Slide 1: 4Q'23 / FY'23 results and investor update
CONFIDENTIAL 4Q’23 / FY’23 results and investor update
Slide 2: Contents
CONFIDENTIAL Contents Bill Winters, Group Chief Executive • Opening remarks 3 • Strategy update 26 • Closing remarks 31 Diego De Giorgi, Group Chief Financial Officer • Financial performance 7 • 2024-2026 financial framework 19 Appendix Various 33 Liquidity and balance sheet information 47 Sustainab
Slide 3: Our strategy is driving success
CONFIDENTIAL Our strategy is driving success • Strong performance in 2023; delivered double-digit returns with FY’23 RoTE of 10.1% o Income growth of 13% o 4% positive income-to-cost jaws o Investments in FM and WM continue to pay off o Accelerated CCIB capital discipline supporting higher returns •
Slide 4: Great execution on our 2022 strategic actions
CONFIDENTIAL Great execution on our 2022 strategic actions KPIs (2022-2024) Status CCIB • Income RoRWA ✔ CCIB Drive improved returns • RWA reduction ✔ • Hold RWA flat ✔ • Financial Institutions % of CCIB income CPBB CPBB Transform profitability • Cost-to-income ratio ✔ • Expense reduction • Straight
Slide 5: Building on our achievements to deliver sustainably higher returns
CONFIDENTIAL Building on our achievements to deliver sustainably higher returns CCIB Drive improved returns 1 2 Deliver income Deliver income growth: growth: NII expected to FM & WM two grow in 2024 and engines of Non NII CPBB Transform profitability beyond RoTE Increasing steadily from Delivered 10
Slide 6: Financial performance
Financial performance Diego De Giorgi Group Chief Financial Officer
Slide 7: 4Q'23: Solid performance; 7% income growth
CONFIDENTIAL 4Q’23: Solid performance; 7% income growth 4Q’23 performance ($bn) Performance highlights → Overview Income 4Q’22 4Q’23 YoY1 ccy1 Network • Income up 7% YoY Expenses Net interest income (NII) 2.3 2.4 6% 6% Risk Non NII 1.5 1.6 8% 8% o NII up 6%, with NIM up 12bps YoY to 1.70% Balance sh
Slide 8: FY'23: Strong performance; delivered double-digit returns
CONFIDENTIAL FY’23: Strong performance; delivered double-digit returns FY’23 performance ($bn) Performance highlights → Overview Income FY’22 FY’23 YoY1 ccy1 Network • Income up 10% YoY, 13% at ccy Expenses Net interest income (NII) 8.0 9.6 20% 23% Risk Non NII 7.8 7.8 0% 2% o NII up 23%, with NIM u
Slide 9: Rates benefit and strong WM in 4Q'23
CONFIDENTIAL Rates benefit and strong WM in 4Q’23 4Q’23 vs 4Q’22 ($m, ccy1) Overview +7% → Income 59 Network 103 243 (4) 4,056 Expenses (7) (14) (15) Risk (96) Balance sheet 3,787 Capital Financial framework Strategy update Conclusion +26% +13% +16% (1)% (6)% (4)% (6)% (8)% 4Q’22 ccy Transaction Ret
Slide 10: NII growth supported by higher rates and pricing discipline
CONFIDENTIAL NII growth supported by higher rates and pricing discipline Net Interest Income progression and drivers Key highlights Overview → Income Network Net Interest Income +20% / +23% ccy +6% • 4Q’23 NII up 6% YoY Expenses (NII) ($m) Risk 2,436 o AIEA down 2%; offset by higher NIM, up 12bps Ba
Slide 11: FM: Flow income continues to grow
CONFIDENTIAL FM: Flow income continues to grow Income trend ($m) Key highlights Overview → Income (5)% / (2)% ccy • 4Q’23 income down 8% YoY at ccy Network (9)% / (8)% ccy Expenses 5,345 5,099 1,414 1,391 o Flow income up 6% YoY supported by continued focus on strategic Risk Balance sheet 619 469 1,
Slide 12: WM: Strong growth in income and robust leading indicators
CONFIDENTIAL WM: Strong growth in income and robust leading indicators Income trend ($m) Key highlights Overview → Income • 4Q’23 income up 16% YoY at ccy Network +8% / +10% ccy Expenses +15% / +16% ccy o Broad-based growth across products, particularly Bancassurance Risk Balance sheet 1,944 511 526
Slide 13: Highly profitable growth in cross-border corridors
CONFIDENTIAL Highly profitable growth in cross-border corridors CCIB cross-border (network (network)1)income income Key highlights Overview Income Europe & Americas Asia Africa & the Middle East • FY’23 CCIB cross-border income $6.9bn, up 31% YoY → Network Expenses ($bn) ($bn) ($bn) • IRoRWA of 12.9
Slide 14: 4% positive jaws in FY'23; 4Q'23 expenses broadly flat QoQ
CONFIDENTIAL 4% positive jaws in FY’23; 4Q’23 expenses broadly flat QoQ Operating expenses1 trend ($m) Key highlights Overview Income +5% / +2% ccy • 4Q’23 expenses up 2% YoY at ccy; broadly flat QoQ Network → Expenses 2,630 2,675 2,826 2,770 2,754 • FY'23 expenses up 7%, 8% YoY at ccy Risk Balance
Slide 15: Impairment down; portfolio remains resilient
CONFIDENTIAL Impairment down; portfolio remains resilient Credit impairment ($m) / Loan-loss rate (bps) Key highlights Overview • 4Q’23 credit impairment of $62m, down $278m YoY Income Loan-loss rate1 21bps 17bps (LLR) Network o CPBB of $131m, with delinquencies slightly up Expenses $(308)m → Risk B
Slide 16: Subdued demand for credit; stable deposit base
CONFIDENTIAL Subdued demand for credit; stable deposit base Overview Loans and advances to customers ($bn) Key highlights Income Network (2)% • Underlying L&A to customers down $5bn or 2% since 30.9.23 Expenses Risk 4 0 292 7 287 o Trade down $3bn, due to globally slower trade flows → Balance sheet
Slide 17: Strong CET1; profit accretion enabling $2.7bn distributions in FY'23
CONFIDENTIAL Strong CET1; profit accretion enabling $2.7bn distributions in FY’23 Risk-weighted assets ($bn) Key highlights Overview Income $(0.6)bn • FY’23 RWA broadly similar to 31.12.22 Network 2.7 Expenses 11.8 4.5 o Change in asset mix (1.6) Risk (2.1) 244.7 (3.4) 244.2 o Market risk RWA up $4.
Slide 18: 2024-2026 financial framework
2024-2026 financial framework Diego De Giorgi Group Chief Financial Officer
Slide 19: 2024-2026 financial framework
CONFIDENTIAL 2024-2026 financial framework 2024-2026 guidance Overview • Income to increase 5-7% for 2024-2026; around the top of 5-7% range in 2024 Income Network Income • NII of $10bn to $10.25bn in 2024 Expenses • Low single digit % growth in L&A to customers Risk Balance sheet Capital → Financia
Slide 20: Deliver income growth: NII expected to grow in 2024 and beyond
CONFIDENTIAL 1 Deliver income growth: NII expected to grow in 2024 and beyond Overview Net interest income Drivers of NII for FY’23-FY’26 Income Network Expenses FY’23-FY’24 illustrative ($bn) Rates Risk 10-10.25 Balance sheet • ~51bps reduction derived from currency-weighted forward market rates, C
Slide 21: Deliver income growth: FM and WM two engines of Non NII
CONFIDENTIAL 2 Deliver income growth: FM and WM two engines of Non NII Overview Income Investment paying off, increasingly strong business profile Future focus areas Network Expenses • Flow income continues to grow • Accelerate Macro Trading income from digital platforms Risk Balance sheet Financial
Slide 22: Improve operational leverage: Fit for Growth programme
CONFIDENTIAL 3 Improve operational leverage: Fit for Growth programme Overview Expense saves and cost to achieve Deliver sustainably higher returns Income Network Expenses • Aiming to simplify, standardise and digitise key elements of the Group Risk Illustrative expense saves Balance sheet • Address
Slide 23: Return substantial capital to shareholders
CONFIDENTIAL 4 Return substantial capital to shareholders Shareholder distributions (ordinary dividend and share buyback) Key highlights Overview Income Network Ordinary shares • Returned $5.5bn to shareholders since 1.1.22 Expenses Ordinary dividend Share buyback ($bn) ($bn) (#’m) o $1.25bn dividen
Slide 24: RoTE increasing steadily from 10%, targeting 12% in 2026
CONFIDENTIAL RoTE increasing steadily from 10%, targeting 12% in 2026 and to progress thereafter Overview Illustrative RoTE outlook Income Network Expenses Risk Income LLR to Low Balance sheet Expenses Capital growth normalise single-digit <$12bn at → Financial framework 5-7% towards % RWA ccy in 20
Slide 25: Strategy update
Strategy update Bill Winters Group Chief Executive
Slide 26: Uniquely positioned and confident in the future
CONFIDENTIAL Uniquely positioned and confident in the future Opportunities shaping our outlook We are uniquely positioned Overview Income Network • Present in 21 markets in Asia; only international bank in all 10 Expenses Our footprint amongst fastest growing economies in ASEAN markets Risk the worl
Slide 27: CCIB: Driving growth in high-returning businesses
CONFIDENTIAL 1 CCIB: Driving growth in high-returning businesses Cross-border (network) Financial Institutions Financing Overview Income • Provide MNCs and subs. access to our network • Grow share of Investor clients in EM products • Drive higher originate to distribute volumes Network Expenses • Su
Slide 28: CPBB: Building on strengths in Affluent business
CONFIDENTIAL 2 CPBB: Building on strengths in Affluent business Grow affluent net new money International affluent clients in wealth hubs Overview Income • Sustained investments to grow RM and Wealth Specialists capacity • Expand network model for collaboration to additional markets Network Expenses
Slide 29: Ventures: Delivering profitability and driving returns accretion
CONFIDENTIAL 3 Ventures: Delivering profitability and driving returns accretion Mox, Hong Kong SC Ventures Overview Income • 523k customers, up 1.2x YoY; average 3.1x products Investments Network Expenses • ~3x income growth YoY • Investing in technical capabilities with objective to better understa
Slide 30: Strong progress towards our sustainability goals
CONFIDENTIAL Strong progress towards our sustainability goals Performance updates Key highlights Overview Income +42% >$1bn • Building a world-leading Sustainable Finance (SF) franchise Network Sustainable Finance income 720 Expenses >$1bn by 2025 o Income $720m up 42%; broad based growth across pro
Slide 31: Conclusion
CONFIDENTIAL Conclusion Our strategy is driving success Overview Income Network • Delivered 10% RoTE in FY’23 Expenses Risk • Great execution on our 2022-2024 strategic actions Balance sheet Capital • Robust capital position and delivered substantial shareholder distributions Financial framework Str
Slide 32: Appendix
CONFIDENTIAL Appendix • KPI tracker 2022-2024; KPI tracker 2024-2026; guidance 2024-2026; macroeconomic variables; currency-weighted average forward interest rate curves; hedging strategy; interest rate assumptions; IRRBB; China performance; Global and Hong Kong CRE; China CRE; China portfolio; sove
Slide 33: Strategic actions: KPI tracker 2022-2024
CONFIDENTIAL Strategic actions: KPI tracker 2022-2024 KPI 2024 target Progress Status CCIB: Drive improved • Income RoRWA 6.5% 7.8% ✔ returns • RWA reduction of $22bn $22bn $24.2bn1 ✔ • Hold RWA flat to $163bn $163bn $142bn ✔ • Financial Institutions % of CCIB income 50% 49% • Cost-to-income ratio ~
Slide 34: Strategic actions: KPI tracker 2024-2026
CONFIDENTIAL Strategic actions: KPI tracker 2024-2026 KPI 2023 2024-2026 target (Unless otherwise stated) CCIB: • Cross-border income1 9% YoY / $5.7bn 8-10% CAGR Drive growth in high- returning businesses • Financial Institutions income1 10% YoY / $4.5bn 8-10% CAGR • Financing income (global credit
Slide 35: Guidance: 2024-2026
CONFIDENTIAL Guidance: 2024–2026 2024 guidance at ccy 2025 and 2026 guidance at ccy Income • Income to increase 5-7% for 2024-2026; around the top of 5-7% range in 2024 • Net interest income of $10bn to $10.25bn in 2024 • Positive income-to-cost jaws in each year Expenses (ex. bank levy) • Expenses
Slide 36: Macroeconomic variables used in ECL calculations
CONFIDENTIAL Macroeconomic variables used in ECL calculations 3Q’23 4Q’231 ~ Crude price China Hong Kong Korea Singapore India Brent, bbl GDP growth (YoY) 5.4% 5.4% 4.3% 3.3% 1.3% 1.3% 0.8% 0.8% 6.1% 6.7% $83.9 $84.2 GDP growth (YoY): 5-year 2.8% 2.5% 2.3% 2.3% 2.7% 2.9% 6.2% 6
Slide 37: Currency-weighted average forward interest rate curves
CONFIDENTIAL Currency-weighted average forward interest rate curves Currency-weighted average1 (bps) Key highlights 453 448 440 419 438 424 • Method for modelling NII sensitivity to forward interest rate curves changes 391 451 446 439 411 419 417 • NII estimates are based on the change in average ra
Slide 38: Interest rate assumptions for Interest Rate Risk in the Banking Book
CONFIDENTIAL Interest rate assumptions for Interest Rate Risk in the Banking Book USD SOFR O/N average (bps) 3M HIBOR average (bps) 536 539 535 523 526 497 502 500 523 532 530 476 524 505 449 497 493 500 489 479 479 428 465 449 448 382 428 423 408 406 382 381 Period bps Period bps FY’23 500 FY’23 46
Slide 39: Hedging strategy reducing NII volatility
CONFIDENTIAL Hedging strategy reducing NII volatility Structural hedging notional and yields Structural hedging strategy Notional ($bn) 47 • Intended to smooth NII volatility through the interest rate cycle • Hedge rate-insensitive deposits and equity for a tenor reflecting the 31 behaviouralised li
Slide 40: Interest Rate Risk in the Banking Book
CONFIDENTIAL Interest Rate Risk in the Banking Book Annualised impact to banking book NII from instantaneous parallel shifts in interest rates across all currencies1 -100bps • Pro-forma includes the impact of additional hedging activity in 1Q’24 $m (1,540) (890) (770) • -100bps sensitivity halved to
Slide 41: China: Offshore income and profit growth outpacing onshore
CONFIDENTIAL China: Offshore income and profit growth outpacing onshore $bn, YoY% at ccy Key highlights • Onshore income: 4Q’23 up 12%; FY’23 up 4% YoY at ccy +YoY% +YoY% o FY’23: WM up 25% YoY at ccy supported by higher Bancassurance +24% +24% China Chinaonshore onshoreand and and Treasury products
Slide 42: Global CRE exposure; satisfactory performance despite pressures
CONFIDENTIAL Global CRE exposure; satisfactory performance despite pressures Global CRE exposure1 by markets as at 31.12.23 Key highlights • CRE ~2% of total net nominal exposures2, diversified by markets and asset types 13% Hong Kong 18% • Excluding China CRE, the portfolio is performing satisfacto
Slide 43: China CRE portfolio reducing; asset quality broadly stable
CONFIDENTIAL China CRE portfolio reducing; asset quality broadly stable Exposure by booking location ($bn)1,2 Key highlights 4.0 • Remain cautious as residential sales volumes continue to decline throughout 2023 ~40% reduction • Support measures encouraging, but no sustained recovery in buyer sentim
Slide 44: China portfolio resilient; no contagion risks
CONFIDENTIAL China portfolio resilient; no contagion risks China ultimate parent company exposure1 ($bn) Key highlights • CCIB comprises 94% of China portfolio and is resilient 3% Corporates 3% Bank o Exposures mostly to industry leaders with strong financial resilience NBFIs 21% o Growing new econo
Slide 45: Select sovereign markets: exposures more than halved
CONFIDENTIAL Select sovereign markets: exposures more than halved from $10.3bn to $5bn in less than two years Net nominal1,2 ($bn) Key highlights 6.2 • Macro environment remains challenging for some EM sovereigns 31.12.21 o Inflation, limited liquidity and continued conflicts in the Middle East 31.1
Slide 46: Appendix
CONFIDENTIAL Appendix • KPI tracker 2022-2024; KPI tracker 2024-2026; guidance 2024-2026; macroeconomic variables; currency-weighted average forward interest rate curves; hedging strategy; interest rate assumptions; IRRBB; China performance; Global and Hong Kong CRE; China CRE; China portfolio; sove
Slide 47: Strong performance founded on a diverse franchise
CONFIDENTIAL Strong performance founded on a diverse franchise 52 88% $17.4bn $5.7bn 63% 10.1% Markets income from Asia Operating income PBT Cost income ratio RoTE and AME (FY’22: $15.8bn1) (FY’22: $4.6bn1) (FY’22: 65%1) (FY’22: 7.7%1) Group income diversified by market and segment Group income dive
Slide 48: Balance sheet strength provides resilience and capacity for growth
CONFIDENTIAL Balance sheet strength provides resilience and capacity for growth Capital metrics Key highlights 33.3% 32.1% 32.1% CET1 • CET1 capacity to support shareholder distributions and growth (Min requirement: 10.5%) MREL • MREL issuance of ~$8bn in 2023 – all in senior unsecured debt (Min req
Slide 49: Balance sheet is conservatively positioned
CONFIDENTIAL Balance sheet is conservatively positioned Balance sheet Key highlights Total assets Total equity & liabilities $823bn $823bn • We have a highly liquid and flexible balance sheet 31.12.23 31.12.23 o 63% of total assets mature in under 1 year Derivatives & Other assets Derivatives & o Hi
Slide 50: Strong and diverse deposit base; franchise delivers deposit quality
CONFIDENTIAL Strong and diverse deposit base; franchise delivers deposit quality Customer deposits by market1 ($bn) Key highlights Hong Kong USA • Well-diversified footprint with deposit base across 52 markets 12% Singapore Taiwan 3% United Kingdom India o In Hong Kong & Singapore we are a Domestic
Slide 51: High levels of liquid resources and stable funding
CONFIDENTIAL High levels of liquid resources and stable funding Components of Liquidity Coverage Ratio (LCR): 145%1 Key highlights $245bn • LCR of 145% down 11%pts QoQ Other liquid resources: o As guided, deliberate action to bring LCR to historical levels $59bn o Reported average LCR in 2023 in the
Slide 52: Deposit passthroughs and migration within expectations
CONFIDENTIAL Deposit passthroughs and migration within expectations TB CASA% of CCIB deposits1 ($bn) Top 4 markets5 CASA% of CPBB deposits ($bn) Target Target 64% FY’23 63% FY’23 60% 59% 59% 61% 60% 58% CASA % 56% 56% CASA % 55-65% 55-65% 311 312 318 306 150 300 139 140 142 142 TD & 129 125 129 118
Slide 53: CET1 strongly positioned relative to requirements
CONFIDENTIAL CET1 strongly positioned relative to requirements CET1 minimum requirement1 Key highlights 10.4% 10.5% 2.5% 2.5% CCB • Minimum CET1 requirement increased slightly to 10.5% CCyB 0.27% 0.39% o UK CCyB rate up to 2% in 3Q’23 increasing Group CCyB by ~8bps G-SII 1.0% 1.0% Pillar 2A • Basel
Slide 54: MREL: well positioned for future growth and requirements
CONFIDENTIAL MREL: well positioned for future growth and requirements External MREL position versus requirements Key highlights 33.3% $14bn • MREL ratio of 33.3% meets requirements with a buffer of ~590bps 27.3% 27.4% PLC Senior Combined Buffer Combined Buffer 3.9%1 3.9%1 12.1% • Total Group MREL of
Slide 55: Good progress on delivery of funding programme
CONFIDENTIAL Good progress on delivery of funding programme Recent and indicative MREL Issuance ($bn) 1 Maturity and Call schedule of existing stock ($bn)2 Senior Tier 2 AT1 Senior Tier 2 AT1 9.0-10.0 8.5 8.2 8.1 0.6 7.5 7.5 7.2 1.0 4.5-5.0 Planned PLC senior 1.6 1.1 1.3 1.3 2.1 0.8 2.0 6.2 4.1 0.5-
Slide 56: Group strategy to support and, over time, improve credit ratings
CONFIDENTIAL Group strategy to support and, over time, improve credit ratings Senior long-term and short-term ratings Key highlights S&P Moody’s Fitch • Well-rated with strong credit fundamentals, absolutely and relative to peers A+ A1 A+ Standard o Well-established network is a strength A-1 P-1 F1
Slide 57: Stronger risk foundations supporting resilient performance
CONFIDENTIAL Stronger risk foundations supporting resilient performance FY’23 FY’14 Key risk indicators (IFRS 9) (IAS 39) CCIB Key highlights Investment grade as a % of corporate 73% 42% • Key portfolio indicators improved since FY’14 reflecting: exposure Top 20 corporates as a % of Tier 1 capital 6
Slide 58: Standard Chartered Group: simplified legal structure
CONFIDENTIAL Standard Chartered Group: simplified legal structure Medium Term Senior notes Standard Chartered PLC Tier 2 securities BBB+/A3/A Tier 1 securities (S&P/Moody’s/Fitch) Equity CP / CDs Standard Chartered Bank Standard Chartered Bank (Hong Kong) Medium Term Notes A+/A1/A+ A+/A11/- Structur
Slide 59: Appendix
CONFIDENTIAL Appendix • KPI tracker 2022-2024; KPI tracker 2024-2026; guidance 2024-2026; macroeconomic variables; currency-weighted average forward interest rate curves; hedging strategy; interest rate assumptions; IRRBB; China performance; Global and Hong Kong CRE; China CRE; China portfolio; sove
Slide 60: Building a scalable Sustainable Finance franchise
CONFIDENTIAL Building a scalable Sustainable Finance franchise Sustainable finance income ($m) SF UoP assets and SLLs1 ($bn) Sustainable liabilities ($bn) • Strong performance across all products • On track to achieve 2025 target +42% >$1bn +16% 720 22.4 +28% 96 +60% 19.3 (17)% 8.4 +360% 5.3 92 508
Slide 61: Continuing to expand and develop an extensive shelf of products
CONFIDENTIAL Continuing to expand and develop an extensive shelf of products Details of the Group’s 42 sustainable finance products CCIB CPBB Treasury Lending & Portfolio Wealth Financial Markets Transaction Banking Retail products Management Management 1. Green and Social Macro Trading Financing &
Slide 62: Leveraging our innovation hubs for future growth
CONFIDENTIAL 3 Leveraging our innovation hubs for future growth Adaptation finance Blended finance Our geographical footprint and the multiplier effect of investment in adaptation – Blended finance can help to close the financing gap required to deliver the SDGs. We where every dollar spent on adapt
Slide 63: Appendix
CONFIDENTIAL Appendix • KPI tracker 2022-2024; KPI tracker 2024-2026; guidance 2024-2026; macroeconomic variables; currency-weighted average forward interest rate curves; hedging strategy; interest rate assumptions; IRRBB; China performance; Global and Hong Kong CRE; China CRE; China portfolio; sove
Slide 64: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the following pages Page Explanatory note or definition Page Explanatory note or definition 7 1. YoY variance is better/(worse) other than assets and liabilities which is increase/(decrease). 14 1. Excludes UK bank levy Ccy = c
Slide 65: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the following pages Page Explanatory note or definition Page Explanatory note or definition 28 1. International Affluent clients includes Priority, Priority Private and Private Bank clients who are 33 1. Reported figure is a cu
Slide 66: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the following pages Page Explanatory note or definition Page Explanatory note or definition 43 1. Net Nominal basis (see selected technical and abbreviated terms page 69): computed based 49 1. Excludes reverse repurchase agreem
Slide 67: Notes
CONFIDENTIAL Notes These notes refer to the metrics and defined terms on the following pages Page Explanatory note or definition 54 1. Combined Buffer comprises the Capital Conservation Buffer, G-SII Buffer and any Countercyclical Buffer. The buffer is calculated in accordance with the PRA Superviso
Slide 68: Selected technical and abbreviated terms
CONFIDENTIAL Selected technical and abbreviated terms Term Definition Term Definition AAME Asia, Africa and the Middle East EM Emerging Markets ADR Advances-to-Deposits ratio EPS Earnings per Share AIEA Average interest-earning assets ETF Exchange-Traded Fund AME Africa and the Middle East EU Europe
Slide 69: Selected technical and abbreviated terms
CONFIDENTIAL Selected technical and abbreviated terms Term Definition Term Definition M&A Merger & Acquisition SBL Securities Based Lending MDA Maximum distributable amount SDG Sustainable Development Goals MDB Multilateral development banks SF Sustainable Finance MNC Multinational corporation SIB S
Slide 70: Important notice
CONFIDENTIAL Important notice Forward-looking statements The information included in this document may contain ‘forward-looking statements’ based upon current expectations or beliefs as well as statements formulated with assumptions about future events. Forward-looking statements include, without li