STRUCTURED PRODUCTS | EUROPE Investment Banking Report · STRUCTURED PRODUCTS | EUROPE Investment Banking Report 2012 C M Y CM MY CY CMY K SRP_2012EIBR_Cover.pdf 1 21/08/2012 15:50

www.StructuredRetailProducts.com/Research

STRUCTURED PRODUCTS | EUROPE

Investment Banking Report

2012

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SRP_2012EIBR_Cover.pdf 1 21/08/2012 15:50

Investment Banking ReportS t r u c t u r e d P r o d u c t S | e u r o P e

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T h i s s a m p l e d o c u m e n T c o n T a i n s o n ly f i c T i o n a l n a m e s a n d d aT a a n d i s n o T i n T e n d e d T o b e r e l i e d u p o n f o r a n y p u r p o s e

introduction

© S r P 2012 S t r u c t u r e d P r o d u c t S | e u r o P e | I N V e S t M e N t B A N K I N G r e P o r t 3

Structured retail Products Ltd (SrP), part of the euromoney group, is a research firm based in London, New York and Hong Kong. Structured retail Products Ltd provides intelligence for the global structured products industry. clients include hundreds of blue chip companies from around the world, including all of the major global financial services groups, financial regulators, stock exchanges, index providers and professional services firms.

SrP also owns and maintains the specialist industry website structured retailproducts.com. Launched in January 2003, www.StructuredretailProducts.com is the world’s most comprehensive database of structured products and leading source of online specialist intelligence for the industry. With over 4,100 registered users and more than 4.3 million product listings, www.StructuredretailProducts.com is the key information portal for a wide range of businesses involved in the manufacture and distribution of structured investment products. the service is used by financial regulators, index providers, investment banks, stock exchanges, retail banks, insurance companies, asset and wealth managers, consultants, lawyers and other firms involved in the market.

c o p y r i G h T i n f o r m aT i o n

this report is copyright © 2012 Structured retail Products Limited. All rights reserved. reproduction and distribution of this report in any form without prior written permission is strictly prohibited.

F u r t H e r M o r e

• It may not be sold for commercial gain, either in part or in its entirety.

• It may not be photocopied or printed for multiple use, either in part or in its entirety, with the exception of within the organisation for which it was purchased.

• It may not be distributed electronically, either in part or in its entirety, or otherwise in a manner other than that described above.

i n d e m n i T y

the information contained herein has been obtained from sources believed to be reliable. SrP disclaims all warranties as to the accuracy, completeness or adequacy of such information. use of this report is at your sole risk and SrP accepts no responsibility for any problems or incidents arising from its use.

a c K n o W l e d G e m e n T s

this report would not have been possible without the support of the structured products fraternity across europe. SrP would like to thank the participants in the SrP survey of May/June 2012, whose data underpins this report and those respondents and bank executives who made themselves available for interview during July/August 2012.

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contents


i n T r o d u c T i o n

Scope 5

Methodology 8

Management Summary 13

european overview 21

determinants of Success 28

b a n K a n a ly s i s

Bank XYZ 29

Bank of America Merrill Lynch 35

Barclays 38

BBVA 4 4

BNP Paribas 4 8

citigroup Global Markets 55

commerzbank 6 0

crédit Agricole 65

credit Suisse 6 8

deutsche Bank 73

Goldman Sachs 77

HSBc 81

ING 85

JPMorgan 89

Morgan Stanley 93

Natixis 97

Nomura 101

rBS 105

Santander 10 9

Société Générale 113

uBS 119

unicredit 123

a p p e n d i c e s

Appendix 1 127

Appendix 2 130

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scope


this report is concerned with the manufacture of structured investment products by investment banks in europe and, in particular, with an appraisal of those banks’ services by their distributor clients. this report includes unattributed comments, insights and opinions about those banks who manufacture structured products for retail, private banking and institutional clients. this is the first time that we have included the private banking and institutional client segments along with the retail client channel for the purposes of this report.

this report is based on both quantitative and qualitative analysis. StructuredretailProducts.com (SrP) surveyed over 1,000 structured products distributors across europe, during May and June 2012, collecting data on structured product manufacturers from the point of view of their distributor clients. the results of the survey form the basis of this report.

Further qualitative analysis was conducted in July and August 2012 based upon both telephone and e-mail interviews with distributors across europe who had participated in the survey.

this report also includes information relating to the size, organization and structured products business model for each of the 21 investment banks being profiled here. Where this information was not readily provided by the investment banks, reliable sources of information were used to build each profile, including SrP data. details for both the quantitative and qualitative analyses are available within the Methodology section of this report.

h o W W e d e f i n e “ s T r u c T u r e d p r o d u c T s ”

this report provides detailed information on structured products markets across europe. Although the term “structured product” is widely used in the financial community, the term often means different things to different people.

F o r t H e P u r P o S e S o F t H I S r e P o r t, W e d e F I N e A S t r u c t u r e d P r o d u c t A S F o L Lo W S :

• A structured product is an investment product providing a predefined return, that is linked to the price of one or more underlying asset.

• these are usually the financial prices of stocks, commodities, currencies

• (foreign exchange) or baskets and indices of such,

• interest rates, as well as hybrid products which use a combination of underlyings.

• In rare cases, underlyings can be sporting or other events.

each structured product can usually be broken down into a number of separate financial instruments, one of which is usually a derivative product. Where a derivative is not used, the product will use a derivative-based investment strategy or computation to provide the return. Although for the purposes of our databases we exclude simple warrants, listed options and futures, and delta one products -- such as tracker funds, exchanged-traded funds and exchange-traded notes -- references to these products may be made, where relevant.

This is the first time that we have included

the private banking and institutional client segments

along with the retail client channel for the

purposes of this report

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s co p e


SrP’s databases details more than 4.3 million retail structured products issued within 19 european countries since 1991. the countries covered are: Austria, Belgium, the czech republic, denmark, Finland, France, Germany, Hungary, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland and the united Kingdom.

t H I S r e P o r t P r o V I d e S t H e F o L Lo W I N G I N F o r M At I o N :

• A Management Summary section to bring together the report’s findings

• An overview of europe’s structured products markets with updated sales and issuance figures for 2012 Ytd

• A section explaining the key determinants of success: qualitative factors that are also used within the survey to score the manufacturers

S e PA r At e c H A P t e r S o N e Ac H B A N K co N tA I N t H e F o L Lo W I N G I N F o r M At I o N :

• Market share of bank’s hedging business by country

• Key people and size of teams

• charts and analysis of how the bank scores against the industry average from the distributor perspective for the following qualitative factors:

– Price competitiveness – understanding clients needs – Innovation and structuring capabilities – After sales support

• Asset class breakdown of bank scores, against the industry average, for Price competitiveness and Innovation and Structuring capability for the following asset classes:

– equity, commodity, Interest rate, currency and Hybrids

• country level breakdown of how the bank scores against the industry average for Price competitiveness

• country level breakdown of how the bank scores against the industry average for Innovation and Structuring capability

• Summary of Manufacturing Awards won by the bank in the Structured retail Products Awards 2012, presented at the 2nd Annual european Structured retail Products conference in Amsterdam on the 12th September 2012.

F u r t H e r M o r e , t H e A P P e N d I c e S P r o V I d e t H e :

• universe of companies from which survey responses and interviews were derived

• Number of survey respondents per county

• Market shares held by various investment banks within each country

An explanation of how the market shares, distributor scores and the Manufacturing Awards were calculated is given in the Methodology section.

4.3m SRP’s databases

details more than 4.3 million retail

structured products issued within 19

European countries since 1991

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s co p e


t H e I N t e N d e d Au d I e N c e F o r t H I S r e P o r t I N c Lu d e S :

• Heads of investment banking structured products businesses.

• Senior managers within the structured products business.

• Sales people within investment banks.

• Product developers, structurers, traders and other technical staff within investment banks.

• compliance and legal staff within investment banks.

• retail distributors of structured products, private bankers, wealth managers and buyers of options and hedges.

• Marketing department staffs for both product providers and distributors.

• consultants.

• regulators.

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methodology


this report is based upon independent quantitative and qualitative analysis of data obtained through an online european survey conducted by StructuredretailProducts.com (SrP), and backed by analysis of both the SrP news database, containing over 13,000 articles, and by the SrP product databases, containing over 4.3 million products.

d e s c r i p T i o n o f T h e s u r v e y

during May and June 2012, SrP surveyed european structured products distributors, receiving over 1,000 responses. Since the survey does not reach every market participant, it is not intended to be a reflection of entire european structured retail product activity. However, given the geographical spread and participant types that survey respondents represent, SrP believes the survey provides an accurate assessment for trends in the major areas of activity polled and accurately discerns the relative performance of the investment banks.

t H e S u r V e Y WA S co M P o S e d o F t W o PA r t S :

pa r T 1 Q u a n T i TaT i v e

each respondent was asked to provide total annual sales volume for their structured products business or hedging business for which they work with european investment banks. this was requested by asset class, for the following asset classes: equities, commodities, hybrids, interest rates and foreign exchange.

respondents then split that volume in terms of percentage between up to five different investment banks.

pa r T 2 Q u a l i TaT i v e

this section of the survey focused on qualitative scorings of investment banks for various aspects of their services which we identify as key determinants of success, and discuss in that section, namely:

• price competitiveness• understanding client needs• innovation and structuring capability • after-sales support

respondents were asked to score each of the investment banks they cited within each asset class in terms of these factors. Possible scores were 1 = “Below Average”, 2 = “Average”, and 3 = “Above Average”.

pa r T 3 d aTa va l i d aT i o n

the survey answers were further processed to include only respondents known to SrP as being structured products distributors in europe. the following restrictions and definitions also applied:

• responses that did not include a total annual sales volume for the respondent organisation would not count towards the quantitative rankings in the survey.

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m e T h o d o lo G y


Where we have been able to do so, we have provided volume figures from SrP’s database.

• Any substantial differences between SrP data and respondent volumes have been investigated by SrP’s analysts. using the cross-referenced SrP database provides a more accurate picture of the size of each distributor and the investment banks’ market share.

• responses for which the respondent has provided a volume figure and which identifies investment banks but without allocating business proportionately have had the volume equally split between the named banks.

• captive votes (both qualitative and quantitative) and those representing internal transaction flows have been excluded from the results. this includes votes cast by distributors that are part of banking groups which use their parent group for 100% of their activity and internal structuring desks.

• When a respondent’s volume duplicates that of a colleague’s from the same institution we discard this volume figure for the quantitative analysis.

A d d I t I o N A L LY, V ot e S H AV e N ot B e e N I N c Lu d e d I N t H e S u r V e Y W H e r e :

• Providers voted for themselves.

• the respondents did not confirm their identity.

• A respondent voted more than once and we could not resolve the duplication.

As a result of these adjustments, this report is based on 535 validated survey responses which have identified around €50bn of hedged structured products business with named investment banks across europe.

s u r v e y a n a ly s i s

S u r V e Y r e S u Lt S : F u r t H e r A N A LY S I S to c r e At e M A N u FAc t u r I N G AWA r d S

the overall score for each manufacturer comprised a combination of quantitative and qualitative results:

• the quantitative result for each bank was constructed relative to the top volume represented in that award category.

• the average of the qualitative scores given to a particular bank relevant to that award category was calculated. the final qualitative result was then constructed relative to the top score received in that award category.

the overall score was calculated only for banks receiving at least 2% of the total individual vote count for that award.

An overall Best Manufacturer Award was created for each country as well as at a european level. Further awards, again at a european and country level, were generated by splitting the data by the asset classes included in the survey. A final award was created to recognise the Best in client Service at a european level, which used just the qualitative factors and the methodology applicable to the qualitative factors explained above.

the Manufacturing Awards won by each bank in the Structured retail Products Awards 2012, as well as other awards relating to Best in client Service, Best

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distributor, Best Law Firm, Best technology Provider and Most Innovative Index Provider, were presented at the 2nd Annual european Structured retail Products conference in Amsterdam on the 12th September 2012. Manufacturing awards given to each banks are listed at the end of the respective bank’s chapter.

For any questions regarding the use of awards’ logos or any other award related queries please contact Jo Manning in London: [email protected] or phone +44 (0)20 7779 8130.

S u r V e Y r e S u Lt S : F u r t H e r A N A LY S I S F o r t H I S r e P o r t

In this report we use extensively the qualitative scores constructed above with the following exceptions:

• In order to produce industry averages for any category we use all validated respondent votes.

• For comparison of the four qualitative criteria to the industry average for each bank we do not exclude banks with lower than 2% of the vote sample. We exclude these from the awards calculation to ensure we get a good predictor of the average score for that bank and avoid any statistical issues such as bias (e.g. that might mean a bank with only a small fraction of votes winning a category.)

• For the graphs for each bank comparing the scores for price competitiveness and innovation and structuring capability factors by asset class, we only show results if the number of votes comprising either factor score is greater than 1% of the total votes received for that asset class and factor. the number of votes when split by asset classes is significantly fewer for certain asset classes so this ensures we have more confidence in the value of the score.

• For the graphs for each bank comparing the scores for price competitiveness and innovation and structuring capability factors by country we only show results if the number of votes comprising either factor score is greater than 2% of the total votes received for that country and factor. the number of votes when split by country can be significantly fewer for certain countries so this ensures we have a reasonable average. the 2% level is set higher than the 1% level used for graphs showing the split by asset class because the number of votes is higher for the country breakdown.

Note that where a bank scored low for a particular qualitative factor, it might be the case that it needs to improve or update its messaging, at least among some sectors of its target client base, rather than improve its level of servicing relating to this factor.

We use the quantitative data provided by respondents to provide charts and analysis of bank’s hedging business market share by country. For these charts (in each bank chapter and shown in Appendix 2), we use the sum of the volumes that the respondents provide when split by banks. Note that if the sum of the percentages that the respondent has provided does not equal 100% it can be the case that the remaining business is internally hedged (which we exclude from the analysis) or it might be that the remaining volume should be allocated to other banks considered in the market share breakdown. therefore, we have chosen to exclude any volumes that haven’t been directly allocated to banks when calculating the market shares.

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P o S t S u r V e Y r e S e A r c H : M A N u FAc t u r e r A N d d I S t r I B u to r I N t e r V I e W S

Additional qualitative analysis was conducted during July and August 2012. this was split into two parts:

I. All of the banks profiled in this report were asked to provide factual and current information relating to their structured products business across europe. the purpose of this information was to provide a set of facts that showcased the size and scope of each bank’s structured products european business, and its general or specific business strategy. this information was supplemented with research spanning public, but reliable, sources, such as each bank’s website and SrP’s news and product databases.

II. Follow-up interviews were conducted with selected survey respondents. Where possible, interviewees were contacted either by e-mail or by direct phone call during July and August 2012. Interviewees were asked to provide additional qualitative commentary and to explain the logic and rationale behind their particular ratings of each investment bank that they cited as doing structured products business with among the five asset classes. these respondents were asked to provide the reasons for their votes and to provide detailed examples, where possible, to help explain their perceptions of each bank’s relative strengths and/or weaknesses.

As this report is intended to help banks in deciding their tactical direction, as well as in obtaining candid feedback from the array of client segments that they serve, interviewees were encouraged to say what they liked or disliked about a particular bank’s services, explain what they felt each bank they cited did quite well or, alternately, in what service areas they felt banks were weak or lacking. Interviewees were also asked to name specific services and/or technology that they would include on their personal “Wish List” and would like to see all of the european investment banks they work with for structured products provide in the near or longer term future. In order to assure candid responses, all interviewees were assured that their comments would not be directly linked to their names or to their individual employers/companies.

the representations received from survey respondents and interviewees are not statements of fact, but of perceptions. Nor has anyone affiliated with SrP included his/her own opinions or perceptions about any of the investment banks profiled in this report.

a d d i T i o n a l i n f o r m aT i o n a b o u T T h e s u r v e y

All banks covered in this report were covered in last year’s Investment Banking report so this allows us to analyse how the bank has evolved since last year in areas covered in the report such as strategic plans, key personnel and, in particular, in the survey results e.g. how the distributor perception of their service has changed. Furthermore, when the total number of survey votes for each bank is ranked by vote, the top 20 banks listed are covered in this report. this provides confidence that the banks covered in this report are the ones actively servicing distributors.

Where possible, within each banking chapter, the country of origin of the specific comments/responses is indicated. Investment banks can therefore gain insight into the views held by different types of clients in different markets about their products and services.

We also specify whether the comment/response is provided by an interviewee from a ‘tier one’ or ‘tier two’ distributor. tier one is defined as distributors with a volume of business activity equivalent to at least €100m on an annual basis. Smaller distributors than this are defined as tier two. the logic behind this bifurcation is that the type of services that providers offer to distributors may vary

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with the quantum of business received. Some banks, for example, elevate certain clients to the status of ‘partner’ and play an active role in the development of that distributor’s business.

the employees of the individual structured products distributors who have contributed to this report through their ratings and comments will remain confidential and banks should not be able to glean which distributors have commented about their services. the full universe of distributors from which both survey respondents and interviewees were derived has been provided within an Appendix to this report. Names of individuals and/or company respondents have been withheld in order to protect privacy.

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bank XyZ


b a c K G r o u n d

Bank XYZ is headquartered in London, uK and maintains european structured products hubs in London, Paris, Frankfurt, Milan and Zurich.

the bank’s structured products business is housed within the corporate and Investment Banking division, one of the bank’s four key operating units across the globe. the unit is structured on a cross-asset basis, as has been its preferred structure since day one.

the bank predominantly focuses on sales of equity, commodity and hybrid structured products, but it also serves as a counterparty to those foreign exchange and interest rate structured products created by others globally.

Bank XYZ is rated A (Stable) by S&P, A2 (Stable) by Moody’s and A+ (Stable) by Fitch.

K e Y P e r S o N N e L

top executives include Jan Johanssen, Md, Global Head of retail Structured Products; Paul Nathenson, Md, Head of european Structuring, London and Paris; Neil Nigelson, Md, Head of european Structuring, Frankfurt and Milan; Geoffrey Poindexter, Head of Private Banking and Institutional Sales; and Wilfreda taylor, Head of commodities.

SrP estimates that the full european team consists of 10 in Paris, 8 each in Frankfurt and Milan, 15 in Switzerland and 50 in the London lead office.

co r e B u S I N e S S M o d e L

Bank XYZ has been a pioneer in the structuring and sales of retail structured products, launching its first products in 1998. the structured products business became a mainstay operating unit in 2001. It has been serving as a counterparty since 2004.

the bank caters to a high net worth retail investor channel across europe, as well as a growing private banking channel and various institutional channels. It also sells structured products through its european network of independent financial advisors numbering close to 1,100.

In 2011 it debuted its 24/7 electronic securities platform, upon which institutional investors and financial advisors can create and trade a variety of structured products. It will be extending the platform later this year to include structured products pricing in the secondary market.

the bank reported to SrP that its structured products business has cooled in recent months due to the uncertain economic environment in the euro zone. the bank’s european sales year-to-date 2012 are down an average of 21% across europe for the bank.

After sales support is seen as an integral

component at Bank XYZ

“Bank XYZ is a very innovative bank for structured products. Furthermore, I have an excellent contact person there; he is always available,”

T i e r i i a s s e T m a n a G e r

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b a n K X y Z


s u r v e y a n a ly s i s

S u r V e Y A N A LY S I S : M A N u FAc t u r I N G M A r K e t S H A r e P e r co u N t r Y

In our survey 150 respondents (38% of all respondents) from 21 countries across europe (80% of all countries covered by our survey) said that they used Bank XYZ to manufacture their structured products that were based on at least one asset class. of these respondents 33% (across 12 countries) used the bank for both equity and commodity business, 25% (across 18 countries) used the bank for equity business only, and 7% (across 9 countries) used the bank across all asset classes.

the following percentages relate to respondents doing business with Bank XYZ in at least the asset class mentioned: 85% used the bank for equity business (across 20 countries); 60% for commodity business (across 16 countries); 20% for hybrid business (across 15 countries); 15% for interest rate business (across 10 countries) and 10% for currency business (across 8 countries).

the graph below shows market share, by volume, of manufacturing business across the countries that we received respondent submissions for.

1.1 b a n K X y Z - m a r K e T s h a r e p e r c o u n T r y

Bank XYZ’s largest structured products market is Switzerland where it has a market share of 19%. Looking at the breakdown for Switzerland in Appendix 2, we see that Bank XYZ is second in terms of market share in Switzerland, after Bank WXY (22%). It also maintains smaller but robust market shares in the uK, Italy and Belgium.

the bank has its highest market share in Switzerland (just over 18%) with its home market share (uK) standing at just over 6%. Part of the bank’s 12 month strategy reported in the last Investment Banking report was to grow market share in Switzerland and for this purpose it had taken on 10 employees specifically targeting the private banking sector. this has enabled it to increase its market share from 10% as reported in last year’s report to the current level of just over 18%.

“Bank XYZ has a good focus on commodities structured products,

including oil and gold. These can be quite

complicated but the bank makes it easy to

explain to clients”

T i e r i d i s T r i b u T o r .

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b a n K X y Z


S u r V e Y A N A LY S I S : o V e r A L L S t r e N G t H S A N d W e A K N e S S e S

1. 2 b a n K X y Z - s T r e n G T h s a n d W e a K n e s s e s

In the 2012 StructuredretailProducts.com survey, Bank XYZ was seen by distributors as being above the industry average in terms of innovation and structuring capabilities and to a lesser degree, above average for price competitiveness. distributors rated the bank just about equal to the industry average in the categories of understanding client needs and after sales services.

As compared to last year’s survey results, in which distributors scored the bank significantly below the industry average across all four categories, the bank has decidedly improved how it is perceived by distributors over the course of the past year.

“I am always pleased with the interesting product ideas that we hear from Bank XYZ,” said a tier II distributor in Germany.

S u r V e Y A N A LY S I S : A S S e t c L A S S B r e A K d o W N

1. 3 b a n K X y Z - a s s e T c l a s s b r e a K d o W n

NB: closed data points represent the bank’s scoring; open data points represent the industry average.

“Bank XYZ is very good at coming up with ideas for us for the

market, both short-term and long-term

investments,”

T i e r i i d i s T r i b u T o r .

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b a n K X y Z


Across all european distributors, currency and interest rate structured products were viewed as being on par with those from other manufacturers, in terms of pricing and innovation and structuring. commodity structured products were viewed as being more price competitive than others, although average with the rest of the industry for innovation and structuring. equity structured products were scored as being somewhat less price competitive but just about at the industry average in terms of innovation. However, Bank XYZ’s hybrid products were seen as being below average for price and innovation categories.

In comparison to the results of last year’s survey, Bank XYZ has increased its perception among distributors for its price competitiveness and innovation and structuring capabilities in all but the hybrid asset class.

“We did not work with the bank much last year for our interest rate business, but we are happy working with them this year,” said a distributor at a tier II firm in the uK.

S u r V e Y A N A LY S I S : P r I c e co M P e t I t I V e N e S S – co u N t r Y B r e A K d o W N

1. 4 b a n K X y Z - p r i c e c o m p e T i T i v e n e s s - c o u n T r y r a n K i n G

b r e a K d o W n

“Our contact person just gives us everything we ask for. We come up with the product idea and he comes up with different structures,”

he said.

T i e r i d i s T r i b u T o r

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b a n K X y Z


Among this year’s survey respondents, distributors in Austria, Germany, denmark and the Netherlands scored the Bank XYZ the highest for price competitiveness, while distributors in Italy, Norway, the uK, Portugal and Spain rated the bank the lowest in this category.

results from last year’s survey were very similar to this year’s, meaning that despite the eroding situation in the euro zone perceptions have not changed much.

“We’ve found them to be consistently aggressive in their product pricing, although they are not the fastest to respond to our requests,” said a tier I distributor in Germany who works with the bank for his commodity business.

“Bank XYZ needs to reassess its product pricing,” confided a tier I distributor in Italy who routinely works with the bank for his commodity business.

S u r V e Y A N A LY S I S : I N N o VAt I o N A N d S t r u c t u r I N G c A PA B I L I t I e S – co u N t r Y B r e A K d o W N

1. 5 b a n K X y Z – i n n o vaT i o n a n d s T r u c T u r i n G c a pa b i l i T y - c o u n T r y

r a n K i n G b r e a K d o W n

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distributors responding to our 2012 survey from Belgium, denmark, Greece, Monaco, Portugal and the uK all rated Bank XYZ highly for its innovation and structuring capabilities, while those from Austria, Italy, Luxembourg, the Netherlands, Spain, Sweden and Switzerland provided the lowest grades in this category.

A tier II distributor in Luxembourg was blunt, “We like their people and we love the creative underlyings they provide in products. But they have had several problems with their platform.”

As compared to last year’s survey results, distributors in Belgium, Greece and the uK have definitely increased their perceptions of the bank’s structuring capabilities, while those in the Netherlands have lost some confidence in the bank’s capabilities in this category, perhaps due to the closing of the bank’s structured products unit in the Netherlands in April 2012.

“Bank XYZ is always willing to work with us. We can tell them what we want and they always come through, on our terms,” said a distributor at a tier I company in Belgium who relies on the bank for the majority of his foreign exchange products.

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We are pleased to acknowledge that Bank XYZ has won the following Manufacturers Awards

belgium: Best Manufacturer: Currency

denmark: Best Manufacturer: Interest Rates

Greece: Best Manufacturer: Currency

Bank XYZ won the category of Best Overall

Manufacturer in Italy in the Structured Retail Products Awards 2012

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Documents

STRUCTURED PRODUCTS | EUROPE Investment Banking Report · STRUCTURED PRODUCTS | EUROPE Investment Banking Report 2012 C M Y CM MY CY CMY K SRP_2012EIBR_Cover.pdf 1 21/08/2012 15:50