Semester Report Second Half 2011 - Semester Report Second Half 2011 - AWS
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Semester Report Second Half 2011 Semester Report Second Half 2011
Index
PROLOGUE 2
FINANCIAL HIGHLIGHTS 4
STOCKHOLDERS MEETING CALL 5
THE VENEZUELAN ECONOMY DURING 2011 6
BANKING SYSTEM 9
BANESCO BANCO UNIVERSAL 11
STATUTORY AUDITORS’ REPORT 14
MANAGEMENT REPORT 15
◗ Human Capital 16
◗ Marketing and Innovation 19
◗ Quality Management 22
◗ Business Management 23
◗ Risk Management 32
◗ Loss Prevention Management and Business Continuity 34
◗ Corporate Social Responsibility 36
◗ Corporate Governance 38
◗ Customers’ and Users’ Requirements 42
◗ Pronouncements as to Credit Risk Reports 43
◗ Information on Lending and Borrowing Operations Individually Exceeding
2% of the Bank’s Equity 43
◗ Proposal submitted by the Board of Directors with respect to the consideration and
decision of the General Ordinary Stockholders’ Meeting summoned by March 26,
2012, for the purpose of declaring and paying cash and share dividends 43
◗ Communications of the Superintendence of Banks and Financial Institutions,
in connection with the provisions, observations, recommendations or initiatives
related to the Bank’s operations 44
◗ Balance Sheet and Statements of Earnings 46
◗ Principal Financial Indicators 50
◗ Credit Portfolio per Type of Economic Activity 50
◗ Social Balance 51
◗ Main Correspondent Banks 52
Semester Report Second Half 2011
2 B a n e s c o Banco Universal
Dear readers
e are proud to present the results We have a long and successful popular areas of the country. We
W of Banesco Banco Universal at the
closing of 2011 second six-month
path with mortgage loans, tota-
ling Bs. 5,110 million in 7,612
currently have 19 Community
Agencies and 217 customer servi-
period. As you might note, numbers loans granted with own funds ce locations through our commu-
show that the continuous effort and dedi- and with funds from the nity allies. During the second six-
cation of our Organization’s human Mandatory Housing Savings Fund month period, 514 participants gra-
assets have rendered their fruits. We fully (FAOV). We have benefited 76,522 fami- duated from the third issue of the Micro-
met the financial intermediation function lies with a total amount granted of Bs. entrepreneurs Training Program delive-
that our customers and general public 4,142 million. red by Banesco. We are proud to high-
expect from us as a financial institution. light that Banca Comunitaria was awar-
Thus, as of December 31, 2011, our net Regarding other two main sectors for ded with the Technology Program for
loan portfolio amounted to Bs. 41,905 country’s development, such as tourism Financial Inclusion organized by the Inter-
million, which placed us in the first rank and microloans, Banesco ranked first in American Development Bank (IDB), the
of the Venezuelan Financial System for the system. At December 2011 closing, Multilateral Investment Fund (MIF) and
the loan area. The increase of 51.5% of the tourism loan portfolio recorded Bs. the Andean Development Corporation
the amount of loans granted in 2011 by 872 million, while microloans amounted (ADC). By virtue of the foregoing, we are
Banesco is over the average of the to Bs. 1,952 million. Loans granted for able to develop a project that will allow
Venezuelan banking system which was the manufacturing activity amounted to to offer financial services via mobile pho-
45.9%. Bs. 3,808 million, with an increase of nes to individuals with no access to the
57.59% if compared to previous year banking system.
Thanks to these numbers, our loan inter- figures. Thanks to a sound credit policy,
mediation index reached 59.2%, 4 per- Banesco’s default rate was 0.96% by the Thanks to the customers’ confidence in
centage points over the banking system end of 2011, which is under the sector’s our work, Banesco ranked first in depo-
average, which is 54.8%. We are plea- average (1.44%) and which in addition sits in the private banking, with total cus-
sed to highlight that core sectors for the represents one of the lowest historical tomers’ deposits amounting to Bs.
country’s development such as agricul- values, thus evidencing the quality of the 70,751 million, which represents an
ture and housing represented a very sig- Bank’s loan portfolio. increase of 54.37% in 2011. The Bank’s
nificant portion of our loan portfolio. total assets by December 2011 closing
Banesco placed Bs. 6,675 million for the By 2011 closing, Banca Comunitaria amounted to Bs. 79,267 million with a
agriculture sector, which represents Banesco had granted 176,672 loans to growth of 52.24% if compared to the
24.78% more than in 2010. small business owners located in 4,146 second six-month period of prior year.
Thanks to the
customers’ confidence in
our work, Banesco ranked
first in deposits in the private
banking, with total customers’
deposits amounting to
Bs. 70,751 million
Semester Report Second Half 2011
B a n e s c o Banco Universal 3
In general terms, these financial results Our commitment is to stay with our cus-
evidence the service spirit of Banesco. tomers and users to address their finan-
As in previous years, we made empha- cial needs and help them to materialize
sis on the investment and development their personal and business projects.
of the Bank’s technology and service
quality.
We also should note that social inves-
tment for 2011 amounted to Bs. 29
million. From this total amount, Bs.
19,200,579 (65.13%) correspond to JUAN CARLOS ESCOTET RODRÍGUEZ
non-contractual benefits for our emplo- CHAIRMAN OF THE BOARD OF DIRECTORS
yees and Banesco Corporate Volun-
teers, while the remaining amount of
Bs. 9,945,748 (34.87%), was allocated
to finance different initiatives and pro-
jects along with our social partners and
allies.
From 1989 to current date, Banesco has
allocated Bs. 215 million to different
initiatives and projects in favor of the
community and its employees within the
framework of its Business Social
Responsibility Program.
This semiannual report is presented as
a transparency exercise for our more
than 40,000 stockholders, 6 million cus-
tomers, 14,000 employees, as well as
our suppliers and related parties.
Semester Report Second Half 2011
4 B a n e s c o Banco Universal
Financial Highlights GROWTH
Second First Second First Second II Half 2011 II Half 2011
Half Half Half Half Half I Half 2011 I Half 2010
Stated in Million VEF 2009 2010 2010 2011 2011 Absolute % Absolute %
TOTAL ASSETS 43,066 42,684 52,087 55,586 79,298 23,712 42.7% 27,211 52.2%
Cash and Due from Banks 11,611 11,284 17,345 13,710 22,718 9,007 65.7% 5,373 31.0%
Security Investments 5,983 5,011 4,782 8,016 11,518 3,502 43.7% 6,736 140.9%
Credit Portfolio 22,739 24,589 27,654 31,741 41,905 10,164 32.0% 14,251 51.5%
DEPOSITS FROM CLIENTS 37,763 37,175 45,832 48,101 70,752 22,650 47.1% 24,919 54.4%
Deposits in Current Accounts 19,913 21,947 28,241 32,389 48,612 16,223 50.1% 20,371 72.1%
Savings Deposits 6,800 6,557 8,445 8,014 13,054 5,040 62.9% 4,610 54.6%
Time Deposits 21 3 11 68 491 423 619.5% 481 4541.6%
Other Deposits 11,029 8,668 9,136 7,630 8,594 964 12.6% -542 -5.9%
TOTAL STOCKHOLDERS’ EQUITY 3,598 3,809 4,235 4,880 6,208 1,328 27.2% 1,974 46.6%
TRUST ASSETS 6,020 6,656 7,180 7,521 8,362 841 11.2% 1,182 16.5%
DEBTOR ACCOUNTS DUE TO TRUST ASSIGNMENTS (FAOV) 3,376 3,879 4,401 4,942 5,703 761 15.4% 1,302 29.6%
Financial Revenues 2,561 2,689 2,986 3,410 4,240 830 24.3% 1,254 42.0%
Financial Expenses 1,174 901 794 734 829 95 12.9% 35 4.4%
Gross Financial Margin 1,414 1,788 2,192 2,676 3,411 735 27.5% 1,219 55.6%
Financial Intermediation Margin 1,772 2,215 2,455 2,843 3,582 739 26.0% 1,127 45.9%
Transformation Expenses 1,312 1,603 1,856 2,039 2,075 36 1.8% 219 11.8%
NET INCOME 322 403 503 610 1,368 757 124.1% 864 171.7%
ACCUMULATE AGRICULTURE PORTFOLIO 3,816 4,525 5,350 6,293 6,675 382 6.1% 1,326 24.8%
OFFICIAL INSTITUTIONS DEPOSITS 2,820 3,159 3,517 4,209 4,302 93 2.2% 785 22.3%
MICRO LOANS 1,004 1,112 1,375 1,364 1,952 588 43.1% 577 42.0%
COMMERCIAL LOANS 6,431 6,165 6,237 7,825 14,115 6,290 80.4% 7,878 126.3%
CREDITS TO CONSUMER 6,950 8,242 8,912 10,077 10,968 891 8.8% 2,057 23.1%
Vehicles 666 822 1,194 1,692 2,705 1,013 59.8% 1,511 126.5%
Credit Cards 6,283 7,420 7,718 8,385 8,263 -122 -1.5% 546 7.1%
MORTGAGE LOANS 3,271 3,720 4,123 4,540 5,137 597 13.1% 1,014 24.6%
RATIOS
Loan Portfolio Provisions / Non Accrual Loans 112.6% 188.9% 186.2% 171.8% 235.0%
Non Accrual Loans/ Gross Loan Portfolio 1.9% 1.5% 1.3% 1.4% 1.0%
Net Results / Average Assets 1.6% 1.9% 2.1% 2.3% 3.4%
Net Results / Average Equity 19.2% 22.0% 23.6% 26.5% 39.4%
Liquidity 41.1% 37.7% 43.2% 41.5% 42.1%
Semester Report Second Half 2011
B a n e s c o Banco Universal 5
Call
BANESCO y order of the Board of Directors and pur- SIXTH: Resolution on the Board of Directors’
BANCO UNIVERSAL, C.A. B suant to articles 10, 12 and 27(2) of the
Bylaws, the shareholders of Banesco Banco
proposal to payout of a stock dividend for Bs.
26,000,000.00.
Stock Capital Bs. 1,250,000,000
Universal, C.A. are hereby called to a Regular
Shareholders’ Meeting to be held on March SEVENTH: Modification of article 5 of the
26, 2012, at 8:00 AM, in Auditorium Fernando Bank’s Bylaws regarding Capital Stock, based
Crespo Suñer, Piso 3 (third floor) of Edificio on the resolution on above matters.
Ciudad Banesco (Banesco headquarters), EIGHTH: Authorization for the Board of
located in Avenida Principal de Bello Monte, Directors to acquire shares of the Bank for
between Calle Lincoln y Calle Sorbona, of the valuable consideration and transfer them
city of Caracas, in order to discuss and resol- where deemed convenient.
ve on the following matters:
FIRST: Upon revision of the Board of Directors’
report and the comptrollers’ report, approval On behalf of the Board of Directors
of the independent auditors’ report on the
Financial Statements for the six-month period
ended December 31, 2011. JUAN CARLOS ESCOTET RODRÍGUEZ
Chairman of the Board of Directors
SECOND: Consideration and resolution on the
payout of cash dividends. Note: Known all stockholders by these presents
that the Board of Directors´report, the comptro-
THIRD: Appointment of the members of the llers´ report, the audited financial statements, as
Board of Directors for 2012-2013. well as other reports and proposals to be discus-
sed in the Stockholders´ Meeting, will be availa-
FOURTH: Appointment of controllers for ble to you at the offices located in Edificio “Ciudad
2012-2013 and allocation of their remune- Banesco”, Avenida Principal de Bello Monte, bet-
ween Calle Lincoln y Calle Sorbona, Urbanización
ration.
Bello Monte, of the city of Caracas, Piso 3 (third
floor), Legal Vice Presidency.
FIFTH: Reduction of the Bank’s capital stock
by Bs. 26,000,000.00) as a result of the buy-
back of 2,600,000 preferred shares in confor- Caracas, February 28, 2012
mity with the public offering of preferred sha- RIF J-07013380-5
res, issue 2008-I and issue 2008-II.
Semester Report Second Half 2011
6 B a n e s c o Banco Universal
The Venezuelan Economy during 2011
Real Sector As per figures estimated by the People’s
During 2011, the country returned to the Power Ministry for Planning and
economic growth path after the contrac- Finances, the rise in oil prices caused a
tion observed in the 2009-2010 period, significant increase of 34.6% in oil reve-
when the different productive activities nues reported to the National Treasury
were affected by the international finan- by reaching Bs. 81,891 million, which in
cial-economic crisis and the Venezuelan addition to the increase of 45.4% in
electric sector crisis. SENIAT’s tax collection, which closed in
Bs. 147,442 million, allowed to sustain
Our economy was benefited by the the rise in the public expenditure. Public
behavior of the oil market in connection expenditure was also benefited by finan-
with the increase in the oil prices. The cing for the amount of Bs. 90,000 million,
Venezuelan basket averaged 101.1 by virtue of the Special Debt Law appro-
US$/b in 2011, which represented an ved jointly with the 2011 Budget in
increase of 29.9 US$/b if compared to October 2010, and the Supplementary
2010. The foregoing was generated by Debt Law on Debts promulgated in June
the geopolitical conflict in the North of 2011.
Africa and the Middle East, and the
growth worldwide in the demand of oil, Supported by this flow of resources,
which according to the International National Government disbursed Bs.
Energy Agency (IEA) increased from 88.3 356,440 million in expenditures from the
mb/d to 89.0 mb/d., due to the perfor- Central Government (+49.2% with res-
mance of Latin-American emerging mar- pect to 2010). When observing the
kets and Asian economies, mainly from expense allocation, we note that Bs.
India and China. These factors offset the 103,187 million was allocated for the
decrease in the consumption of develo- payment of remunerations, while Bs.
ped countries members of the Orga- 118,725 million corresponded to trans-
nization for Economic Cooperation and fers to decentralized entities and Bs.
Development (OECD) affected by the 67,285 million for legal contributions,
European debt crisis, the Japan atomic mainly comprised of funds granted to
crisis and slow recovery of the US eco- regions through the Treasury Funds and
nomy. the Interterritorial Compensation Fund.
Activities
2011 2010
Consolidated 4.2% -1.5%
Petroleum activity 0.6% 0.1%
Nonpetroleum activity 4.5% -1.6%
Mining 5.2% -13.0%
Manufacturing 3.8% -3.4% Domestic Aggregate Demand (Var. %)
Electricity and water 5.0% -5.8%
2010 2011
Construction 4.8% -7.0%
Domestic Aggregate Demand -0.5% 7.6%
Trade and repair services 6.5% -6.1%
Government final consumption
Transport and storage 5.8% -2.0%
expenditure 2.1% 5.9%
Communications 7.3% 7.9%
Private final consumption expenditure -1.9% 4.0%
Financial institutions and insurance 12.0% -7.6%
Gross fixed capital formation -6.3% 4.4%
Real Estate, entrepreneurial and renting services 3.5% -0.7%
Changes in Inventories 64.9% 68.7%
Non-profit-making private services and
community, social and personal services 5.8% -0.1% Source: Banco Central de Venezuela (BCV)
General Government services 5.5% 2.6%
Rest 1 -1.4% -1.0%
Less: Fisim 2 13.4% -7.9%
Net taxes on products 5.9% -2.3%
1/ Includes: Private agriculture, private hotels and restaurants and various public activities.
2/ Financial intermediation services indirectly measured. Source: Central Bank of Venezuela
Semester Report Second Half 2011
B a n e s c o Banco Universal 7
The higher fiscal expenditure gene- nificant recovery after the decrease of through a decrease in the average infor-
rated a dynamic effect on the eco- 1.5% in 2010. mal economy rate of 0.7 points, until rea-
nomy through the initial impact on the ching 43.2%.
Government final consumption expendi- The oil activity showed a positive varia-
ture, which in constant terms increased tion of 0.6%, while non-oil activities incre- External Sector
5.9% and indirectly, because of the effect ased 4.5%. The highest increase was The increase in the Venezuelan oil allo-
on the private final consumption expen- observed for financial institutions and wed oil exports to reach US$ 88.1 thou-
diture and gross investment. insurance companies (+12.0%), which sand million (+US$ 26.8 thousand million
were benefited by the economy recovery with respect to 2010). Also, non-oil
Private consumption increased 4.0%, and the rise of the monetary liquidity, exports amounted to US$ 4.5 thousand
after a decrease of 1.9% in 2010, mainly which generated an increase in the volu- million, US$ 2 thousand million out of
due to the increase of 9.2% of actual me of financial system businesses, follo- which correspond to the public sector
remunerations, which were significantly wed by Communications (+7.3%), which (mainly to Guayana basic companies).
affected by the increase in wages and accrues 8 years of expansion by virtue Total exports recorded an increase of
salaries of the public administration. of the boom of mobile, internet and TV 40.8% in such term, ending 2011 in US$
subscription services. Additionally, 92.6 thousand million.
Furthermore, the gross investment had Commerce and repair services (+6.5%)
a growth of 15.2%, increasing invento- also showed a recovery in consumption, The capital and financial account resul-
ries in 68.7%, but also highlighting the after decreasing 6.1% in 2010. ted in a deficit of US$ 27.6 thousand
growth of 4.4% in gross fixed capital for- million, mainly affected by other inves-
mation. This variable had an increase of The economic recovery was evidenced tment account, where an asset outflow
7.6% during the second six-month in the labor market, since although by was observed for US$ 27.7 thousand
period, positively influenced by a higher 2010 and 2011 closing the unemploy- million from the public sector (transfers
dynamism on the construction sector ment rate was 6.5%, the average of funds to the National Development
during that period. unemployment rate decreased from Fund (FONDEN) and commercial loans
8.5% to 8.2%. In 2011, the economy to PDVSA), as well as outflows for US$
The internal Aggregate Demand showed generated about 230 thousand jobs, 15.3 thousand million from the private
an increase of 7.6% with a stronger 120 thousand out of which were crea- sector (liquidation of bonds and foreign
emphasis in the second six-month ted in the public sector. currency transfers to contractors of
period, when it had an increase of 9.1%. Government works).
In connection with supply, the Gross We also observed
Domestic Product (GDP) recorded a improvement in unde- The direct investment in the capital
rise of 4.2%, which evidences a sig- remployment levels, account generated a surplus amounting
IMPORTS AND TRADE BALANCE
Imports increased 20.3% (US$7.8 thousand million) during the
year ended, until reaching US$ 46.4 thousand million,
corresponding US$ 40.4 thousand million to non-oil imports. From
these non-oil imports, US$ 29.9 thousand million corresponded
to the private sector, while the public sector recorded imports for
US$ 10.5 thousand million, equivalent to an increase of US$ 2.9
thousand million.
The balance of trade recorded a surplus of US$ 46.2 thousand million
that after considering the deficit in the service and revenue balance
allowed a favorable current account of US$ 27.2 thousand million.
Semester Report Second Half 2011
8 B a n e s c o Banco Universal
to US$ 5.1 thousand million, mainly due re the International Monetary Fund tors that contributed to the rise of
to the sale of oil-sector assets and rein- (IMF) and only US$ 5,586 million would 50.6% in the monetary liquidity (M2)
vestment of profits and dividends paya- be under the form of liquid foreign during 2011, growth not observed since
ble to the stockholders of companies currency (1.6 months of non-oil imports). 2006.
with foreign capital in the country.
In 2011, the Foreign Currency Adminis- We observe that the increase in the M2
The deficit observed in the financial tration Commission (Cadivi) settled US$ was leveraged by the increase in cash
account and the deficit balance in the 30,379 million, which represented an (+56.7%), since cash equivalents redu-
items corresponding to errors and omis- increase of 5.2% with respect to 2010. ced 18.0%. The recovery of cash was
sions for US$ 3.6 thousand million, fully The highest amount assigned correspon- related to the increase in sight deposits,
offset the surplus and current account ded to imports (US$ 24,524 million), US$ which recorded the highest increase
and determined a deficit in the balance 18,957 million out of which was granted (+63.8%), followed by savings deposits
of payments for US$ 4.0 thousand through ordinary imports, US$ 5,328 (+53.6%) and cash in hands (+27.1%).
million. Although this issue should trans- million through the Latin American Additionally, the decrease in cash equi-
late into a drop in international reserves Integration Association (ALADI for its valents is due to the drop of 64.1% of
due to transactions with the external sec- words in Spanish) and US$ 239 million certificates of deposits and 7.5% in time
tor, it generated a revaluation of reserve through the Unified System for Regional deposits.
assets due to the increase in the price of Compensation (SUCRE for its words in
gold, which increased 24.9% passing Spanish). Thus, settlements for imports The policies implemented by the BCV
from US$ 1,357.8 in 2010 to US$ increased 1.5%. The additional supply of contributed to the monetary expansion.
1,696.3 at 2011 closing. This issue cau- foreign currency came from the Firstly, it kept unchanged the interest
sed that international reserves increased Transaction System for Foreign Currency rates for lending and borrowing opera-
from US$ 29,500 million to US$ 29,889 Denominated Securities (SITME for its tions and it maintained the limits set to
million. words in Spanish), allocating US$ 8,778 financial institutions, effective November
million at an average daily amount of US$ 27, 2009, of not exceeding the balance
Regarding the composition of internatio- 35.8 million, similar than 2010 when US$ of their certificate of deposits portfolio.
nal reserves per type of instrument, 5,080 million was settled in almost 7 Thus, the balance of credit instruments
monetary gold closed 2011 in US$ months. issued by BCV remained practically
19,959 million (66.8% of the value of the unchanged in Bs. 6.9 thousand million at
reserves), US$ 3,438 million under the Monetary Sector year-end. Additionally, effective June 30,
form of Special Drawing Rights (SDR), The expansive monetary and fiscal poli- 2011, BCV reduced the legal reserve
US$ 906 million in other assets, mainly cies as well as the increase in loans gran- requirement in 3 percentage points to
related to the position of reserves befo- ted by financial institutions were the fac- 14%, provided that financial institutions
INFLATION
In accordance with the National Consumer Price Index (INPC), inflation increased 27.6%, 0.4
percentage points over the 2010 variation. The increase was mainly generated by the prices of
foods and beverages, which increased 33.6%, in addition to prices of transport services (+30.6%),
restaurants and hotels (+30.1%) and other goods and services (+30.0%).
Unlike 2010, during current year, the increase in prices was higher for controlled items (+30.3%)
than for non-controlled items (+25.8%), since significant price adjustments were authorized on
certain products such as oil, milk, coffee, chicken, meat, sugar, pastas, bread, as well as in the rates
of certain services such as ground transportation, subway and metro bus.
Regarding the origin of products, goods (+29.5%) presented an increase higher than services
(+24.6%), mainly due to the variation of 41.5% in agro industrial products.
Semester Report Second Half 2011
B a n e s c o Banco Universal 9
use the funds released for the acquisi- centage points), being 117,729 million (+25.0%) with
tion of instruments issued within the fra- 15.99% and 12.36%, res- respect to June 2011 and Bs.
mework of Gran Misión Vivienda pectively. 185,837 million (+46.1%)
Venezuela. during the past 12 months. Said
In connection with borrowing increase is mainly generated by the
By means of these measures, the issuing rates, the savings rate remained unal- momentum of the loan portfolio, with
entity contributed to the generation of tered in 12.58%, while the rate of 90- a year-on-year variation of 45.9%
significant monetary surplus averaging day time deposits decreased 0.3 per- (+Bs. 83,348 million), exceeding Bs.
Bs. 29.8 thousand million and which at centage points to 14.58%, being both 265 thousand million in net loans and
year-end reached Bs. 45.9 thousand of them slightly over the minimum requi- almost Bs. 11 thousand million in pro-
million, equivalent to 10.3% of M2. It red by BCV in 2009, of 12.50% for visions.
should be noted that this surplus was savings deposits and 14.50% for time
generated despite the increase in the deposits. ◗ By the end of the second six-month
loan demand, which in a more favorable period of 2011, a total of 10,090,344
environment increased 45.9% (+Bs. 83.3 loans were recorded, 5,760,982 loans
thousand million). BANKING SYSTEM out of which (57.1%) are due over 360
As observed in the Bulletin issued by days, followed by 30-day time loans,
Liquidity surplus maintained its effect on Sudeban corresponding to December which represent 35.0% of total loans.
interest rates which continue with a slight 2011 closing, the banking system is
downward trend, especially regarding the comprised of 35 institutions, 25 out of ◗ When disaggregating the portfolio per
lending rate, since borrowing rates remai- which correspond to private financial type of loans, we observe more parti-
ned almost unchanged in 2011, placing institutions and 10 are Government cipation of commercial, microloans
the average lending rate in 17.35%, a financial institutions. From this total, and manufacturing loans, being dimi-
decrease of 0.81 percentage points if 57.1%, i.e., 20 institutions correspond nished consumption loans (Credit
compared to 2010. This behavior was to universal banks. The rest of the cards and vehicles). The highest incre-
mainly influenced by the decrease of 1.46 banks are distributed in commercial ase in absolute terms is observed in
percentage points in the service finan- banks, special-purpose banks and commercial loans, by exceeding in
cing rate of 0.88 percentage points in the development banks. The system more than 33 thousand million bolivars
commerce rate, which averaged 20.0% records 3,504 customer service loca- (+49.8%) the 2010 closing balance.
and 20.1%, respectively. Other main tions and 74,680 employees. The second six-month period of 2011
decreases in lending rates corresponded ended with an amount of Bs. 100,770
to the manufacturing activity (-1.32 per- ◗ Total assets amounted to Bs. 588,926 million. Agricultural loans increased in
centage points) and tourism (-2.59 per- million, showing an increase of Bs. Bs. 17,295 million (+55.0%) during the
Main Monetary Aggregates
2010 2011
Var. % Monetary Liquidity (M2) 19.1% 50.6%
Var. % National Consumer Price Index 27.2% 27.6%
Lending Rate 18.2% 17.4%
Savings Rate 12.6% 12.6%
Time 90-Day Rate 14.9% 14.6%
Source: Banco Central de Venezuela (BCV)Semester Report Second Half 2011
10 B a n e s c o Banco Universal
last twelve months, reaching Bs. 50,431 million at 2011 closing. The
48,723 million. soundness of the financial system is
evidenced by the rise of the equity
◗ In line with the increase in the mone- sufficiency index over assets and
tary liquidity during the year ended, it contingent operations based on a
was observed a significant recovery of risk of 13.34%, over the level requi-
funds captured by the system red (12%) and the level shown in the
(+48.8%), until reaching Bs. 483 thou- previous year (13.21%).
sand million in December 2011, while
checking accounts increased to ◗ The second six-month period opera-
61.8% and saving deposits represen- tions led to obtaining a net income of
ted 20.4% of customers’ deposits. Bs. 8,959 million, over the same term
The rest corresponded to time depo- of 2010, when it recorded Bs. 4,088
sits and other deposits. The foregoing million, widely enhancing the net ratio
is supported by variations with respect over financial income, by reaching
to 2010 closing, observing significant portfolio, as well as an excellent level 30.64% at the closing of the referred
increases (+59.9%) in sight and of reserves for contingencies. to period, mainly due to the significant
savings deposits (+50.0%). increase shown in revenues from
◗ The loan intermediation ratio of the borrowing transactions (+Bs. 5,763
◗ The number of depositors exceeded system slightly decreased from million), in addition to higher revenues
28 million in the traditional modalities, 55.91% in December 2010 to 54.83% from security investments (+Bs. 3,067
being the larger number of depositors in December 2011, despite the higher million).
observed in savings accounts (62.7%). increase in customers’ deposits.
◗ In addition to the foregoing, we obser-
◗ Management indices of the financial ◗ It should be noted the maintenance ve a growing pace in general and
market reveal the significant decrease of a proper capitalization by the ban- administrative expenses (+22.29%)
of default indices, which reached king system (10.41%), exceeding the lower than the accumulated inflation,
1.44% in December 2011, 1.6 percen- minimum required (8%), due to an which translated into an increase in
tage points under the level showed in increase with respect to the closing profits over annual average equity for
June, in addition to a hedging of fixed of the second six-month period of the system of 36.63%, having an
assets portfolio of 271.57%. The fore- 2010, for Bs. 15,296 million (+43.5%) increase of 16.6 percentage points if
going evidences the growth of the in equity accounts, until reaching Bs. compared to 2010.
The second
six-month period
operations led to obtaining
a net income of
Bs. 8,959 million, over the
same term of 2010Semester Report Second Half 2011
B a n e s c o Banco Universal 11
Banesco Banco Universal
anesco Banco Universal ended the ◗ Banesco Banco Universal is the for new vehicles. The effort during
B second six-month period of 2011
with total assets for Bs. 79,297
million, equivalent to 13.5% of financial
second institution with more number
of credits (1,756,404 credits), repre-
senting 17.4% of total banking mar-
2011 allowed us to gain market share
and arrive to the second place, pas-
sing from 10.2% to 19.0% in twelve
market. It ranked first in private financial ket. months, being even closer to leaders-
institutions in this category, obtaining an hip in the automotive business.
increase of Bs. 27,211 million during the ◗ We support and promote the produc-
last year, which was mainly oriented tivity and national economy through — Regarding commercial loans we
towards productive assets. the financing to different productive reached an amount of Bs. 14,115
sectors, which allow us to report million, representing an increase of
◗ Such increase was mainly due to the excellent results on credit matters for 80% with respect to the first six-month
momentum of our loan portfolio, 2011 closing: period, as a result from granting
corresponding to the second six- 85,888 loans to natural persons and
month period of 2011 an increase of — In connection with the automotive companies.
Bs. 10,164 million (+32.0%) if compa- sector we had a growth of 60% in the
red to the first half of the year and Bs. second six-month period, reaching — Investment projects related to the
14,251 million (+51.5%) with respect Bs. 2,705 million in December. The development of the country’s tourism
to the December 2010 closing, ending foregoing contributed to the improve- sector have found in Banesco the res-
the period with net loans for Bs. ment of the life quality of 9,172 fami- ponse to their financing needs, con-
41,905 million, which represents a lies who obtained a new vehicle solidating a portfolio at the end of the
market share of 15.8% and first place through our product CrediCarro por period of Bs. 872 million, which repre-
in the ranking. Internet. Additionally, we incorporated sented more than 55% of variation
4 new mini-centers in Porlamar, Valera, with respect to the previous period,
◗ The Bank also maintained an adequa- Calabozo and Valle de la Pascua, allo- obtaining 3.38% of compliance with
te allowance for loan portfolio (Bs. 965 wing to close the year with 10 mini- respect to the 3% required.
million), ending the period with a gross centers between the Andean Western,
portfolio of Bs. 42,870 million, which Plain and Eastern Regions. These — During the year, we continue sup-
represented that more than 122 thou- mini-centers exclusively support the porting the country’s agricultural acti-
sand loans were granted, 71% more management of the Vehicle Loans vity, with a compliance of 75% for sec-
than previous period, as well as a Operative VP, facilitating the service to tors dedicated to priority items versus
financial intermediation ratio of dealers and customers in those areas the required 70% and a compliance of
59.23%, exceeding in 4.4 percentage of the country and placing Banesco 56% for Agriculture Primary Produc-
points the average of the system. as one of the best financing options tion if compared to the minimum requi-
Regarding
commercial loans
we reached an amount
of Bs. 14,115 million,
representing an increase of
80% with respect to the
first six-month periodSemester Report Second Half 2011
12 B a n e s c o Banco Universal
red of 49%. The agricultural ponding to 1,573 loans, which economic sector and continue being the
portfolio amounted to Bs. directly support the transforma- best alternative to cover the financing
6,016 million, which in addi- tion of raw material into finished needs of our customers.
tion to Bs. 658 million in and semi-finished products.
bonds, allowed to reach Banesco commitment to the Security investments amounted to Bs.
25.88% of compliance, over the country’s productive development 11,518 million (8.1% of market share),
required 24%. We are aware of the generated a compliance of 13.44%, recording a year-on-year increase of
relevance of this sector, and thus we versus the 10% required by regula- Bs. 6,736 million. 75% out of this
go further by addressing the highest tions. amount corresponded to Government
number of requests. In this regard, we Securities.
incorporated 558 new debtors, 361 — Banesco consolidates as the great
Natural persons and 197 Legal per- booster of microloans in the country, ◗ In connection with liabilities, Banesco
sons. Especially, the increase in ranking first in the market share of the maintained the growing trend of cus-
Natural persons was 42%, while the financial system (20.1%). A variation tomers’ deposits for a balance of Bs.
percentage required was 30%. of 43% with respect to the first six- 70,751 million in last December, thus
month period, which places us in Bs. maintaining the private bank’s lea-
— The mortgage portfolio reached 1,952 million at December 2011 clo- dership in this caption and the
14.88% of compliance over the 12% sing, thanks to 23,624 new loans pro- second place (14.6%) in the financial
required, which corresponds to a cessed through our offices and Banca system.
balance of Bs. 4,217 million at 2011 Comunitaria Banesco. Compliance
closing. During 2011, Banesco contri- with this portfolio reached 6%, over ◗ The percentage composition of depo-
buted to the processing of long-term requirements (3%). sits shows the public’s preference for
loans for 8,158 Venezuelan families one of our prime products, the chec-
facilitating the obtainment of their own — The presence of Banesco Banco king account, whose balance at
houses. From such amount, 4,681 Universal in credits per economic acti- December 2011 closing amounted to
corresponded to loans processed vity excels in emblematic sectors such Bs. 48,612 million, representing
through the Housing Mandatory as construction, first place in the mar- 68.7% of Banesco’s deposits and
Savings Fund for the amount of Bs. ket, with a participation of 20.5% at 16.3% of funds from the banking mar-
673,164,836, while through own December 2011 closing. ket recorded under this modality,
funds, the Bank granted 3,477 loans maintaining the first place in the priva-
for the amount of Bs. 558,982,406. In Banesco we are proud of forming part te banking.
of the country’s productive development,
— The manufacture portfolio closed and in 2012 we will continue to be com- ◗ In connection with traditional moda-
the period in Bs. 3,808 million corres- mitted to strengthen our position in each lities (sight, savings and time depo-
The presence of
Banesco Banco Universal
in credits per economic activity
excels in emblematic sectors
such as construction, first
place in the market, with
a participation of 20.5%Semester Report Second Half 2011
B a n e s c o Banco Universal 13
sits), Banesco closed the period with which correspond to Administration ◗ This performance was possible due to
more than 6 million of depositors, Trusts, 1,716 Collective Trusts, 903 an increase in the volume of loans
which represents 21.8% of total per- Investment Trusts and 26 Guarantee granted during the year ended, and
centage, with more than 3,250,000 Trusts. the increase in financial revenues resul-
depositors in checking accounts and ting from lending operations, along
more than 2,800,000 in saving ◗ These three captions totalize a volu- with a favorable combination of depo-
accounts. me of funds managed of Bs. 76,454 sits, consequently, obtaining a gross
million, equivalent to a market share of financial margin of Bs. 3,411 million in
◗ The Bank is also leader as a receiving 15.2%, occupying the first place in pri- the second six-month period and Bs.
entity of funds under the housing con- vate banking and second of the ban- 2,676 million in the first six-month
tribution system (Bs. 5,703 million), king system. period.
with a share participation of 29.8% in
December 2011, after an increase with ◗ It should be mentioned the constant ◗ The Bank also showed a gross finan-
respect to 2010 closing of Bs. 1,302 strengthening of the Bank’s equity, cial margin ratio over average assets
million. which passed from Bs. 4,880 million of 10.30%, higher than the average for
in the first six-month period to Bs. the system (7.89%).
◗ In addition to the foregoing, we should 6,208 million at the end of 2011.
add the Bank’s trajectory in the natio- Banesco ranks second of the private ◗ It might be implied that main indica-
nal trust market, reaching by the banking in this caption, showing an tors are closely related to a sound
second six-month period of 2011 the adequacy index of 8.77% and equity growth of the loan portfolio and an
amount of Bs. 8,362 million, showing on assets and operations weighted effective collection management, thus
a year-on-year variation of Bs. 1,182 based on risk of 16.04%, exceeding observing a proper level of hedging
million (16.5%) in trust assets, being in both cases the minimum payments of fixed assets portfolio (235.04%),
ranked third in the private banking. required. as well as a low default rate (0.96%),
From such portfolio, 44.1% corres- below the system’s average in 0.48
ponded to Collective Trusts (Bs. 3,690 ◗ Operations for this period generated percentage points.
million), 13.7% to Administration a net income of Bs. 1,368 million,
Trusts (Bs. 1,143 million), 21.4% to which in addition to the result obtai- ◗ Liquidity indices are maintained in
Guarantee Trusts (Bs. 1,789 million), ned in the first six months of 2011 (Bs. accordance with the rest of the
15.0% to Investment Trusts (Bs. 1,251 610 million), translated into an annual system and the evolution of the main
million) and 5.8% to Combined Trusts liquid profit of Bs. 1,978 million, for monetary aggregates, reaching
(Bs. 489 million). During the period, profits over annual average equity of 32.11% and 42.13%, respectively at
148 new trusts were incorporated, 39.44% and profits over assets of 2011 closing.
totaling 5,884 plans, 3,239 out of 3.35%.Semester Report Second Half 2011
14 B a n e s c o Banco Universal
Statutory Auditors’ Report
SIX-MONTH PERIOD ENDED DECEMBER 31, 2011
Stockholders of
BANESCO BANCO UNIVERSAL, C.A.
BY HAND
1. In conformity with the appointment of the Comptrollers in 4. During the period under review, we did not observe any vio-
Regular Shareholders’ Meeting of the Bank held on March lation to the Bylaws or Law by the Directors. During the review
28, 2011, and pursuant to the provisions of Articles 304, 305 of the Board of Directors’ Minutes, we did not observe any
and 309 of the Commercial Code, in conformity with the dissenting votes.
Bank’s Bylaws and Interprofessional Standards for the exer-
cise of the Comptroller’s duty, we have reviewed the balan- 5. In connection with the provisions in article 310 of the
ce sheet of Banesco Banco Universal, C.A. as of December Commercial Code, the Bank’s shareholders did not file any
31, 2011, and the related income statements and appropria- claim during the period under review.
tion of net income, changes in shareholders’ equity and cash
flows for the six-month period then ended. During the period 6. During the six-month period ended December 31, 2011, the
subject to review, one (1) Regular Shareholders’ Meeting was Bank decreed cash dividends for Bs. 175,000,000 to be paid
held on September 26, 2011. to common shareholders, based on the payment schedule
approved and Bs. 19,975,000 to preferred shareholders.
2. Our review was based on the audit conducted by the
Independent Auditors Márquez, Perdomo & Asociados Consequently, and based on the Report of the Independent
(Crowe Horwath International), which issued the audited Auditors Márquez, Perdomo & Asociados (Crowe Horwath
financial statements on February 15, 2012, corresponding to International), issued on February 15, 2012, on the balance
the six-month period ended December 31, 2011. Additionally, sheet as of December 31, 2011, and on the related income
we conducted an analysis on the financial statements, selec- statements and appropriation of net income, changes in
tive tests on the accounting records, and any other proce- stockholders’ equity and cash flows for the six-month period
dures we deemed necessary in view of the circumstances. then ended, in our opinion, the accompanying financial sta-
tements subject to our review present fairly, in all material
3. As a result from our review of the administrative management respects, the financial position of Banesco Banco Universal,
performed by the Bank’s Board of Directors, we inform the C.A., as of December 31, 2011, and the results of its ope-
following: rations and appropriation of net income, changes in stoc-
kholders’ equity and cash flows for the six-month period
3.1 Through our review based on the external auditors’ audit then ended, in conformity with the accounting standards
on the credit portfolio, we determined that the provisions established by SUDEBAN.
maintained by the Bank for Credit Portfolio and Returns
Receivable on Credit Portfolio are reasonable. 7. Based on the foregoing, we recommend the shareholders to
approve the financial statements of Banesco Banco
3.2 Based on the results of our review, we determined that the Universal, C.A., corresponding to the six-month period
Bank’s Investment Portfolio is valued and presented in ended December 31, 2011, submitted by the Board of
compliance with the standards established by the Super- Directors, as well as its administrative management.
intendency of Banking Institutions, hereinafter SUDEBAN.
February 17, 2012
3.3 As of December 31, 2011, the Bank maintains for Other
Assets, a provision of Bs. 53,554,895, and during the
six-month period under review write offs for Bs.
63,447,325 were conducted, corresponding to items that
were fully provisioned. According to our analysis, and
based on the results obtained by the Independent
Auditors, we consider that the provision maintained by
GORDY PALMERO IGOR WILLIAMS
the Bank for Other Assets is reasonable and meets the Statutory Auditor Statutory Auditor
parameters established by SUDEBAN. C.P.C 7.202 C.P.C 20.427Management Report
Semester Report Second Half 2011
16 B a n e s c o Banco Universal
Human Capital
art of our philosophy as an Organi- Also, we continue granting loans for
P zation to improve the quality of life of
all our collaborators, we are continuously
home purchase and down payment
reserve, which are paid by our employe-
looking for new strategies that allow us es with years of services. During the
evaluate the needs of our Human Capital second half of year, we granted 328 loans
to hold our position as a leading com- for Bs. 9,155,449.
pany in giving the best labor conditions.
Following are some details on the bene- Ongoing Development
fits we offered and our achievements In the search for optimizing excellence in
during the second half of 2011. knowledge, integration, development,
and motivation of the professional and
Tu Casa con Banesco human talent of Banesco employees,
(Your Own Home with Banesco) and in order to hold the business leading
In Banesco, we strive to optimize the position, during the second half of year,
social-economic benefits of our emplo- we worked in:
yees to improve their labor conditions.
The main part of the Organization’s suc- ◗ Activities focused on Profitability,
cess is supported by the quality and skills Productivity, People Supervision, Cre-
of its human capital. Therefore, during dit, among others. Likewise, and
our Social Responsibility initiatives we under the laws, we issued the activi-
constantly seek to enhance the quality of ties of Lopcymat and Prevention and
life of our employees through the design Control of Money Laundering.
of benefit programs providing, beyond
economic incentives, support to emplo- ◗ We offered the First Corporate Training
yees and their family group, always focu- Workshops. Focused on profitability,
sed on higher performance and merits. we aimed to quality in order to facili-
In this regard, we continue supporting tate the transfer of up-to-date kno-
“Tu Casa con Banesco” (Your Own Home wledge and successful experiences in
with Banesco) program, with investments different matters related to attitude
amounting to Bs. 81,786,706 through competences and core techniques
own resources and Bs. 17,926,381 that guarantee the Organization wor-
through recourses from the Mandatory king efficiently toward the goals set.
Housing Savings Fund (FAOV). We focused on Customer Guidance,
Also, we continue
granting loans for home
purchase and down payment
reserve, which are paid by our
employees with years of services.
During the second half of year,
we granted 328 loans for
Bs. 9,155,449.Semester Report Second Half 2011
B a n e s c o Banco Universal 17
Commitment to Profitability and vision and Management Level for 471 Maracay, Barquisimeto, and Mara-
Productivity, in addition to the core officers from the Metropolitan Area caibo. As part of this training process,
knowledge in the regulatory frame- and 350 officers from the Regions, 102 technical assistances were pro-
work of Prevention of Money thus creating a space to align key skills vided to evaluate the application qua-
Laundering (PCLC). 1,024 employe- of People Supervision, as well as to lity of this methodology in the place-
es from the basic, technical, and pro- unify regulatory criteria in the supervi- ment of the microcredit portfolio on
fessional levels participated in this sing processes The topics developed an individual basis. Likewise, new pro-
activity. were: Inteligencia Emocional para el ducts were designed and implemen-
Liderazgo Banesco (Emotional Intelli- ted in BCB agencies, including,
◗ In October, we started the Virtual gence for Banesco Leadership), Yo Methodological Reinforcement, Di-
Program “Experiencia de Servicio Ba- pionero como Gestor de Aprendizaje dactic Committee to evaluate the pla-
nesco” (Banesco – Service Experience) (I as Learning Agent Pioneer), Sen- cement quality of the credit product
in order to develop in every Banesco sibilización al Trato Preferencial to work, and Tertulia de Valores (Value
Citizen a customer service culture, pro- (Preferential Treatment Awareness), Discussion Group), the latter having
viding key tools for them to offer their Impulsar al personal hacia la excelen- an impact on 75% of the BCB popu-
internal and/or external customers a cia y su máximo potencial (Boosting lation (334 workers).
cordial, dedicated and excellent servi- Staff toward Excellence and Full
ce. This program is structured in six Potential), Relaciones Laborales All these activities allow us having the
modules as follows: Module 1: Service (Labor Relationships), Actualizándome following results in 2011:
Relevance; Module 2: Service Con- en la Seguridad de mi Agencia
◗ Training of 74,457 participants
ducts; Module 3: The Internal and (Getting Up to Date in my Agency’s
External Customer; Module 4: Personal Security), and the Discussion Tables ◗ Training of 13,247 assistants
Quality; Module 5: Response Speed; about “Internal Policies in Prevention ◗ 437,759 man/hours
and Module 6: Claim Management and of Money Laundering and Terrorist
Customer Satisfaction. As of Decem- Financing (PCLC/FT)”. ◗ Average training of 518 INCE (National
ber, we had a total of 6,456 active Institute for Educational Cooperation)
users, representing a 47% of the enti- ◗ The Community Bank Training met apprentices nationwide
re Banesco population. 100% of the training plan designed for
the different teams with a total of Cafeteria and Transportation
◗ In the Management of Mass Seg- 1,364 participations. In 2011, 122 between Facilities
ments and Channels (Agency Staff) community consultants, supervisors, Approximately 2,000 employees enjoy
the First Update and Integration and coordinators were certified in the allowance granted by the organiza-
Workshops were offered at Super- microcredit to open the agencies in tion for the cafeteria located in Ciudad
CORPORATE VOLUNTEER WORK
During this six-month period, Banesco Corporate Volunteers
dedicated 1,052 hours to volunteer work together with our Social
Partners (Fundana, Red de Casas Don Bosco, Instituto Universitario
Jesús Obrero of Fe y Alegría, and the Venezuelan Red Cross), and the
volunteers took part in the 2011 World Beach Day.
Additionally, our Corporate Volunteers in Caracas, Maracaibo and
Barquisimeto dedicated 560 man/hours to training and coaching
activities, specifically in educational skills for children with medical
conditions and creation of a Network of Volunteers to prevent the use
of alcohol, tobacco, and other drugs.Semester Report Second Half 2011
18 B a n e s c o Banco Universal
Banesco. Likewise, since Sep- We continued organizing weekly With the first 360° Skills Diagnosis, we
tember we are offering employees sport and leisure activities (Dancing, diagnosed 85% of the permanent and
the breakfast service in the cafeteria, Tae-boxing and Yoga) at the facilities of contracted staff nationwide. Through
an important meal at prices adjusted to Ciudad Banesco and in Valencia, conduct monitoring, the Skills Diagnosis
cost, enjoyed every day by 120 workers Maracay, and Maracaibo with the parti- guarantees us the identification of
in average. cipation of 3,245 people in the second strengths and areas for improvement
half of year. We carried out Volleyball, regarding the profile of the position held
The transportation between facilities is Kicking ball, Softball, Futsal, and by the employee, aims for ongoing
also still in effect for workers located in Basketball practices in the Metropolitan improvement of his/her skills, facilitates
El Rosal and nearby areas, for them to Area and in Maracaibo, as well as objective information for feedback, hence
enjoy this benefit in an easier and safer Football practices in San Cristóbal and promoting effective communication bet-
manner. the Mini Olympic Events “Sin Drogas sí ween the supervisor and his/her collabo-
se puede” (You Can Do It without Drugs) rators, gives the Organization information
Since July, a night-shift transportation ser- with the participation of 3,110 people, about the employees’ profile for staff tur-
vice is being offered for the benefit of wor- including employees and relatives. novers and to supervise the training and
kers of Ciudad Banesco, Torre América, development actions of all Banesco
and El Recreo, available from 7:00 PM to We promoted culture with the creation of Citizens.
11:00 PM, with a circuit route to the Banesco Theater Group, and three
Subway Station in Plaza Venezuela. Culinary Culture workshops were given In Banesco we are aimed to be at the
in the facilities of Ciudad Banesco, forefront of the best practices in talent
Comprehensive Occupational emphasizing the importance of balanced management matters. The 360° Skills
Prevention and Quality of Life Plan nutrition, reinforcing healthy life habits. Diagnosis is a major tool that helps pro-
The purpose is to enhance the quality of mote the development of our human
life of our employees, provide a better Skills Diagnosis resources, leading them toward their pro-
use of their leisure time, and prevent the During the second half of year, we offe- fessional success, which will be reflected
use of alcohol, cigarettes and other drugs red our Banesco Citizens a new techno- in the achievement of our strategic plan-
through the development of sport, cultu- logical platform in our Employee Self-ser- ning; it gives our Banesco Citizens equal
ral and recreational activities. vice Portal, which allowed us to measu- opportunities in promotion processes
re the skills of a person over the skills and the execution of succession plans;
The Vacation Plan took place during July required for a successful performance of and it guarantees the Organization that
and August with the participation the duties and responsibilities of the it has the right people holding the right
of 1,486 children nationwide. position held. positions.
The purpose is
to enhance the quality
of life of our employees,
provide a better use of their
leisure time, and prevent the
use of alcohol, cigarettes
and other drugsSemester Report Second Half 2011
B a n e s c o Banco Universal 19
Marketing and Innovation
Because we want to be with you, Upon acquiring this loan, the companies the Official Bank of the Venezuelan
we have a Plan for Each Need could immediately enjoy a financing of up Professional Baseball League for the next
to Bs. 800,000 with a 3-month promo- five national seasons. Banesco is proud
Planes Contigo Banesco (Banesco tional offer and 12 to 18-month terms. to support national sports, and activity
with You Plans) for Natural Persons that generates passion and entertain-
Pide Tu Combinación de Cuenta + Tus Compras Gratis en Navidad, ment for all fans, apart from representing
Tarjetas de Crédito (Ask for Your Account con Ticket Premiado Banesco a role model and hope for all Venezuelan
+ Credit Card Combination) was the slo- (Your Christmas Purchases Free children and youth playing this sport.
gan of the Banesco Plans re-launch cam- with Banesco Winning Ticket)
paign. With a new image, positioning, In Christmas, 5,000 Banesco customers
and a new basic promise of offering a had their purchases for free when making
new Account plus Credit Card combina- purchases with their cards through
tion, from October 10 to November 7, Banesco point of sales thanks to the
2011, we announced the new offer of Programa Permanente Ticket Premiado
financial product and service packages (Permanent Winning Ticket Program).
adapted to each need. This campaign was promoted through
the mass media since October with a fun
Through a mixture of mass and direct TV advertisement.
media, we presented our public and the
general public the Banesco with You In addition, we created a promotion spe-
Plans: Ecological Plan, Professional Plan, cially aimed to businesses with cash
Family Plan, and Golden Years Plan. awards to salespeople and store managers
based on the number of purchases made Home Club Banesco
Plan Tu Negocio (Your Business through Banesco points of sale; hence, a An innovative initiative that combines vir-
Plan) for Legal Persons two-way push and pull strategy was gua- tual and actual experiences, #Home
From September 21 to November 21, ranteed to promote this attractive offer. ClubBanesco was the name of the pro-
2011, we launched the “Your Business motion designed for our followers in
Plan” campaign, which counted on our Contigo en el Deporte! Twitter: @Banesco. Due to this promo-
MultiCréditos 48 Horas (48-hour (By Your Side in Sports!) tion made from October 6, 2011 and
Multiloans) as a leading product in order Banesco, Official Bank January 30, 2012, we could talk with our
to immediate and timely address the of the Venezuelan Professional followers and reward their national base-
cash or inventory replacement needs of Baseball League ball knowledge by giving away over 1,300
small- and medium-size companies. Banesco Banco Universal is and will be VIP tickets in all the stadiums of our
Through a mixture
of mass and direct media,
we presented our public
and the general public the
Banesco with You PlansSemester Report Second Half 2011
20 B a n e s c o Banco Universal
Venezuelan baseball for all regular, Round inviting the participants to tell their sto- looking for solutions to subjects of inte-
Robin, and final games. ries. This event was the result of an allian- rest for the Organization with the support
ce between Diario Líder (newspaper) and of Banesco Citizens, also creating an
Banesco Banco Universal, aimed to pro- innovators network called Espacio de
mote approach and complement of our Ideas (Space for Ideas) comprised by
brand in activities that are part of the daily employees showing constant interest in
lives of our public and communities. There helping with this type of campaigns.
were over 2,500 participants in the race.
We also crossed Banesco’s borders by
Campaigns and 2.0 Platform paying attention to ideas from external
Juego de las Estrellas Copa groups. Likewise, we designed, for fur-
Banesco 2011 (Banesco’s Cup ¡$ 75.000 en premios! Un Año ther implementation, a website as a
2011 All-Star Game) Soñado enseñando a otros meeting place beyond the 2.0, where
On December 13, 2011, the Banesco’s ($75,000 in prizes! A Heavenly people thinking out of the box and loo-
Cup All-Star Game took place, bringing Year Teaching Others) king forward to the future will share ideas
together representatives of Venezuela Banesco awarded US$75,000 to the and subjects of interest centered on
and the Dominican Republic in Estadio winners of the “A heavenly Year” contest. innovation.
Universitario de Caracas. This promotion was aimed to regular
users of the Banesco online and electro-
For this cup, a contest was made for the nic banking, for them to guide family and PRODUCTS AND SERVICES
followers of our social networks and inter- friends in the transition of their transac-
nal Banesco staff to get tickets; hence, we tions in agencies to this varied offer of Online Securities Purchase
could invite over 500 people to enjoy with transaction mechanisms that make their With the customer’s convenience and
their family and friends a fun game. This lives easier and allow them 24-hour con- self-management in mind, since March
event ratified Banesco’s commitment as venient access to their accounts where- 2011, Banesco offers the service of
Official Sponsor of the Venezuelan Profe- ver they are. Points were generated when Online Securities Purchase aimed to
ssional Baseball League and the fans. making transactions through any chan- natural persons willing to acquire secu-
nel (ATM, Internet, BanescoMóvil, or rities in initial issues, including purchase
Banesco-Líder 10K Race and 5K Race Telephone Banking). order placement and query. Since this
On Sunday, November 13, 2011, the application is available, most natural
Banesco-Líder 10K Race and 5K Race Open Innovation clients have made their securities pur-
was held under the slogan “¿Y tú por qué We continued launching campaigns chase requests through this channel
corres?” (Why Are you Running For?), based on the Open Innovation strategy, without having to go to an agency.
Banesco
awarded US$75,000
to the winners of the
“A heavenly Year” contest.
This promotion was aimed to
regular users of the Banesco
online and electronic
bankingYou can also read
