TlB Annual Report 2009 - Triodos Bank

two organisations specialised in financing
small loans in the sector.
SAVINGS
Funds entrusted grew by eur 137 million (24%)
to eur 709 million, exceeding a target of eur 117
million.
The composition of the funds entrusted changed
due to low interest rates on both saving and
deposit accounts. Approximately a quarter of
entrusted funds came from deposit accounts in
2009 (compared to about a 50% share in 2008).
Savings campaigns aimed at private savers led
to increased volumes in that segment too.
Olivier Marquet : ‘In 2009 an
increasing number of enterprises
and organisations chose Triodos
Bank to finance their sustainable
projects, because of our expertise in this
field.’
INVESTMENTS
At the end of 2009, our customers had invested
eur 24 million in Triodos investment funds,
compared to eur 17 million at the end of 2008.
We postponed the launch of a sustainable
pension savings fund due to the withdrawal of
our potential partners. The managed assets
within the private banking offering, managed
in cooperation with Puilaetco private bank,
grew by 73% to eur 38 million (2008: eur 22
million); the number of private banking
customers doubled, and a senior private banker
joined the team. In the same department a
dedicated approach to wealthier customers was
defined, providing individuals, associations
and companies with tailor-made advice on
Triodos investments products.
OTHER ACTIVITIES
The Triodos Bank depository receipt campaign
was also very successful in Belgium among
individual and institutional investors. Triodos
Bank Belgium successfully led the private share
issue of Ethical Property Europe, a real estate
company which specialises in offices with
social and environmental added value. This
private placement exceeded expectations raising
eur 2.65 million, predominantly from private
investors.
As expected, we recruited a relatively large
number of new co-workers. At the end of 2009,
the branch had 70 co-workers, a 32% increase.
Growth came in all departments, reinforcing
the commercial and operational capacity of the
branch.
PROSPECTS FOR 2010
In 2010, Triodos Bank Belgium expects to be
able to maintain the pace of growth at the same
level of 2009. We anticipate an upward trend in
interest rates on savings from mid 2010 and
stabilizing interest margins on loans. We expect
to deliver net growth of eur 153 million. We
expect growth in our entrusted funds of eur 135
million. In Private Banking we expect to increase
Funds under management by eur 28 million.
We expect to increase the number of clients by
7,000.
We also intend to launch an elderly homes real
estate fund, for institutional investors to invest
in real estate for the elderly, and a microfinance
fund in cooperation with Triodos Group’s
Emerging Markets team.
We will hire additional office space and further
invest in process improvement and training.
Finally, we will continue to invest in the profile
of the bank at the forefront of sustainable
banking through corporate events and wider
communication activity.
Brussels, 24 February 2010
Olivier Marquet, Managing Director
For more information:
www.triodos.be
www.ethicalproperty.eu
www.netwerkvlaanderen.be
www.credal.be
24 TRIODOS BANK - ANNUAL REPORT 2009