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Bankinter Portugal

Group commitment and spirit

The actual integration in Bankinter of its new business in Portugal was preceded by nearly seven months of intense preparatory work by many teams in both Portugal and Spain. A significant portion of this work consisted of making employees, customers, regulators, and broader Portuguese public opinion participants in the change and its related processes. Bankinter's corporate identity was also spread to every area of the new bank, from websites and customer apps to credit cards and cheques, and including marketing materials and the appearance of the 84 branch offices throughout the country, which opened their doors on 1 April 2016 with a brand image aligned with that of the rest of the Group.

Once the formal merger took place, the teams in Portugal started a communication process with their colleagues in Spain in order to align strategies, policies and working approaches. In order to facilitate the two-way exchange of knowledge, a series of change management initiatives were launched, including frequent meetings and information exchanges in order to learn in greater depth about Bankinter, its operating and business model, its values and corporate culture.

As a result, the transition was carried out with no noticeable problems for customers, who can also enjoy a broad range of products making up Bankinter's new offer in Portugal, particularly services for enterprise banking market (which had severely contracted in the years prior to Bankinter's arrival), in home financing and in salary accounts.

Positive effects

Bankinter announced from the start its commitment to staying in Portugal for the long term, its ambition to become a leader in the Portuguese financial sector and its intention of supporting the recovery begun by the Portuguese economy by launching practical financial solutions for households and enterprises. This commitment translated into a sharp increase in loan activities: the money allocated to mortgages increased by 750% compared to the last 9 months of 2015, while consumer loans increased by 240%. Both figures are far above the average in the market. Financing for companies also improved, with growth of 140 million in investment, up to 1,037 million, although the most notable item was the performance of deposited funds, which increased by 139%, surpassing 1,800 million.  This was unquestionably enhanced by the bank's image of solvency, its high levels of capitalisation, its low risk profile and the investment grade credit rating given by the leading international rating agencies. The gradual loss in the total number of customers seen in previous years stopped in 2016, thus laying the basis for future growth.

Internally, the impact of the change was also very positive. A number of factors acted as catalysts of a new attitude among professionals in the branch offices and the central services: the effect of advertising campaigns, the competitiveness of the products launched, the greater availability for granting credit, the launching of an ambitious commercial activity, the enhancement of processes and the breath of fresh air that Bankinter brings. Together, these elements ultimately yield a greater capacity to strengthen customer relationships and boost business growth.

Challenges and opportunities

Obviously, the environment continues to be challenging. Such challenges, which are from negligible, include: low interest rates and their effects on margins; regulatory burdens; adjustments still being carried out in the Portuguese financial sector; new patterns of consumption through non-traditional channels, and the growing digital presence of operators that occupy a space previously allotted to banks (fintech).

Our response is to maintain a solid bank with healthy operations (both in terms of income and in risk policy), broaden the base of customers and develop solutions that meet their needs not only in financial terms, but also with respect to accessibility and interactivity. All these elements require a good technology and digital base, a field in which Bankinter has always been a pioneer.

With respect to the year 2017, the objective is to continue to achieve balanced growth in every business line – credit, on and off-balance sheet funds – and in every segment, with the aim of ensuring its sustainability over the coming years. Investment in technology, enhancement of efficiency and effectiveness of processes, support for the commercial network and greater integration with the Group will be key elements in achieving this, on the basis of respect for the values of the organisation, such as agility, enthusiasm, integrity and originality.

One of the year's major milestones will be the inauguration of a new corporate headquarters in an emblematic building in the centrally-located square of Marques de Pombal in Lisbon. Inspired by the same principles as the Madrid headquarters, it will help to consolidate the Group's image in Portugal, drive convergence and integration between the two organisations and boost the sense of belonging of Bankinter professionals in Portugal.

Subject to required regulatory authorisation, the activity of Bankinter Consumer Finance is expected to commence in Portugal during the year 2017, with the aim of boosting consumer credit and credit cards.

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