PIRAEUS BANK FINANCIAL INSTITUTIONS ASSESSMENT MODEL: 2016 RANKINGS

PIRAEUS BANK FINANCIAL INSTITUTIONS ASSESSMENT MODEL:

2016 RANKINGS

APRIL 2017

Ilias LekkosDimitris DoulosDimitria Rotsika

ECONOMIC RESEARCH & INVESTMENT STRATEGY

CONTENTS

2

AIM OF THE STUDY

FINANCIAL INSTITUTIONS (FI) ASSESSMENT METHODOLOGY

RESULTS OF PIRAEUS BANK FI ASSESSMENT MODEL

RECENT DEVELOPMENTS IN THE EUROPEAN BANKING SECTOR

3

AIM OF THE STUDY

AIM OF THE STUDY

4

The aim of this study is to provide clarity and transparency as to the methodology developed by PiraeusBank in order to assess the financial strength, balance sheet quality and capital adequacy of a largenumber of -mostly European- financial institutions.

The methodology developed allows shortlisting the “preferred” financial institutions and rankingthem each year from “best” to “worst”.

Having created the shortlist, the findings can be further used for the following three purposes:

q To select fixed income instruments issued by the shortlisted institutions to be included in PiraeusBank’s fixed income investment strategy

q To use this shortlist as a starting point for the equity selection process of the above financialinstitutions

q And last but not least, to evaluate current and potential counterparties for the wholesale bankingdivision

5

RECENT DEVELOPMENTS IN THE EUROPEAN BANKING SECTOR

THE EUROPEAN BANKING SECTOR – DELEVERAGING AND PROFITABILITY

6

Following the 2008 global financial crisis that also hit Europe, the geography and characteristics of thebanking sector in Europe radically changed. This change drove banks into uncharted waters where lowprofitability and liquidity, high level of NPLs and new risk and regulatory frameworks came to light.

Within less than a decade, banks went through major deleveraging, reprofiling and substantial capitallosses.

Source: Piraeus Bank Research, European Central Bank, Datastream

-15%

-10%

-5%

0%

5%

10%

15%

20%

IT PT GR GB CY DE ES FR AT NL SI IE LU FI PL BE NO LT DK HR MT EE SK SE LV CZ BG RO HU

ROE - 2016

EU Average

0

2

4

6

8

10

12

14

16

18

20

EE HR SI BG PL LV LT RO HU GR CY IE CZ SK NO LU AT ES PT MT IT GB FR BE FI SE NL DK DE

Asset/Equity % (Leverage Contribution) - 2016

EU Average

THE EUROPEAN BANKING SECTOR – CAPITAL ADEQUACY

7

The capital levels in the majority of the European Banks are close to the full Basel III standards, while thesolvency ratios improved since 2015.

However, restrained profitability still poses a problem for Banks as the loan to deposit ratio continues itsdownward trend.

Source: Piraeus Bank Research, European Banking Authority

0%

5%

10%

15%

20%

25%

30%

35%

40%

PT IT ES AT HU FR MT PL CY DE BE SK RO GB GR NO NL CZ LV IE DK SI HR LT LU BG FI SE EE

Tier 1 Ratio - 2016

EU Average

0%

5%

10%

15%

20%

25%

30%

35%

40%

PT IT ES BE AT FR HU DE GB NL CY MT PL IE SK GR NO DK RO CZ LV BG LT HR SI SE LU FI EE

CET1 (fully loaded) - 2016

EU Average

THE EUROPEAN BANKING SECTOR – ASSET QUALITY

8

The levels of NPLs are one of the main challenges of the European banking sector, despite the fact that

sector

The levels of NPLs are one of the main challenges of the European banking sector, despite the fact thatthey are widely distributed among various European countries.

The great number of problem loans in Southern Europe indicates both a procrastination in recognisingand addressing the NPL issue as well as a lack of a proper legal and institutional framework forrestructuring and managing problem loans.

However, the overall improvement of the coverage ratio of NPLs is a positive indication for the bankingsector in Europe.

Source: Piraeus Bank Research, European Banking Authority

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

SE LU EE FI NO GB CZ NL

DE LV BE DK FR LT SK MT AT ES PL RO HR HU BG IE SI IT PT CY GR

Non-Performing Loan Ratio - 2016

EU Average

0%

10%

20%

30%

40%

50%

60%

70%

DK LV SE NO FI LT GB EE NL IE MT DE CY PT ES BE LU GR IT FR SK AT BG PL CZ HR HU SI RO

Non-Performing Loan Coverage Ratio - 2016

EU Average

9

FI ASSESSMENT METHODOLOGY

A FIVE-STAGE ASSESSMENT METHODOLOGY

10

I. Financial Institutions Sample Definition

II. Ratios & Metrics: Identification & Definition

III. Scores of Individual Ratios & Accounting Metrics

IV. Synthesis of a Five-Dimensional Score Card

V. Final Financial Institutions Scores & Ranking

METHODOLOGY (1): DEFINING THE UNIVERSE

11

Balance

Country Selection: : the selection of the geographic spread of the banks included in the study isadmittedly somewhat arbitrary, i.e. driven by the nature of the Piraeus Treasury business needs andthe existing or potential counterparties.

Therefore, the study focussed mainly on the European Financial System. Still, banks from thefollowing countries were also included in the study:

o Australiao Canadao Hong-Kongo Japano Singaporeo USA

Balance-Sheet Size: only banks with a total balance sheet size exceeding €15bn were assessed.

METHODOLOGY (1): DEFINING THE UNIVERSE

12

First comes the screening of the Financial Institutions universe:

The banks with the highest market capitalisation among 22 countries were selected. The focus lies onEuropean Banks, however, some major Ex-European Banks of special interest were also taken intoaccount.

The data derives from Moody’s Bank Financials and Analytics Ratio Definitions

# of Countries 22

# of Banks 72

# of Ratios & Metrics 22

# of Dimensions 5

# of Years 11

Scoring Range 1 to 9 (1 indicating the worst performer & 9indicating the best performer)

Data Sources Moody’s Rating Agency

13Source: Piraeus Bank Research, Moody’s

METHODOLOGY (1): THE EUROPEAN SAMPLE

Germany

Deutsche Bank

Commerzbank

Aareal Bank

France

Natixis

BNP Paribas

Societe Generale

Credit Agricole

Spain

Banco Santander

Banco Bilbao Vizcaya Argentaria

Banco de Sabadel

Banco Popular Espanol

Bankia

Bankinter

Caixa Bank

Italy

Bper Banca

Intesa Sanpaolo

UniCredit

Unione di Banche Italiane

Great Britain

Barclays

HSBC

Lloyds

Royal Bank of Scotland

Standard Chartered

CYBG

Czech Republic

Komercni Banka

Switzerland

Credit Suisse

UBS

Julius Baer

Austria

Raiffeisen Bank

Erste Group

Belgium

KBC Group

Denmark

Danske Bank

Jyske Bank

Sydbank

Ireland

Bank of Ireland

The Netherlands

ING Group

ABN Amro

Sweden

Nordea Bank

Skandinaviska Enskilda Banken

Svenska Handelsbanken

Swedbank

Portugal

Banco Commercial Portuges

Norway

DNB

Sparebanken

Sparebank 1

Finland

Aktia Bank


METHODOLOGY (1): THE NON-EUROPEAN SAMPLE

Australia

Australia and New Zealand Banking Corporation

Commonwealth Bank of Australia

National Australia Bank

Westpac Banking Corporation

Hong Kong

Bank of East Asia

Japan

Chiba Bank

Mitsubishi UFJ Financial Group

Mizuho Bank

Sumitomo Mitsui Banking Corporation

Singapore

United Overseas Bank

USA

Bank of America

Bank of New York Mellon

Citigroup

Goldman Sachs

JP Morgan Chase

Morgan Stanley

KeyCorp

State Street Bank & Trust Company

SunTrust Bank

Wells Fargo

Canada

Bank of Montreal

Bank of Nova Scotia

Canadian Imperial Bank of Commerce

National Bank of Canada

Royal Bank of Canada

METHODOLOGY (2): RATIOS & METRICS DEFINITIONS


Liquid AssetsCash and Balances with Central Bank + Due from Other Financial Institutions + Trading securities + Available for sale securities + Othersecurities + Fair value of hedging derivative financial instruments / Portfolio hedge valuation adjustment (IFRS) + Fair value of derivativefinancial instruments + Investment securities (held to maturity), government - Unearned income from securities

Total Assets Interest Earning Assets + Non Interest Earning Assets

Market Funds Short Term Funds (due to other Financials Institutions + short term funding + trading liabilities + derivative liabilities) + Non core deposits+ Long Term Debt

Total Funding Market Funds + Core Deposits + Insurance/Funds Mgmt liabilities

Total Deposits Due to customers + Deposits from banks + interbank term Deposits/Certificates of deposits

Tangible Banking Assets Total assets less derivatives less goodwill and other intangibles less insurance investments

Problem Loans Problem loans (US regulatory measurement) + Problem Loan (IFRS measurement-impaired Loans) + Problem Loans (Local GAAPmeasurement)

Loan Loss Provisions Loan Loss Provisions + Loan Loss Provisions (IFRS)

Tangible Common Equity Common Equity - Goodwill and other intangible assets - Hybrid equity credit

Loan Loss Reserve Allowance for loan losses

ROAA Net Profit (loss) after tax, before unusual items / Average total assets

ROE Net Profit (loss) after tax, before unusual items / Average total shareholder’s equity

Tangible Assets Total Assets less derivatives less goodwill and other intangibles

Net Interest Margins Net interest income (interest income – funding expense) / Average interest earning assets

Risk Weighted Assets Sum of all Risk Weighted Assets as required for regulatory capital ratio measures

Efficiency (Cost to Income) Operating Expense as a percentage of Net Revenue

Total Capital Ratio Total Regulatory Capital / Total Risk Weighted Assets

Tier 1 Ratio Tier 1 Capital as a percentage of Risk Weighted Assets

METHODOLOGY (3): ASSIGNING SCORES TO INDIVIDUAL RATIOS & METRICS

16

In order to create variables that take on different scores and exhibit a varying degree of comparablevolatility, each variable had to be standardised in two ways:

Cross-Sectional Standardisation:For each ratio or accounting metric a score of 1-9 is assigned, depending on which decile it is ranked inthe same variable distribution of all examined banks (i.e. a variable is assigned a score of 1, if it belongsto the lowest decile of the distribution, or a score of 9, if it is ranked in the highest decile)

Across Time Standardisation:The distance (either positive or negative) of each variable from each own rolling five-year median iscalculated. This deviation then is calculated for all banks, thus allowing estimating the empiricaldistribution of this new variable. Finally, each observation is assigned a score of 1-9, depending on thedecile of the distribution.

Final score for each variable= 75% * Cross-sectional score + 25% * Across time score

METHODOLOGY (4): SYNTHESIS OF A FIVE-DIMENTIONAL SCORECARD

17

Each ratio is classified according to one of the following five relevant dimensions:1. Funding Structure and Liquidity2. Asset Quality3. Capital Adequacy4. Profitability5. Efficiency

The weight assigned to each ratio depends on the best practices and expert judgment.

METHODOLOGY (5): FINAL SYNTHESIS

18

Each financial institution’s final ranking depends on its total score estimated as a weighted average ofthe aforementioned five dimensions as follows:

Final FI Score=35% * Funding Structure and Liquidity

+ 25% * Asset Quality+ 23% * Capital Adequacy+ 12% * Profitability+ 5% * Efficiency


FINANCIAL INTUITIONS ASSESSMENT MODEL: OVERALL STRUCTURE

FI Score

FundingStructure &

Liquidity(35%)

AssetQuality(25%)

Efficiency(5%)

Profitability(12%)

CapitalAdequacy

(23%)

Liquid Assets to Total Assets 15%

(Market funds – Liquid Assets) / Total Assets 15%

Avg. Due to Customers to Avg. Total Funding 10%

Gross Loans to Total Deposits 15%

Liquid Banking Assets to Tangible Banking Assets 10%

Market Funds to Tangible Banking Assets 15%

Growth of Gross Loans 10%

Growth of Total Deposits 10%

ROAA 15%

ROE 20%

Net Income to Tangible Assets 25%

Net Interest Margin 20%

Net Income to Avg. Risk Weighted Assets (Basel III, II, I) 20%

Total Capital Ratio (Basel III, II, I) 20%

Tier 1 Ratio (Basel III, II, I) 20%

Shareholder’s Equity to Total Assets 15%

Tangible Common Equity to Risk Weighted Assets (Basel III, II, I) 45%

Problem Loans to Gross Loans 40%

Loan Loss Provisions to Gross Loans 20%

Derivatives to Total Assets 10%

Problem Loans to (Tangible Common Equity plusLoan Loss Reserve) 30%

Cost to Income 100%

20

RESULTS OF THE FINANCIAL INSTITUTIONS ASSESSMENT MODEL

OVERALL ASSESSMENT

21

The ITALIAN banking sector is scoring very low in most of the dimensions. Italian banks

are suffering from high levels of bad loans (about €360 billion) while the Italian government

approved €20 billion for the rescue of BMPS and other troubled lenders. With a weak

economic growth and profitability and the inability to generate capital, the Italian banking

sector will need restructuring plans and fresh capital, following the example of UniCredit.

The largest Italian bank raised €13billion achieving a record in capital increase after it had a

net loss of €11.8 billion in 2016 as a result of a major balance sheet clean-up while the

bank’s capital ratio fell temporarily below the regulatory requirements. According to this

model, Unione di Banche Italiane is the worse bank in the sample, in relative terms.

The ITALIAN banking sector is scoring very low in most of the dimensions. Italian banks

are suffering from high levels of bad loans (about €360 billion) while the Italian government

approved €20 billion for the rescue of BMPS and other troubled lenders. With a weak

economic growth and profitability and the inability to generate capital, the Italian banking

sector will need restructuring plans and fresh capital, following the example of UniCredit.

The largest Italian bank raised €13billion achieving a record in capital increase after it had a

net loss of €11.8 billion in 2016 as a result of a major balance sheet clean-up while the

bank’s capital ratio fell temporarily below the regulatory requirements. According to this

model, Unione di Banche Italiane is the worse bank in the sample, in relative terms.

SPANISH banks are scoring low but are in better condition

compared to Italian banks. Positive macroeconomic

conditions related to the Spanish economy and government

support helped banks recover from a severe crisis in 2012 but

the huge real estate exposure remains a problem. Spain’s

biggest bank, Banco Santander, has a significant presence in

the UK while BBVA, Spain’s second largest bank, has a strong

presence in Mexico. According to this model, BBVA is in

better shape compared to other Spanish banks while

CaixaBank and Banco Santander are scoring very low.

SPANISH banks are scoring low but are in better condition

compared to Italian banks. Positive macroeconomic

conditions related to the Spanish economy and government

support helped banks recover from a severe crisis in 2012 but

the huge real estate exposure remains a problem. Spain’s

biggest bank, Banco Santander, has a significant presence in

the UK while BBVA, Spain’s second largest bank, has a strong

presence in Mexico. According to this model, BBVA is in

better shape compared to other Spanish banks while

CaixaBank and Banco Santander are scoring very low.

Banco Comercial Portugues is the

only Portuguese bank in the sample

and remains consistently at the

bottom of our rankings.

Banco Comercial Portugues is the

only Portuguese bank in the sample

and remains consistently at the

bottom of our rankings.

The FRENCH banking sector is in

better condition than the

Eurozone’s periphery banking sector

although the latest data regarding

capital adequacy indicate a

deterioration.

The FRENCH banking sector is in

better condition than the

Eurozone’s periphery banking sector

although the latest data regarding

capital adequacy indicate a

deterioration.

Surprisingly, GERMAN banks are scoring higher

than most Eurozone banks, despite the fact that they

are facing earnings pressure due to lower interest

rates, which suppress their profitability ratios.

Deutsche Bank is preparing for a capital increase of

about €8 billion and a restructuring of its activities.

Surprisingly, GERMAN banks are scoring higher

than most Eurozone banks, despite the fact that they

are facing earnings pressure due to lower interest

rates, which suppress their profitability ratios.

Deutsche Bank is preparing for a capital increase of

about €8 billion and a restructuring of its activities.

UK banks are scoring in the middle of the sample with Lloyds

being in the top 5 banks, according to this model, while

Barclays remains below average. UK banks face a challenging

macro environment amid uncertainties about Brexit. It seems

that they are quite well capitalised but their profitability will

be under pressure in view of the anticipated weakening of

economic growth due to Brexit.

UK banks are scoring in the middle of the sample with Lloyds

being in the top 5 banks, according to this model, while

Barclays remains below average. UK banks face a challenging

macro environment amid uncertainties about Brexit. It seems

that they are quite well capitalised but their profitability will

be under pressure in view of the anticipated weakening of

economic growth due to Brexit.

US banks are

scoring higher than

most banks in the

sample as asset

quality metrics

remain solid.

US banks are

scoring higher than

most banks in the

sample as asset

quality metrics

remain solid.

EUROZONE BANKS ARE SCORING VERY LOW COMPARED TO EX-EUROZONE BANKS,

MAINLY DUE TO THEIR WORSE FUNDING STRUCTURE AND LIQUIDITY RATIO AS WELL AS DUE

TO THEIR LOWER CAPITAL ADEQUACY.

EUROZONE BANKS ARE SCORING VERY LOW COMPARED TO EX-EUROZONE BANKS,

MAINLY DUE TO THEIR WORSE FUNDING STRUCTURE AND LIQUIDITY RATIO AS WELL AS DUE

TO THEIR LOWER CAPITAL ADEQUACY.

FINAL RANKINGS – 2016 *

22Better position vs previous yearBetter position vs previous year Worse position vs previous yearWorse position vs previous year Unchanged position vs previous yearUnchanged position vs previous year

0

1

2

3

4

5

6

7

8

9

10

1.8 2.0 2.2 2.5 2.7 2.9 3.1 3.4 3.6 3.8 4.1 4.3 4.5 4.7 5.0 5.2 5.4 5.7 5.9 6.1 6.3 6.6

Freq

uenc

y

Score - Range

2016 Scores Distribution

Rank Name Country Score Rank Name Country Score1 ↑ State Street Bank and Trust Company US 6.59 37 ↑ Mitsubishi UFJ Financial Group, Inc. Japan 4.652 - Swedbank AB Class A Sweden 6.30 38 ↓ Westpac Banking Corporation Australia 4.653 ↑ Julius Baer Gruppe AG Switzerland 6.13 39 ↓ Commerzbank AG Germany 4.554 ↑ Lloyds Banking Group plc UK 5.98 40 ↓ Australia and New Zealand Banking Grp. Ltd. Australia 4.545 ↓ Morgan Stanley US 5.87 41 ↑ Bank of Montreal Canada 4.536 ↑ Skandinaviska Enskilda Banken AB Class A Sweden 5.82 42 ↓ DNB ASA Norway 4.527 ↓ UBS Group AG Switzerland 5.80 43 ↑ Goldman Sachs Group, Inc. (The) US 4.488 ↑ Citigroup Inc. US 5.73 44 ↑ Die Raiffeisen Bank International AG Austria 4.409 ↑ Bank of New York Mellon (The) US 5.69 45 ↑ Bank of Nova Scotia Canada 4.3810 ↑ JPMorgan Chase & Co. US 5.67 46 ↓ ING Groep NV Netherland 4.3811 ↑ Bank of America Corporation US 5.51 47 ↓ KeyCorp US 4.3412 ↑ United Overseas Bank Limited Singapore 5.40 48 ↑ Barclays PLC UK 4.3313 ↓ Komercni banka, a.s. Czech 5.40 49 ↓ Nordea Bank AB Sweden 4.2414 ↓ Wells Fargo & Company US 5.39 50 ↑ Banco Bilbao Vizcaya Argentaria, S.A. Spain 4.2115 ↑ Svenska Handelsbanken AB Class A Sweden 5.38 51 ↑ Standard Chartered PLC UK 4.1816 ↓ Sumitomo Mitsui Banking Corporation Japan 5.34 52 ↓ National Australia Bank Limited Australia 4.1517 ↑ Toronto-Dominion Bank (The) Canada 5.28 53 ↓ Deutsche Bank AG Germany 4.0718 ↑ CYBG Plc UK 5.22 54 ↓ SpareBank 1 SR-Bank ASA Norway 4.0719 ↑ Aktia Bank Finland 5.18 55 ↓ Aareal Bank AG Germany 3.9620 ↑ Commonwealth Bank of Australia Australia 5.17 56 ↓ National Bank of Canada Canada 3.9421 ↑ Erste Group Bank AG Austria 5.16 57 ↓ Credit Agricole SA France 3.9022 ↑ Sydbank A/S Denmark 5.12 58 ↑ Banco Popular Espanol SA Spain 3.8423 ↑ KBC Groupe SA Austria 4.99 59 ↑ BPER Banca S.p.A. Italy 3.7224 ↓ SunTrust Bank US 4.98 60 ↑ Bankia, S.A. Spain 3.6025 ↑ Sparebanken Sor Norway 4.93 61 ↑ BNP Paribas SA Class A France 3.5826 ↓ Bank of Ireland Ireland 4.93 62 ↓ Jyske Bank A/S Denmark 3.5727 ↑ Danske Bank A/S Denmark 4.93 63 ↓ Intesa Sanpaolo S.p.A. Italy 3.5028 ↓ HSBC Holdings plc UK 4.90 64 ↓ Bankinter SA Spain 3.4929 ↓ Royal Bank of Scotland Group plc UK 4.90 65 ↓ Banco de Sabadell SA Spain 3.3730 ↓ ABN AMRO Group N.V. Shs Depositary receiptsNetherland 4.90 66 ↓ NATIXIS France 3.2131 ↓ Chiba Bank, Ltd. (The) Japan 4.86 67 ↑ Societe Generale S.A. Class A France 3.1132 ↑ Mizuho Bank, Ltd. Japan 4.79 68 ↑ UniCredit S.p.A. Italy 3.0233 ↓ Bank of East Asia, Limited Hong Kong 4.78 69 ↓ Banco Santander S.A. Spain 2.9034 ↓ Credit Suisse Group AG Switzerland 4.74 70 ↓ Banco Comercial Portugues S.A. Portugal 2.8735 ↑ Canadian Imperial Bank of Commerce Canada 4.70 71 ↑ CaixaBank SA Spain 2.3936 ↓ Royal Bank of Canada Canada 4.66 72 ↓ Unione di Banche Italiane SpA Italy 1.83

* Latest available data* Latest available data

RANKINGS – 2016*: TOP & BOTTOM FIVE FI ACROSS DIMENSIONS

Better position vs previous yearBetter position vs previous year Worse position vs previous yearWorse position vs previous year Unchanged position vs previous yearUnchanged position vs previous year

Funding Structure & Liquidity

Asset Quality

Profitability

Efficiency

Capital Adequacy

23

Rank Name Country Score Rank Name Country Score1 ↑ State Street Bank and Trust Company US 7.41 68 ↓ Aareal Bank AG Germany 2.412 ↑ Bank of America Corporation US 7.16 69 ↓ National Australia Bank Limited Australia 2.353 - Julius Baer Gruppe AG Switzerland 7.05 70 ↓ SpareBank 1 SR-Bank ASA Norway 1.644 ↓ Mizuho Bank, Ltd. Japan 6.98 71 - Jyske Bank A/S Denmark 1.045 ↑ JPMorgan Chase & Co. US 6.78 72 ↓ Nordea Bank AB Sweden 0.75

Rank Name Country Score Rank Name Country Score1 ↑ State Street Bank and Trust Company US 7.70 68 ↑ Banco Popular Espanol SA Spain 1.782 ↑ Bank of New York Mellon (The) US 7.65 69 ↓ Banco Comercial Portugues S.A. Portugal 1.653 ↑ Skandinaviska Enskilda Banken AB Class A Sweden 7.43 70 ↓ Intesa Sanpaolo S.p.A. Italy 1.384 ↓ Swedbank AB Class A Sweden 7.30 71 ↓ BPER Banca S.p.A. Italy 1.205 ↓ Sumitomo Mitsui Banking Corporation Japan 7.15 72 ↓ Unione di Banche Italiane SpA Italy 0.65

Rank Name Country Score Rank Name Country Score1 ↑ CYBG Plc UK 8.65 68 ↓ Banco Comercial Portugues S.A. Portugal 1.462 ↑ Erste Group Bank AG Austria 7.76 69 ↑ Deutsche Bank AG Germany 1.203 ↑ Sydbank A/S Denmark 7.65 70 ↑ Standard Chartered PLC UK 1.054 ↓ KBC Groupe SA Austria 7.64 71 ↓ Credit Suisse Group AG Switzerland 0.905 ↑ Julius Baer Gruppe AG Switzerland 7.26 72 ↓ Unione di Banche Italiane SpA Italy 0.50

Rank Name Country Score Rank Name Country Score1 ↑ SpareBank 1 SR-Bank ASA Norway 8.75 68 ↑ Deutsche Bank AG Germany 1.002 ↑ Swedbank AB Class A Sweden 8.75 69 ↓ Commerzbank AG Germany 0.253 - National Australia Bank Limited Australia 8.50 70 ↓ Credit Suisse Group AG Switzerland 0.004 - DNB ASA Norway 8.50 71 ↓ Royal Bank of Scotland Group plc UK 0.005 ↑ Commonwealth Bank of Australia Australia 8.25 72 ↓ Unione di Banche Italiane SpA Italy 0.00

Rank Name Country Score Rank Name Country Score1 ↑ Aktia Bank Finland 8.36 68 ↓ CaixaBank SA Spain 1.442 - Royal Bank of Scotland Group plc UK 8.36 69 ↓ KeyCorp US 1.353 ↑ Nordea Bank AB Sweden 8.06 70 - Societe Generale S.A. Class A France 1.334 ↑ Svenska Handelsbanken AB Class A Sweden 7.91 71 ↓ Banco Comercial Portugues S.A. Portugal 1.295 ↓ Swedbank AB Class A Sweden 7.80 72 ↓ UniCredit S.p.A. Italy 1.25

* Latest available data* Latest available data

FINAL RANKINGS - 2015


0

2

4

6

8

10

12

1.6 1.8 2.0 2.2 2.5 2.7 2.9 3.1 3.4 3.6 3.8 4.0 4.3 4.5 4.7 4.9 5.2 5.4 5.6 5.8 6.1 6.3

Freq

uenc

y

Score - Range

2015 Scores Distribution

Rank Name Country Score Rank Name Country Score1 ↑ Morgan Stanley US 6.28 37 ↓ Commonwealth Bank of Australia Australia 4.732 ↑ Swedbank AB Class A Sweden 6.13 38 ↓ Danske Bank A/S Denmark 4.703 ↑ UBS Group AG Switzerland 6.12 39 ↓ Mitsubishi UFJ Financial Group, Inc. Japan 4.644 ↓ Julius Baer Gruppe AG Switzerland 5.96 40 ↓ Toronto-Dominion Bank (The) Canada 4.645 ↓ Komercni banka, a.s. Czech 5.76 41 ↑ ING Groep NV Netherland 4.636 ↑ State Street Bank and Trust Company US 5.75 42 ↓ SpareBank 1 SR-Bank ASA Norway 4.607 ↓ Sumitomo Mitsui Banking Corporation Japan 5.73 43 ↑ Erste Group Bank AG Austria 4.598 ↑ DNB ASA Norway 5.65 44 ↓ Bank of Montreal Canada 4.579 ↓ Wells Fargo & Company US 5.60 45 ↑ Canadian Imperial Bank of Commerce Canada 4.5410 ↓ Skandinaviska Enskilda Banken AB Class A Sweden 5.59 46 ↓ Deutsche Bank AG Germany 4.5011 ↑ JPMorgan Chase & Co. US 5.55 47 ↑ Credit Agricole SA France 4.4612 ↑ Royal Bank of Scotland Group plc UK 5.53 48 ↑ CYBG Plc UK 4.4513 ↑ Citigroup Inc. US 5.51 49 ↑ Barclays PLC UK 4.2014 ↓ Lloyds Banking Group plc UK 5.38 50 ↓ Goldman Sachs Group, Inc. (The) US 4.1615 ↑ Bank of Ireland Ireland 5.30 51 ↓ Aareal Bank AG Germany 4.1216 ↓ United Overseas Bank Limited Singapore 5.28 52 ↓ National Bank of Canada Canada 4.0917 ↓ Bank of East Asia, Limited Hong Kong 5.21 53 ↓ Bank of Nova Scotia Canada 4.0818 ↑ Nordea Bank AB Sweden 5.20 54 ↓ Standard Chartered PLC UK 4.0719 ↑ ABN AMRO Group N.V. Shs Depositary receiptsNetherland 5.16 55 - Banco Bilbao Vizcaya Argentaria, S.A. Spain 4.0220 ↑ Australia and New Zealand Banking Grp. Ltd. Australia 5.14 56 ↓ Sparebanken Sor Norway 4.0221 ↑ Commerzbank AG Germany 5.07 57 ↑ Bankinter SA Spain 3.9022 ↑ SunTrust Bank US 5.04 58 ↓ Jyske Bank A/S Denmark 3.8223 ↑ HSBC Holdings plc UK 5.04 59 ↑ Die Raiffeisen Bank International AG Austria 3.7424 ↓ Svenska Handelsbanken AB Class A Sweden 5.01 60 ↑ Banco Comercial Portugues S.A. Portugal 3.7025 ↑ Aktia Bank Finland 4.99 61 ↓ Intesa Sanpaolo S.p.A. Italy 3.6426 ↓ Chiba Bank, Ltd. (The) Japan 4.96 62 ↑ Banco de Sabadell SA Spain 3.5927 ↓ Bank of New York Mellon (The) US 4.96 63 ↓ Banco Santander S.A. Spain 3.5428 ↑ National Australia Bank Limited Australia 4.94 64 ↓ BNP Paribas SA Class A France 3.4429 ↓ Credit Suisse Group AG Switzerland 4.93 65 ↓ NATIXIS France 3.3730 ↓ KeyCorp US 4.92 66 ↓ Bankia, S.A. Spain 3.3731 ↑ Royal Bank of Canada Canada 4.88 67 - BPER Banca S.p.A. Italy 3.3032 ↓ Bank of America Corporation US 4.88 68 ↓ Societe Generale S.A. Class A France 3.1633 ↑ KBC Groupe SA Austria 4.84 69 ↓ UniCredit S.p.A. Italy 3.0734 ↑ Sydbank A/S Denmark 4.82 70 ↑ Banco Popular Espanol SA Spain 3.0535 ↓ Mizuho Bank, Ltd. Japan 4.82 71 ↓ Unione di Banche Italiane SpA Italy 3.0336 ↓ Westpac Banking Corporation Australia 4.82 72 ↓ CaixaBank SA Spain 2.69

2015: TOP & BOTTOM FIVE FI ACROSS DIMENSIONS



Asset Quality

Profitability

Efficiency

Capital Adequacy

25

Rank Name Country Score Rank Name Country Score1 ↑ Sumitomo Mitsui Banking Corporation Japan 7.28 68 ↓ Sparebanken Sor Norway 2.442 - Mizuho Bank, Ltd. Japan 6.86 69 ↓ Skandinaviska Enskilda Banken AB Class A Sweden 2.093 - Julius Baer Gruppe AG Switzerland 6.84 70 ↓ Danske Bank A/S Denmark 2.004 ↑ Wells Fargo & Company US 6.63 71 - Jyske Bank A/S Denmark 1.505 ↑ Bank of America Corporation US 6.44 72 ↓ Svenska Handelsbanken AB Class A Sweden 1.25

Rank Name Country Score Rank Name Country Score1 ↑ Swedbank AB Class A Sweden 7.55 68 ↓ CaixaBank SA Spain 1.682 ↑ Morgan Stanley US 7.35 69 ↓ Die Raiffeisen Bank International AG Austria 1.653 ↑ National Australia Bank Limited Australia 7.28 70 ↓ Unione di Banche Italiane SpA Italy 1.134 ↑ Sumitomo Mitsui Banking Corporation Japan 7.15 71 ↓ BPER Banca S.p.A. Italy 0.985 ↑ Westpac Banking Corporation Australia 7.15 72 ↓ Banco Popular Espanol SA Spain 0.80

Rank Name Country Score Rank Name Country Score1 ↑ KBC Groupe SA Austria 8.30 68 ↓ Societe Generale S.A. Class A France 1.562 - Commonwealth Bank of Australia Australia 7.85 69 ↓ Credit Suisse Group AG Switzerland 1.453 ↑ DNB ASA Norway 7.34 70 ↓ Royal Bank of Scotland Group plc UK 1.284 ↑ Westpac Banking Corporation Australia 7.26 71 ↓ Deutsche Bank AG Germany 1.155 ↑ SunTrust Bank US 7.05 72 ↓ Standard Chartered PLC UK 0.80

Rank Name Country Score Rank Name Country Score1 ↑ Banco Comercial Portugues S.A. Portugal 9.00 68 ↓ Credit Suisse Group AG Switzerland 0.002 ↓ Bankia, S.A. Spain 9.00 69 ↑ Royal Bank of Scotland Group plc UK 0.003 ↑ National Australia Bank Limited Australia 8.75 70 ↓ Lloyds Banking Group plc UK 0.004 ↓ DNB ASA Norway 8.75 71 ↓ Barclays PLC UK 0.005 ↑ Swedbank AB Class A Sweden 8.75 72 ↓ Deutsche Bank AG Germany 0.00

Rank Name Country Score Rank Name Country Score1 - Skandinaviska Enskilda Banken AB Class A Sweden 8.51 68 ↓ Toronto-Dominion Bank (The) Canada 1.762 ↑ Royal Bank of Scotland Group plc UK 8.44 69 ↓ UniCredit S.p.A. Italy 1.583 ↑ Aktia Bank Finland 8.29 70 ↓ Societe Generale S.A. Class A France 1.534 ↓ Swedbank AB Class A Sweden 8.10 71 ↓ Banco Bilbao Vizcaya Argentaria, S.A. Spain 1.405 ↑ UBS Group AG Switzerland 8.08 72 ↓ Banco de Sabadell SA Spain 1.05



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Rank Name Country Score Rank Name Country Score1 ↑ Julius Baer Gruppe AG Switzerland 6.39 37 ↑ Sparebanken Sor Norway 4.692 ↑ Komercni banka, a.s. Czech 6.34 38 ↑ Sydbank A/S Denmark 4.693 ↓ Sumitomo Mitsui Banking Corporation Japan 6.23 39 ↑ Aktia Bank Finland 4.644 ↑ Swedbank AB Class A Sweden 6.11 40 ↑ KBC Groupe SA Austria 4.535 ↑ United Overseas Bank Limited Singapore 6.11 41 ↓ Bank of Montreal Canada 4.536 ↑ Skandinaviska Enskilda Banken AB Class A Sweden 6.09 42 ↓ Standard Chartered PLC UK 4.517 ↓ Wells Fargo & Company US 6.08 43 ↑ Royal Bank of Scotland Group plc UK 4.508 ↑ Lloyds Banking Group plc UK 6.00 44 ↓ Bank of Nova Scotia Canada 4.479 ↑ Credit Suisse Group AG Switzerland 5.85 45 ↓ Citigroup Inc. US 4.4510 ↓ Bank of East Asia, Limited Hong Kong 5.72 46 ↑ ING Groep NV Netherland 4.4211 ↑ Svenska Handelsbanken AB Class A Sweden 5.70 47 ↑ ABN AMRO Group N.V. Shs Depositary receiptsNetherland 4.3412 ↓ Bank of New York Mellon (The) US 5.63 48 ↓ National Australia Bank Limited Australia 4.3113 ↑ Chiba Bank, Ltd. (The) Japan 5.62 49 ↓ National Bank of Canada Canada 4.2714 ↑ UBS Group AG Switzerland 5.60 50 ↓ Jyske Bank A/S Denmark 4.2515 - KeyCorp US 5.56 51 ↓ Credit Agricole SA France 4.2316 ↓ Mitsubishi UFJ Financial Group, Inc. Japan 5.47 52 ↑ Barclays PLC UK 4.1217 - Morgan Stanley US 5.44 53 ↓ Commerzbank AG Germany 4.0618 ↑ DNB ASA Norway 5.39 54 ↓ Canadian Imperial Bank of Commerce Canada 4.0319 ↓ Mizuho Bank, Ltd. Japan 5.35 55 ↑ Banco Bilbao Vizcaya Argentaria, S.A. Spain 4.0120 - JPMorgan Chase & Co. US 5.25 56 ↓ NATIXIS France 3.7321 ↑ SpareBank 1 SR-Bank ASA Norway 5.15 57 ↑ Intesa Sanpaolo S.p.A. Italy 3.4122 ↑ Nordea Bank AB Sweden 5.12 58 ↓ Erste Group Bank AG Austria 3.3623 ↑ Deutsche Bank AG Germany 5.12 59 ↑ UniCredit S.p.A. Italy 3.2624 ↑ Australia and New Zealand Banking Grp. Ltd. Australia 5.11 60 ↓ Bankinter SA Spain 3.2525 ↑ HSBC Holdings plc UK 5.09 61 ↓ Unione di Banche Italiane SpA Italy 3.2026 ↑ Bank of Ireland Ireland 5.00 62 ↑ Banco Santander S.A. Spain 3.1827 ↑ Bank of America Corporation US 4.98 63 ↓ BNP Paribas SA Class A France 3.1028 ↑ Westpac Banking Corporation Australia 4.94 64 ↑ Bankia, S.A. Spain 3.0629 ↑ Commonwealth Bank of Australia Australia 4.93 65 ↑ Banco de Sabadell SA Spain 2.9430 ↑ SunTrust Bank US 4.87 66 ↓ Societe Generale S.A. Class A France 2.9131 ↓ Aareal Bank AG Germany 4.85 67 ↓ BPER Banca S.p.A. Italy 2.8632 ↓ State Street Bank and Trust Company US 4.84 68 ↑ Banco Comercial Portugues S.A. Portugal 2.7633 ↓ Royal Bank of Canada Canada 4.83 69 ↓ Die Raiffeisen Bank International AG Austria 2.6934 ↑ Toronto-Dominion Bank (The) Canada 4.78 70 ↓ CaixaBank SA Spain 2.2635 ↑ Danske Bank A/S Denmark 4.75 71 ↓ Banco Popular Espanol SA Spain 2.1036 ↓ Goldman Sachs Group, Inc. (The) US 4.74




Asset Quality

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Efficiency

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Rank Name Country Score Rank Name Country Score1 ↑ State Street Bank and Trust Company US 7.95 67 ↑ SpareBank 1 SR-Bank ASA Norway 2.562 ↓ Mizuho Bank, Ltd. Japan 7.51 68 ↓ Bankinter SA Spain 2.343 ↑ Julius Baer Gruppe AG Switzerland 7.26 69 ↓ CaixaBank SA Spain 2.284 ↑ Sumitomo Mitsui Banking Corporation Japan 7.05 70 ↓ Aktia Bank Finland 2.195 ↓ Bank of New York Mellon (The) US 6.90 71 ↓ Jyske Bank A/S Denmark 2.11

Rank Name Country Score Rank Name Country Score1 - Bank of New York Mellon (The) US 7.90 67 ↑ CaixaBank SA Spain 1.102 - Swedbank AB Class A Sweden 7.80 68 ↓ Intesa Sanpaolo S.p.A. Italy 1.033 ↑ Morgan Stanley US 7.48 69 ↓ Banco Comercial Portugues S.A. Portugal 0.854 ↑ Credit Suisse Group AG Switzerland 7.38 70 ↓ BPER Banca S.p.A. Italy 0.835 ↑ KeyCorp US 7.35 71 ↓ Banco Popular Espanol SA Spain 0.58

Rank Name Country Score Rank Name Country Score1 ↑ Bank of Ireland Ireland 8.40 67 ↓ CaixaBank SA Spain 1.652 ↑ Commonwealth Bank of Australia Australia 8.20 68 ↓ BNP Paribas SA Class A France 1.413 ↓ Wells Fargo & Company US 7.80 69 ↓ Unione di Banche Italiane SpA Italy 1.304 ↑ Lloyds Banking Group plc UK 7.30 70 ↓ Erste Group Bank AG Austria 1.255 ↓ Royal Bank of Canada Canada 7.24 71 ↓ Banco Popular Espanol SA Spain 0.95

Rank Name Country Score Rank Name Country Score1 ↑ Bankia, S.A. Spain 9.00 67 ↑ Deutsche Bank AG Germany 0.252 ↑ Banco de Sabadell SA Spain 9.00 68 ↓ Morgan Stanley US 0.003 ↑ DNB ASA Norway 8.75 69 - Bank of America Corporation US 0.004 ↓ Commonwealth Bank of Australia Australia 8.50 70 - Royal Bank of Scotland Group plc UK 0.005 ↓ Westpac Banking Corporation Australia 8.25 71 ↓ BNP Paribas SA Class A France 0.00

Rank Name Country Score Rank Name Country Score1 ↑ Skandinaviska Enskilda Banken AB Class A Sweden 8.36 67 ↑ Toronto-Dominion Bank (The) Canada 1.762 ↑ Lloyds Banking Group plc UK 8.06 68 ↑ Banco de Sabadell SA Spain 1.593 ↓ Swedbank AB Class A Sweden 7.95 69 ↓ Societe Generale S.A. Class A France 1.284 ↑ Nordea Bank AB Sweden 7.91 70 - Banco Comercial Portugues S.A. Portugal 1.145 ↓ Svenska Handelsbanken AB Class A Sweden 7.76 71 ↓ Banco Santander S.A. Spain 1.08



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Rank Name Country Score Rank Name Country Score1 ↑ State Street Bank and Trust Company US 6.60 37 ↓ SunTrust Bank US 4.582 ↑ Sumitomo Mitsui Banking Corporation Japan 6.47 38 ↓ Commonwealth Bank of Australia Australia 4.583 ↑ Bank of New York Mellon (The) US 6.38 39 ↓ Sparebanken Sor Norway 4.514 ↑ Bank of East Asia, Limited Hong Kong 6.37 40 ↓ Toronto-Dominion Bank (The) Canada 4.275 ↓ Julius Baer Gruppe AG Switzerland 6.28 41 ↑ National Australia Bank Limited Australia 4.246 ↑ Wells Fargo & Company US 6.25 42 ↑ Aktia Bank Finland 4.227 ↓ United Overseas Bank Limited Singapore 6.24 43 ↑ Lloyds Banking Group plc UK 4.198 ↑ Komercni banka, a.s. Czech 6.13 44 ↑ Erste Group Bank AG Austria 4.119 ↑ Mizuho Bank, Ltd. Japan 6.08 45 ↓ Nordea Bank AB Sweden 4.0810 ↑ Credit Suisse Group AG Switzerland 6.00 46 ↓ Sydbank A/S Denmark 4.0311 ↑ Swedbank AB Class A Sweden 5.98 47 ↓ KBC Groupe SA Austria 4.0212 ↑ Svenska Handelsbanken AB Class A Sweden 5.92 48 ↓ ABN AMRO Group N.V. Shs Depositary receiptsNetherland 3.9913 ↓ Citigroup Inc. US 5.89 49 ↓ ING Groep NV Netherland 3.9614 ↓ Mitsubishi UFJ Financial Group, Inc. Japan 5.86 50 ↑ Credit Agricole SA France 3.8215 ↓ KeyCorp US 5.81 51 ↑ Unione di Banche Italiane SpA Italy 3.7416 ↑ Skandinaviska Enskilda Banken AB Class A Sweden 5.76 52 ↓ BNP Paribas SA Class A France 3.7317 ↓ Morgan Stanley US 5.73 53 ↓ Deutsche Bank AG Germany 3.6718 ↑ Bank of Montreal Canada 5.66 54 ↑ NATIXIS France 3.6619 ↓ Standard Chartered PLC UK 5.66 55 ↓ Danske Bank A/S Denmark 3.6420 ↓ JPMorgan Chase & Co. US 5.52 56 ↓ Barclays PLC UK 3.5921 ↓ Royal Bank of Canada Canada 5.52 57 ↑ Bankinter SA Spain 3.4022 ↓ Chiba Bank, Ltd. (The) Japan 5.50 58 ↑ Intesa Sanpaolo S.p.A. Italy 3.3523 ↓ Goldman Sachs Group, Inc. (The) US 5.37 59 ↑ Die Raiffeisen Bank International AG Austria 3.1424 ↓ Aareal Bank AG Germany 5.30 60 ↓ Banco Bilbao Vizcaya Argentaria, S.A. Spain 3.1125 ↑ Canadian Imperial Bank of Commerce Canada 5.28 61 ↓ Societe Generale S.A. Class A France 3.0926 ↓ HSBC Holdings plc UK 5.25 62 ↑ BPER Banca S.p.A. Italy 3.0327 ↑ Jyske Bank A/S Denmark 5.20 63 ↓ Royal Bank of Scotland Group plc UK 2.9428 ↑ National Bank of Canada Canada 5.16 64 ↓ UniCredit S.p.A. Italy 2.9229 ↑ UBS Group AG Switzerland 5.08 65 ↓ Banco Santander S.A. Spain 2.9130 ↑ Australia and New Zealand Banking Grp. Ltd. Australia 5.05 66 ↓ Banco de Sabadell SA Spain 2.6231 ↑ Bank of America Corporation US 5.02 67 ↓ Bank of Ireland Ireland 2.6132 ↑ DNB ASA Norway 5.00 68 ↑ Banco Popular Espanol SA Spain 2.1533 ↓ SpareBank 1 SR-Bank ASA Norway 4.99 69 ↓ CaixaBank SA Spain 2.1534 ↑ Westpac Banking Corporation Australia 4.92 70 - Bankia, S.A. Spain 2.0935 ↑ Commerzbank AG Germany 4.74 71 ↓ Banco Comercial Portugues S.A. Portugal 1.9536 ↓ Bank of Nova Scotia Canada 4.63




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Efficiency

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Rank Name Country Score Rank Name Country Score1 ↑ Mizuho Bank, Ltd. Japan 7.80 67 ↓ Skandinaviska Enskilda Banken AB Class A Sweden 2.452 ↓ State Street Bank and Trust Company US 7.71 68 ↑ Aktia Bank Finland 2.313 ↓ Bank of New York Mellon (The) US 7.48 69 ↓ Bankia, S.A. Spain 2.314 ↓ Julius Baer Gruppe AG Switzerland 7.41 70 ↓ Sparebanken Sor Norway 2.185 ↓ Sumitomo Mitsui Banking Corporation Japan 7.05 71 ↓ SpareBank 1 SR-Bank ASA Norway 1.89

Rank Name Country Score Rank Name Country Score1 ↑ Bank of New York Mellon (The) US 8.00 67 ↓ BPER Banca S.p.A. Italy 1.182 ↑ Swedbank AB Class A Sweden 7.90 68 ↓ Banco Comercial Portugues S.A. Portugal 1.133 ↑ Skandinaviska Enskilda Banken AB Class A Sweden 7.78 69 ↓ CaixaBank SA Spain 0.884 ↓ Bank of East Asia, Limited Hong Kong 7.63 70 ↓ Banco Popular Espanol SA Spain 0.855 ↑ Credit Suisse Group AG Switzerland 7.63 71 ↓ Banco de Sabadell SA Spain 0.43

Rank Name Country Score Rank Name Country Score1 ↑ Wells Fargo & Company US 8.15 67 ↓ Intesa Sanpaolo S.p.A. Italy 0.852 ↑ Royal Bank of Canada Canada 8.05 68 ↓ Banco Popular Espanol SA Spain 0.753 ↓ Commonwealth Bank of Australia Australia 7.80 69 ↓ UniCredit S.p.A. Italy 0.654 ↓ Canadian Imperial Bank of Commerce Canada 7.69 70 - Banco Comercial Portugues S.A. Portugal 0.455 ↑ SpareBank 1 SR-Bank ASA Norway 7.44 71 ↓ Royal Bank of Scotland Group plc UK 0.45

Rank Name Country Score Rank Name Country Score1 - Swedbank AB Class A Sweden 9.00 67 ↓ Lloyds Banking Group plc UK 0.752 ↑ National Australia Bank Limited Australia 8.75 68 ↓ Julius Baer Gruppe AG Switzerland 0.253 ↓ Commonwealth Bank of Australia Australia 8.50 69 ↓ Bank of America Corporation US 0.004 ↑ Westpac Banking Corporation Australia 8.25 70 ↓ Royal Bank of Scotland Group plc UK 0.005 ↑ Australia and New Zealand Banking Grp. Ltd. Australia 8.25 71 ↓ Deutsche Bank AG Germany 0.00

Rank Name Country Score Rank Name Country Score1 ↑ Swedbank AB Class A Sweden 8.31 67 ↓ Bank of Ireland Ireland 1.562 ↑ Aareal Bank AG Germany 8.18 68 ↑ Bankia, S.A. Spain 1.433 ↑ Skandinaviska Enskilda Banken AB Class A Sweden 7.95 69 - Banco de Sabadell SA Spain 1.284 ↑ Svenska Handelsbanken AB Class A Sweden 7.71 70 ↓ Banco Comercial Portugues S.A. Portugal 1.005 ↑ Credit Suisse Group AG Switzerland 7.60 71 ↓ Toronto-Dominion Bank (The) Canada 0.00


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Rank Name Country Score Rank Name Country Score1 Julius Baer Gruppe AG Switzerland 7.34 36 DNB ASA Norway 4.682 State Street Bank and Trust Company US 7.22 37 Deutsche Bank AG Germany 4.563 United Overseas Bank Limited Singapore 6.83 38 Nordea Bank AB Sweden 4.544 Bank of New York Mellon (The) US 6.80 39 BNP Paribas SA Class A France 4.515 Standard Chartered PLC UK 6.67 40 Jyske Bank A/S Denmark 4.476 Bank of East Asia, Limited Hong Kong 6.59 41 ABN AMRO Group N.V. Shs Depositary receiptsNetherland 4.377 Goldman Sachs Group, Inc. (The) US 6.55 42 Sydbank A/S Denmark 4.378 KeyCorp US 6.39 43 Commerzbank AG Germany 4.369 Sumitomo Mitsui Banking Corporation Japan 6.21 44 Aktia Bank Finland 4.2810 Mitsubishi UFJ Financial Group, Inc. Japan 6.15 45 KBC Groupe SA Austria 4.1911 Morgan Stanley US 6.13 46 ING Groep NV Netherland 4.1212 Citigroup Inc. US 6.10 47 Danske Bank A/S Denmark 4.0613 JPMorgan Chase & Co. US 6.01 48 Societe Generale S.A. Class A France 4.0614 Komercni banka, a.s. Czech 5.99 49 Erste Group Bank AG Austria 3.9615 Bank of Nova Scotia Canada 5.89 50 Barclays PLC UK 3.9516 Wells Fargo & Company US 5.89 51 Westpac Banking Corporation Australia 3.9417 Toronto-Dominion Bank (The) Canada 5.84 52 National Australia Bank Limited Australia 3.9118 Royal Bank of Canada Canada 5.79 53 Lloyds Banking Group plc UK 3.8219 Chiba Bank, Ltd. (The) Japan 5.67 54 Royal Bank of Scotland Group plc UK 3.6620 Swedbank AB Class A Sweden 5.65 55 NATIXIS France 3.5821 Aareal Bank AG Germany 5.65 56 Credit Agricole SA France 3.5322 Svenska Handelsbanken AB Class A Sweden 5.54 57 Unione di Banche Italiane SpA Italy 3.3423 Credit Suisse Group AG Switzerland 5.46 58 Banco Bilbao Vizcaya Argentaria, S.A. Spain 3.1324 HSBC Holdings plc UK 5.44 59 Banco Santander S.A. Spain 3.1025 Bank of Montreal Canada 5.39 60 Die Raiffeisen Bank International AG Austria 3.0326 Sparebanken Sor Norway 5.38 61 Intesa Sanpaolo S.p.A. Italy 2.9827 SunTrust Bank US 5.30 62 Bank of Ireland Ireland 2.9328 Mizuho Bank, Ltd. Japan 5.08 63 UniCredit S.p.A. Italy 2.7929 National Bank of Canada Canada 5.06 64 Bankinter SA Spain 2.7730 SpareBank 1 SR-Bank ASA Norway 5.02 65 Banco de Sabadell SA Spain 2.4831 Commonwealth Bank of Australia Australia 5.01 66 CaixaBank SA Spain 2.1832 Bank of America Corporation US 4.99 67 BPER Banca S.p.A. Italy 2.0633 Australia and New Zealand Banking Grp. Ltd. Australia 4.95 68 Banco Comercial Portugues S.A. Portugal 2.0034 Canadian Imperial Bank of Commerce Canada 4.85 69 Banco Popular Espanol SA Spain 1.8635 Skandinaviska Enskilda Banken AB Class A Sweden 4.72 70 Bankia, S.A. Spain 1.36



Asset Quality

Profitability

Efficiency

Capital Adequacy

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Rank Name Country Score Rank Name Country Score1 State Street Bank and Trust Company US 8.10 66 Bankinter SA Spain 2.182 Bank of New York Mellon (The) US 8.03 67 Bankia, S.A. Spain 2.183 Julius Baer Gruppe AG Switzerland 7.55 68 Swedbank AB Class A Sweden 1.864 Sumitomo Mitsui Banking Corporation Japan 7.49 69 Svenska Handelsbanken AB Class A Sweden 1.685 Mitsubishi UFJ Financial Group, Inc. Japan 7.43 70 Aktia Bank Finland 1.21

Rank Name Country Score Rank Name Country Score1 Bank of East Asia, Limited Hong Kong 8.55 66 BPER Banca S.p.A. Italy 1.052 Julius Baer Gruppe AG Switzerland 8.48 67 Banco Comercial Portugues S.A. Portugal 0.883 Bank of New York Mellon (The) US 8.18 68 UniCredit S.p.A. Italy 0.834 Sparebanken Sor Norway 7.95 69 Bankia, S.A. Spain 0.835 Svenska Handelsbanken AB Class A Sweden 7.85 70 Banco de Sabadell SA Spain 0.80

Rank Name Country Score Rank Name Country Score1 Canadian Imperial Bank of Commerce Canada 8.24 66 Credit Agricole SA France 1.232 Commonwealth Bank of Australia Australia 8.09 67 Banco Popular Espanol SA Spain 1.103 Wells Fargo & Company US 7.90 68 Lloyds Banking Group plc UK 1.004 Komercni banka, a.s. Czech 7.90 69 Bankia, S.A. Spain 0.755 Royal Bank of Canada Canada 7.80 70 Banco Comercial Portugues S.A. Portugal 0.30

Rank Name Country Score Rank Name Country Score1 Swedbank AB Class A Sweden 9.00 66 Julius Baer Gruppe AG Switzerland 0.252 Commonwealth Bank of Australia Australia 8.75 67 Royal Bank of Scotland Group plc UK 0.253 Sparebanken Sor Norway 8.50 68 Bank of America Corporation US 0.004 Mizuho Bank, Ltd. Japan 8.25 69 Bank of Ireland Ireland 0.005 Komercni banka, a.s. Czech 8.25 70 Deutsche Bank AG Germany 0.00

Rank Name Country Score Rank Name Country Score1 Morgan Stanley US 8.44 66 CaixaBank SA Spain 1.342 Swedbank AB Class A Sweden 8.39 67 Banco Comercial Portugues S.A. Portugal 1.153 Julius Baer Gruppe AG Switzerland 8.18 68 Banco Popular Espanol SA Spain 1.044 Jyske Bank A/S Denmark 7.94 69 Banco de Sabadell SA Spain 0.585 Svenska Handelsbanken AB Class A Sweden 7.88 70 Bankia, S.A. Spain 0.00

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PIRAEUS BANK FINANCIAL INSTITUTIONS ASSESSMENT MODEL: 2016 RANKINGS

Economy & Finance

Transcript of PIRAEUS BANK FINANCIAL INSTITUTIONS ASSESSMENT MODEL: 2016 RANKINGS