteristics of the Retail Network ü Reduction of staff numbers ü Employees benefits and statutes Agreement in sight in the coming weeks
Slide 46: Integration of Artesia (3)
2002 Priorities and Focus Integration of Artesia (3) A constructive concertation process with union representatives, leading to a single distribution network 4 One brand: Dexia Bank - “one face to the client” 4 One integrated IT system 4 One management line 4 Only the profitable Bacob branches are k
Slide 47: Integration of Artesia (4) Reduction in staff numbers
2002 Priorities and Focus Integration of Artesia (4) Reduction in staff numbers FTE’s at Planned net staff Job creations Target size 30/06/01 reductions * (Private banking…) Central / Regional offices / 7,180 -1,400 + 150 5,930 PB br. Bacob Network 1,970 -1,030 940 Independent network 3,510 -60 3,45
Slide 48: Integration of Artesia (4) Other integration worksites progress
2002 Priorities and Focus Integration of Artesia (4) Other integration worksites progress 3 IT platform chosen and migration of applications started 3 Interoperability of the 2 ATM networks effective 3 One common dealing room in place in Brussels 3 Merger Dexia / Cordius completed Dexia Asset Manage
Slide 49: Integration of Artesia (5) Synergy objectives confirmed
2002 Priorities and Focus Integration of Artesia (5) Synergy objectives confirmed € Millions - full year 2005 synergies 115 60 100 60 255 220 200 180 Cost Synergies Gross Revenue Reduction of Revenues Total Net Synergies Synergies (Lower Risk level) expected maximum minimum
Slide 50: Integration Dexia Bank Nederland, Merger Kempen - Labouchere
2002 Priorities and Focus Integration Dexia Bank Nederland Merger Kempen - Labouchere • Organisation structure in place Nov 01 • Legal Merger completed Dec 01 • Head Office departments integrated Jan 02 • Custody department integrated Jan 02 Priority to Cost Cutting Objectives • Social plan under pr
Slide 51: Further strengthen and centralize Group sovereign Functions
2002 Priorities and Focus Further strengthen and centralize Group sovereign Functions ü Audit and Compliance ü Risks ü Cost Control and Monitoring ü Key management positions and careers
Slide 52: Conclusion and Outlook
Conclusion and Outlook Keep on delivering towards Medium term corporate objectives
Slide 53: Cost / Income Ratio
Cost / Income Ratio Dexia still among the lowest against comparables Corporate objective : < 50 % Dexia Euroland Banks * 71.9% 70.5% 68.2% 65.6% 59.5% 56.1% 55.1% 54.3% 57,3% 54.7% underlying 1998 1999 2000 2001 * ABN Amro, Banco Popular, BBVA, BNP Paribas, Crédit Lyonnais, CommerzBank, Deutsche Ban
Slide 54: Profitable Growth objective attained
Profitable Growth objective attained Revenues ( Bn €) 5.7 Gross Operating Income ( M €) 2,294 CAGR: + 22 % p.a. CAGR: + 20.2 % p.a. 1,678 3.8 1,443 3.2 2.6 1,138 2.1 2.2 912 962 96 97 98 99 00 01 96 97 98 99 00 01 1,426 Net Income ( M €) EPS ( € ) 1.25 1.15 CAGR: + 13.6 % p.a. CAGR: + 25 % p.a. 0.98
Slide 55: Return on Equity
Return on Equity Corporate objective : > 20 % by 2004 20% 18.7% 17.7% ROE 15.7% 15% 14.0% 12.9% 13.2% Tier One Ratio 10% 11.2% 10.2% 9.6% 9.3% 9.3% 9.0% 5% 1996 1997 1998 1999 2000 2001
Slide 56: The high Equity Spread of Dexia has yet to be recognized by the market
The high Equity Spread (ROE-COE) of Dexia has yet to be recognized by the market Equity Spread to Price to Book 7 RBOS 6 Lloyds TSB 5 4 BBVA Price to Book Unicredito Barclays 3 Abn-Amro Handelsbanken SocGen 2 Dexia Deutsche BNP-Paribas Abbey National 1 Nordea Crédit Lyonnais 0 -5,00% 0,00% 5,00% 10,
Slide 57: Outlook 2002 and Conclusion
Outlook 2002 and Conclusion 4 Conservative hypotheses for revenues, 8particularly in IMS 4 Aggressive cost reduction programme 4 Prudent view on risks EPS: 2002 another year of growth towards corporate objective
Slide 58: Appendices
Appendices
Slide 59: Dexia's stock performance since January 2000
50,00 60,00 70,00 80,00 90,00 100,00 110,00 120,00 130,00 03/01/00 03/02/00 100 basis as of jan 3,2000 03/03/00 03/04/00 03/05/00 03/06/00 03/07/00 03/08/00 03/09/00 03/10/00 EuroStoxx Banks 03/11/00 03/12/00 03/01/01 03/02/01 03/03/01 EuroStoxx50 03/04/01 03/05/01 03/06/01 03/07/01 03/08/01 Average
Slide 60: Changes in the scope of consolidation
Changes in the scope of consolidation compared to December 31, 2000 and September 30, 2001 Percentage holding Dec. 2000 Sept. 2001 Dec. 2001 Artesia BC 0 100 100 Kempen & Co (1) 0 100 100 Financière Opale Group 0 100 100 Ely Fund Managers 0 100 100 Dexia Sabadell Banco Local 0 60 60 Banco de Crédito
Slide 61: Revenue Split by type
Revenue Split by type Insurance Net Interest and related income Commissions + other 5.8% 0,8% 12.3% 23,7% 25.8% 26.0% 75,5% 68.4% 61.7% Total 1999 : 3,143 M € Total 2000 : 3,735 M € Total 2001 : 5,665 M €
Slide 62: Dexia group exposure
Dexia group exposure per geographical region by category of counterparts (as of Dec. 31,2001) (as of Dec. 31,2001) Central & financial other South East asia Latin America Other PPEI institutions Central 0.8% 0.3% 0.2% 3.6% (individuals, 12.5% Governments sole 8.4% Japan France proprietorship, 0.8% 1
Slide 63: Dexia group exposure on speculative grade countries
Dexia group exposure on “speculative grade” countries, by geographical region (as of Dec. 31,2001) Other South East Asia 4% 8% Rest of Europe 11% Central & Latin America 53% Eastern Europe 24% Total amount of non investment grade exposure = 275 M€ (or 0.045% of total group exposures)
Slide 64: Dexia Risk Quality - Coverage ratio
Dexia Risk Quality - Coverage ratio Doubtfull and NP Loans Provisions for loan losses 2,213 Coverage ratio NPL’s as % of Gross o/s loans 58.31 % (M €) 0.54% 1,292 65.82 % 1,066 0.20% 0.18% 65.00 % 905 702 588 2000 2001 2001 New Scope Dexia alone with Artesia
Slide 65: Segment Contribution Net Income
Segment Contribution Net Income * 2000** 2001 14% 21% 39% 46% 31% 18% 16% 15% Public/Project Finance & Credit Enhancement Investment Management Services Retail Financial Services Capital Markets & Treasury Activities * Segment “Unallocated” not included in above percentages ** restated
Slide 66: FSA's Balanced Participation Across Its Three Markets
FSA’s Balanced Participation Across Its Three Markets Has Generated Strong Premium Growth 697 International $MM U.S. ABS 120,3 PV Premiums U.S. Muni Originated 517 448 133,8 391 23,0 109,3 353,9 250 148,0 200,4 54,3 198,9 80,4 220,0 222,3 183,0 115,6 140,1 1997 1998 1999 2000 2001
Slide 67: FSA Financial Results
FSA Financial Results Full Year 2000 Full Year 2001 % Increase % Increase (MM) Actual Prior Year Actual Comparable Period Core Net Income $176.0 25.7% $212.9 20.9% Operating Net Income $181.5 23.7% $217.3 19.7% Net Income $63.3 N/M $209.5 N/M Operating ROE 13.7% 0.2% 14.6% 0.9% 12-Month Growth in AB
Slide 68: FSA Insured Portfolio
FSA Insured Portfolio Categorized by Shadow Rating Overall Combined (1) Municipal ABS (1) (Incl. ABS & Muni) $105.6 Bn $111.5 Bn $217.1 Bn AA 21% AAA 28% AA AA AAA 24% 23% 55% BBB 17% A A BBB 61% 12% 12% NIG A < 1% NIG NIG BBB 36% 1% 1% 8% < The pie charts on this page demonstrate the high quality o
Slide 69: FSA: Focus on CDOs and Credit Default Swaps
FSA : Focus on Collateralized Debt Obligations (“CDOs”) and Credit Default Swaps (“CDSs”) Current Shadow Ratings CDOs CDSs $21.3 Billion $42.9 Billion AAA 18,3% BBB 2,5% AA A BBB 45,2% 0,5% 6,5% BB AAA AA 1,9% 94,4% 2,6% A 28,0% Net par as of 12/31/01. Ratings as of 1/31/02.
Slide 70: Dexia Asset Management Volumes
Dexia Asset Management Volumes Assets by type of management (Bn €) 82.8 73.3 p.a. 20.7 2 % +36. 15.7 55.9 53.1 10.5 9.6 10.0 46.2 8.6 Institutional Fund Management 10.5 39.1 7.3 9.4 11.0 Discretionary Mandates 9.3 32.8 7.2 7.3 Advisory Mandates 6.5 9.9 10.8 Mutual Fund Management 6.3 4.1 9.6 8.4 Ass
Slide 71: Artesia/DBB Integration Staff reduction plan
Head office/ Artesia/DBB Integration Staff reduction plan central staff 1,400 1,300 100 Gross excess Social plan positions Solved through natual attrition, reconversion, and non-reconduction of temporary contracts 150-200 350-650 Network Bacob 1,030 Transfer to SCRLs 100-200 as employee Transfer to