consolidated annual report - Gruppo Banca Sella

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• growth of customers of foreign origin deriving from immigration, who are getting more and more inter- ested in banking products and services; • increase of competition. The greater strength of many Italian players, following the reorganization of some of the most important Italian banking groups, will sharpen competition in general and will lead to the need of increasing the average expertise of employees, in particular as regards financial services. STRATEGY, VOLUMES AND PROFITABIL- ITY OF THE GROUP In connection with the above mentioned macroeconomic background and as stated in the three-year Strategic Plan, the Group in 2005 will focus its activity on the following guidelines, as already in 2004: • to continue to grow in size and in the number of customers, aiming at a further geographical and business diversification, as well as at high quality of services; • to strengthen of the organizational structure in order to reach a better control and to improve efficiency; • to improve profitability and capital ratios. During 2005 the strengthening of the role of the Parent company will continue, and will be completed by the transformation of Finanziaria Bansel into a bank, so as to directly develop those businesses which, for their nature and related risks and/or for the fact of being carried out for the whole Group, shall be more properly carried out by the Parent company. As a direct consequence of this new organization a different planning of activities carried out by the banks 206 - GRUPPO BANCA SELLA of the Group, following the gradual reduction of head office structures (centralized at the Parent company), shall lead to their transformation into branch banking networks. As regards the other subsidiaries, a further gradual reduction of their number will take place, as well as a different subdivision of activities among the remaining ones. This evolution will allow the Group to improve its productivity and controls, at the same time reducing administrative and compliance expenses. The strengthening of services and instruments related to control will continue, paying particular attention to the “culture of controls”, as already widely described in the relevant section of this Annual Report. The Group aims at recovering efficiency, so as to improve its productivity ratios and to bring the ratio of costs over net interest and other income (cost to income ratio) at a stable 65%. As far as loans are concerned, after the high growth of 2004, favoured by a high demand of mortgage loans by the families, and against an expected moderate slowdown, the Group aims at a loans growth rate in line with 2004. The companies working in the asset management sector, will continue to pursue quality, both as regards performances and efficiency of services. The geographical expansion plan will involve the opening of new branches with the aim of strengthening already existing structures and developing areas in which the Group is not diffusely present yet. The initiatives, even though put in practice using the usual prudence and following an economic background in line with the expected one, shall allow for a 2005 result exceeding that of the previous year.
REMARKABLE FACTS AFTER CLOSING OF THE FINANCIAL YEAR • On 1 January 2005 Banca Patrimoni e Investimenti S.p.A., new structure of the Group specialized in private banking, started its activity. The Bank was born from the merge of Gestnord Intermediazione Sim into Sella Investimenti Banca, both active in asset management. The integration of this two structures will allow for the exploitation of the special and complementary expertise of both of the previous structures, offering retail and institutional customers a high professionalism in private banking and asset management servic- OWN SHARES Finanziaria Bansel S.p.A. holds 378.944 own shares. No other company included in the consolidation area has, during the financial year, held, purchased es, as well as in specialized brokerage on financial markets. The new Banks carries out its activity through 9 branches and 21 financial sales offices all over Italy. • Opening of a new branch in Bassano del Grappa (province of Vicenza) for Banca Bovio Calderari and in Martina Franca (province of Taranto) and Molfetta (province of Bari) for Banca Arditi Galati. • The opening of a new branch in Monza (province of Milan) for Banca Sella is expected to take place in the first days of April. or transferred shares or own quotas or of the Parent company. Consolidated annual report 2004 - 207
Page 1: GRUPPO BANCA SELLA CONSOLIDATED ANN
Page 4 and 5: Section 4 - Tangible and intangible
Page 7 and 8: BOARD OF DIRECTORS’ CONSOLIDATED
Page 9 and 10: FINANCIAL RATIOS PROFITABILITY RATI
Page 11 and 12: - accomplishment of the project for
Page 13 and 14: R.O.E. (1) 2004 2003 2002 Banca Sel
Page 15 and 16: F I N A N C I A L R E S U LT S NET
Page 17 and 18: Loan losses (excluding write-ups to
Page 19 and 20: SECURITIES PORTFOLIO Consolidated s
Page 21 and 22: COMMERCIAL AND DISTRIBUTION POLICIE
Page 23 and 24: BRANCHES OF THE BANKS OF THE GROUP
Page 25 and 26: An analysis of Group staff highligh
Page 27 and 28: arise. It puts forward proposals an
Page 29 and 30: AUDITING CONTROL SURVEYS 2004 2003
Page 31 and 32: LOANS AS AT 31/12/2004 AND AS AT 31
Page 33 and 34: ASSETS UNDER MANAGEMENT AND THIRD P
Page 35 and 36: to € 17,3 million (including divi
Page 37 and 38: item was given by commissions on th
Page 39 and 40: Net collected assets showed a posit
Page 41 and 42: International Capital Holding S.A.
Page 43 and 44: one person and the rise in wages ac
Page 45: 2005 OUTLOOK ECONOMIC BACKGROUND Th
Page 49 and 50: BOARD OF STATUTORY AUDITORS’ CONS
Page 51 and 52: CONSOLIDATED FINANCIAL STATEMENTS O
Page 53 and 54: LIABILITIES (figures in euro thousa
Page 55: EXPLANATORY NOTES TO THE CONSOLIDAT
Page 58 and 59: The consolidated financial statemen
Page 60 and 61: ties hedged and the characteristics
Page 62 and 63: Sella Holding N.V. Participation ho
Page 64 and 65: any interest on arrears accrued and
Page 66 and 67: Dividends Dividends in favour of th
Page 68 and 69: SECTION 1 LOANS 1.1 Caption 30 “D
Page 70 and 71: 1.9 Movements in write-downs during
Page 72 and 73: 2.1 Investment securities 232 - GRU
Page 74 and 75: 3.1 Significant investments Head Ty
Page 76 and 77: Here below are stated the operation
Page 78 and 79: Name of company Activity Ownership
Page 80 and 81: 4.1 Changes during the year in tang
Page 82 and 83: SECTION 6 PAYABLES 6.1 Caption 10
Page 84 and 85: 7.1 Caption 90 “Reserves for poss
Page 86 and 87: Changes in caption 70 “Staff seve
Page 88 and 89: Caption 150 “Subscribed capital
Page 90 and 91: The floating rate bond loan issued
Page 92 and 93: 9.2 Caption 60 “Accruals and defe
Page 94 and 95: 10.5 Forward transactions Transacti
Page 96 and 97:
11.5 Geographical distribution of a
Page 98 and 99:
12.1 Securities dealing 258 - GRUPP
Page 100 and 101:
The situation since the beginning o
Page 103 and 104:
PART C - INFORMATION ABOUT CONSOLID
Page 105 and 106:
SECTION 2 COMMISSIONS 2.1 Caption 4
Page 107 and 108:
SECTION 3 DEALING PROFITS/LOSSES 3.
Page 109 and 110:
SECTION 5 WRITE-DOWNS, WRITE-UPS AN
Page 111 and 112:
SECTION 6 OTHER INCOME STATEMENT CA
Page 113 and 114:
PART D - OTHER INFORMATION (all fig
Page 115 and 116:
ANNEXES (all figures are shown in e
Page 117:
STATEMENT OF CASH FLOW Funds genera
Page 120 and 121:
280 - GRUPPO BANCA SELLA
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consolidated annual report - Gruppo Banca Sella

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