Corporate Banking

Transcripción

Corporate Banking

Índice
02
Mensaje del Presidente
06
06
08
10
13
16
Perfil
Santander Banespa
Grupo Santander
Misión y Valores
Histórico y Conquistas
Premios de 2004
18
Gobierno Corporativo
28
Mercado Bancario en Brasil
34
37
39
41
43
44
Un Banco Ágil y Próximo al Cliente
Segmentación
Tecnología
Calidad
Eficiencia
Recursos Humanos
48
Crecimiento de los Negocios
48
50
51
Crédito
Indivíduos
Empresas
52
53
53
54
54
55
Captaciones
Fondos de Pensiones Privados
Ahorro
Fondos
Depósitos a plazo
Planes de ahorro – Capitalización
55
Seguros
56
Tarjetas de Crédito
57
Cash Management
57
Agronegocios
58
Universidades
60
61
62
62
63
64
66
68
70
72
73
Banco Mayorista
Corporate Banking
Banca de Inversión
Mercado de Capitales
Fusiones y Adquisiciones
Tesorería
Comercio Exterior
Corredora de bolsa
Equity Research
Gestión de Recursos de Terceros
Private Banking
74
El Grupo Santander en 2004
82
Modelo Global de Gestión de Riesgos
100
107
108
120
154
156
Responsabilidad Social con Foco en la Educación
Estados Financieros
Análisis Gerencial de Resultados (MD&A)
Estados Financieros Pro forma
Resumen del Informe del Comité de Auditoria
Parecer de los Auditores Independientes
Contents
02
Letter from the CEO
06
06
08
10
14
16
Profile
Santander Banespa
Grupo Santander
Mission and Values
History and Achievements
Awards in 2004
18
Corporate Governance
28
The Banking Market in Brazil
34
37
39
41
43
44
An Agile Bank Close to the Customer
Segmentation
Technology
Quality
Operating Efficiency
Human Resources
48
Business Growth
48
50
51
Credit
Private Individuals
Corporate Entities
52
53
53
54
54
55
Funding
Private Pension
Savings
Funds
Time Deposits
Capitalization
55
Insurance
56
Credit Cards
57
Cash Management
57
Agribusiness
58
Universities
60
61
62
62
63
64
66
68
70
72
73
Wholesale Bank
Corporate Banking
Investment Banking
Capital Market
Mergers and Acquisitions
Treasury
Foreign Trade and Overseas Funding
Brokerage House
Equity Research
Third-Party Fund Management
Private Banking
74
Grupo Santander in 2004
82
Global Risk Management Model
100
Social Responsibility with a Focus on Education
107
108
120
154
156
Financial Statements
Management Discussion and Analysis (MD&A)
Pro Forma Financial Statements
Summary of Auditing Committee Report
Independent Auditors' Opinion
Informe Anual 2004 / Annual Report 2004
2
Letter from the CEO
Letter from the CEO
El ambiente económico Brasileño fue muy
positivo en 2004. El Producto Interno
Bruto creció 4,9%, y se crearon cerca
de 1,5 millones de empleos, la inversión
aumentó 10,9% y el superávit de la
balanza comercial alcanzó US$ 33,7 mil
millones. El prudente manejo de las
políticas monetaria y fiscal aseguró
el control de la inflación y la reducción
de la relación entre la deuda líquida
del sector público y el PIB, que pasó
del 58,0% al inicio del año para 51,8%.
La industria bancaria brasileña se desarrolló
en forma saludable, sobresaliendo el
crecimiento del crédito, que alcanzó
el 17,9% en 2004.
En 2004, el Santander Banespa cosechó
los resultados del extraordinario esfuerzo
realizado en los últimos seis años para
consolidar las instituciones financieras
que formaron la base de nuestro banco
– Banco General del Comercio, Noroeste,
Meridional, Bozano-Simonsen y Banespa,
además del propio Santander. Integramos
cinco bancos con infraestructura, cultura
y modelos de gestión diversos, para
desarrollar una nueva cultura y una
infraestructura diferenciada en la
construcción de un banco innovador.
Fue un periodo de fuertes inversiones
en los negocios y en tecnología, con
el objetivo de ampliar la eficiencia del
Banco y la calidad de servicio. La mejora
de la calidad también fue consecuencia
de inversiones en áreas de servicios
centrales, del perfeccionamiento de los
procesos de control operacional, de los
sistemas de gestión de resultados, y de
la fuerte capacitación y entrenamiento
de nuestros empleados.
The economic environment in Brazil
was highly favorable in 2004. Gross
Domestic Product (GDP) grew 4.9%,
accompanied by the creation of
approximately 1.5 million jobs, while
capital investments rose 10.9% and
the country's trade balance registered
a record surplus of US$ 33.7 billion.
Cautious monetary and fiscal policy
management helped to ensure inflationary
control and reduce the public net
debt/GDP ratio from 58.0% to 51.8%
over the year. The Brazilian banking
industry experienced a period of sound
development. A highlight in 2004 was
the expansion of credit to 17.9%.
In 2004, Santander Banespa reaped the
benefits of the tremendous efforts made
in the previous six years to consolidate
the financial institutions that formed
the basis of our bank, namely Banco
Geral do Comércio, Noroeste, Meridional,
Bozano-Simonsen and Banespa, not to
mention Santander itself. We have
integrated these five banks, each with
their own infrastructure, corporate culture
and management model to develop
a new corporate culture and differentiated
infrastructure in the construction of an
innovative bank.
This was a period of heavy investment
in business and technology with the
objective of enhancing the Bank's efficiency
and quality of service. Improvements in
quality also stemmed from investments
in central services, operational control
processes, result-oriented management
systems, and intensive professional
training and qualification.
Letter from the CEO
Este movimiento fue acompañado por
el refuerzo en las áreas de marketing,
productos y canales. Dedicamos un
gran esfuerzo a los estudios de mercado,
lo que resultó en un salto cualitativo
y cuantitativo en el conocimiento de
nuestros clientes, con la consecuente
identificación de oportunidades para
la oferta de productos y servicios, así
como la elección de canales adecuados
para cada perfil. Se buscó, también,
atraer profesionales destacados en sus
áreas de actuación, fortaleciendo una
organización comercial orientada hacia
el crecimiento.
Los resultados de esas acciones son visibles.
El Santander Banespa se consolidó como
uno de los conglomerados financieros
de mayor crecimiento en el mercado
brasileño. Los ingresos por intermediación
financiera sumados a los ingresos por
prestación de servicios aumentaron
el 13,2%, alcanzando R$ 12,2 mil
millones, reflejo del aumento del
volumen de negocios.
En 2004 los principales productos
avanzaron en cuota del mercado. La
cartera de crédito creció el 30,1% –
frente al 17,9% del total del sistema –,
destacando la evolución del 35,6%
en las operaciones con indivíduos.
El volumen financiado en tarjetas
de crédito aumentó el 51,0%, el doble
del promedio del mercado, que fue del
25,0%. Otro destaque fue el resultado
observado en los fondos de pensiones,
cuyas reservas aumentaron el 95,0%,
frente al 61,0% del resto del mercado.
This movement was accompanied by
initiatives to reinforce marketing, products
and channels, with a focus on development
and innovation. We dedicated strong
efforts to market research, which
resulted in a qualitative and quantitative
leap as regards the knowledge that we
had about our customers, and helped
us to identify valuable opportunities to
offer them new products and services
as well as to choose appropriate channels
according to each customer profile.
Additionally, we sought to attract
outstanding professionals in their
respective fields of expertise so as to
strengthen our position as a growthoriented commercial organization.
The results of such actions are visible.
Santander Banespa is now one of the
financial conglomerates with the highest
growth rates in the Brazilian market.
Revenues from financial intermediation
and services provided rose 13.2% to
R$ 12.2 billion, reflecting a larger
volume of business.
The Bank's chief products gained further
market share in 2004. Our credit portfolio
expanded 30.1% – versus 17.9% for the
total system – pushed up mainly by
a 35.6% increase in credit operations
with private individual customers. The
volume of credit card financing grew
51.0% or about twice as much as the
market average (25.0%). Another highlight
was the result observed in private pension
funds, whose reserves increased by 95.0%
against 61.0% for the rest of the market.
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4
Letter from the CEO
El buen desempeño comercial fue reconocido no sólo por el mercado, sino también,
por las agencias de rating. Fitch elevó el rating del Santander Banespa a BB+,
por encima del rating soberano. Fuimos elegidos como el mejor banco minorista
de Brasil, por la Fundación Getúlio Vargas, y el Grupo Santander, el mejor banco
en América Latina por la revista Global Finance. En el área de Gestión de Activos
(Asset Management), recibimos de Standard & Poor's la clasificación más alta en
fondos de inversión en Brasil y fuimos reconocidos por la Guía Exame y por el
periódico Valor Econômico como uno de los mejores gestores de fondos en el País.
Aún hay una gran oportunidad de mercado. El grado de bancarización en
Brasil es reducido cuando se considera la dimensión de la economía del País.
Our good commercial performance was acknowledged not only by the market
but also by rating firms. Fitch raised Santander Banespa's rating to BB+, which
is superior to Brazil's sovereign risk rating. Moreover, we were elected the best
retail bank in Brazil by Fundação Getúlio Vargas, while Grupo Santander was
classified as the best bank in Latin America by Global Finance. With regard to
Fund Management, we received from Standard & Poor's the highest rating for
investment funds in Brazil, and we were recognized by Guia Exame and the
news daily Valor Econômico as one of the best fund managers in the country.
But there is more in store for us. The percentage of people with access to banking
services is still relatively low in Brazil, considering the size of its economy.
5
Letter from the CEO
Están cada vez más distantes las
incertidumbres y la volatilidad que
impedían el aumento de la bancarización
y se espera que continúe el fuerte proceso
de expansión del crédito y de los servicios
bancarios iniciado el último año.
El desarrollo de nuestro Banco se está
dando con respeto a los más estrictos
principios de gobierno corporativo. La
constitución del Comité de Auditoria,
en 2004, representa, de manera formal,
nuestro compromiso con las mejores
prácticas, en convergencia con la
política de todo el Grupo Santander.
Finalmente, siempre es un placer resaltar
la plena integración del Grupo en las
comunidades en las que actúa, através
de nuestras iniciativas de responsabilidad
social. En 2004, se promovieron acciones
sociales que van desde el apoyo a la
cultura y al desarrollo del emprendedorismo.
Me gustaría resaltar el proyecto Universia,
que es una alianza sin precedentes,
a escala mundial, entre una empresa
y el mundo universitario. En ese
proyecto, se firmaron acuerdos con
más de 200 instituciones de enseñanza
en Brasil y 839 en el mundo.
Con la inversión hecha y la casa ordenada,
nos consolidamos como uno de los
mayores bancos brasileños en crecimiento
de ingresos y volúmenes de negocios.
Por estos resultados, quiero agradecer
especialmente a nuestros clientes
y a nuestros empleados y colaboradores,
porque son ellos los que nos ayudan
a construir un Banco sólido, innovador
y en permanente crecimiento.
The uncertainties and volatility that
hampered any development in this
concern are now subsiding. Thus, we
can hope that demand for credit and
access to banking services will continue
to expand steadily, following a trend
initiated last year.
The development of our Bank is in strict
compliance with the highest standards
of corporate governance. The constitution
of an Auditing Committee in 2004
represents our formal commitment to
put into effect the best practices, in
consonance with Grupo Santander's
corporate policy.
Finally, it is always a great satisfaction
to draw attention to the full integration
of the Group with the local communities
where we do business, as expressed
through our initiatives in the sphere
of social responsibility. In 2004, we
promoted social actions that range
from sponsorship for the arts & culture
to the development of entrepreneurship.
At this point, I should like to highlight
Project Universia, a groundbreaking,
worldwide alliance between a company
and the university community. Partnerships
have been formed with more than 200
educational institutions in Brazil and
839 in the world under this project.
Having made the required capital
investments and put the house in
order, we can now consolidate our
position as one of the largest banks
in Brazil, focused on consistency
and professionalism.
In view of the results above, I should
like to express my special gratitude
to our customers, employees and
collaborators, for they are the ones
who help us to build a solid and
innovative bank with a permanent
ability to grow.
Gabriel Jaramillo
Presidente Santander Banespa
CEO Santander Banespa
6
Perfil
Profile
Perfil
Profile
Santander Banespa
El Banco Santander Banespa es uno de los mayores grupos financieros de Brasil.
Cuenta con 6,5 millones de clientes, atendidos por 21 mil profesionales y una
amplía red de 1.888 agencias y puestos de atención bancaria (PABs), además
de 7.334 cajeros automáticos. Los activos totales sumaron R$ 69,6 mil millones
en 2004, posicionándose en el cuarto lugar en el ranking del Banco Central,
entre las instituciones privadas. Es un banco múltiple, con presencia activa en
operaciones diversificadas minoristas y mayoristas, con una gama de negocios
y productos en diferentes segmentos de clientes – indivíduos, pequeñas y
medianas empresas, corporaciones, gobiernos e instituciones.
El Santander Banespa opera en Brasil desde 1982 y comenzó en 1997, un proceso
de crecimiento con la adquisición de cinco instituciones financieras: El Banco
Geral do Comércio, Noroeste, Meridional, Bozano-Simonsen y Banespa. El proceso
de consolidación de esas instituciones estuvo basado en la gradual integración
operacional y comercial, en la mejoría de la eficiencia y la preservación de las
mejores prácticas y experiencias de esos cinco bancos.
Amplia Red de Distribuición
Ample Distribution Network
1.888 puntos de venta
1,888 points of sale
7.334 ATMs
7,334 ATMs
Cerca de 6,5 millones de clientes
Approximately 6.5 million Customers
Objetivo en São Paulo y en las Regiones Sur y Sudeste
Focus in São Paulo and in the south and southeast regions
Base de Clientes
Customer Base
Indivíduos:
Private individuals:
6,3 millones
6.3 million
Pequeñas y Medianas Empresas:
Small & Medium Businesses (SMBs):
180.000
180,000
Empresas:
Companies:
7.600
7,600
Cobiernos e Instituciones:
Governments & Istitutions:
18.000
18,000
Corporate:
Corporate:
1.200
1,200
Santander Banespa
Santander Banespa is one of the largest financial groups in Brazil. It has 6.5 million
customers attended to by 21 thousand professionals and served by a network
of 1,888 branches and banking service outlets, plus 7,334 automated teller
machines (ATMs). With total assets amounting to R$ 69.6 billion in 2004, it ranks
fourth in the Central Bank's classification of private institutions. It is a full-service
commercial bank that is actively engaged in a variety of retail and wholesale
banking operations, with a wide range of business activities and products in
different customer segments: private individuals, small & medium businesses,
corporations, governments and institutions.
Santander Banespa has been operating in Brazil since 1982 and in 1997 it began
to expand by acquiring five financial institutions, namely: Banco Geral do Comércio,
Noroeste, Meridional, Bozano-Simonsen and Banespa. Their consolidation
was a gradual process of operational and commercial integration, coupled
with improvements in efficiency while preserving their best practices and
unique experience.
Perfil
Profile
La presencia del Banco está concentrada
en los Estados de São Paulo y Río Grande
do Sul y en las principales ciudades de
los otros estados de las Regiones Sur
y Sudeste, que reúnen más de 100 millones
de personas, presentan el mayor dinamismo
económico del País y la mayor penetración
en el consumo de productos y servicios
bancarios. El Banco Santander Banespa
posee una participación de mercado
significativa en esas regiones, sobresaliendo
São Paulo, donde está posicionado
como uno de los tres principales
bancos del Estado.
En 2004, las operaciones de crédito se
ampliaron en un 30,1%, para un total
de R$ 21,6 mil millones, con mejores
índices de calidad de crédito (4,4%
clasificados como de liquidación dudosa,
ante el 6,4% el año anterior). El Índice
de Basilea se situó en 17,0%, seis puntos
porcentuales encima del nivel mínimo
exigido por el Banco Central (11,0%).
El Santander Banespa representa el 12,0%
de los ingresos del Grupo Santander
y el 39,0% de los ingresos del Grupo
en América Latina.
The Bank's business is concentrated in
the States of São Paulo and Rio Grande
do Sul and in the major cities of other
states within the south and southeast
regions of Brazil. Aggregating a population
of 100 million people or more, these
are the most dynamic areas of the country
in terms of economic activity and they
show the highest banking product and
service consumption rates. Santander
Banespa holds a significant market
share in these regions, particularly in
São Paulo, where it ranks among the
state's top three banks.
In 2004, the Bank's credit operations
expanded by 30.1% to a total of R$ 21.6
billion, with higher credit quality rates
(4.4% classified as doubtful loans versus
6.4% in 2003) and a Basel Index of 17.0%
or six percentage points above the
minimum ratio required by the Central
Bank (11.0%).
Santander Banespa accounts for 12.0%
of Grupo Santander's revenues and
39.0% of its revenues in Latin America.
7
8
Perfil
Profile
Grupo Santander
El Santander (SAN.MC, STD.N) es el
noveno banco del mundo y el primero
en la Zona Euro en valor de mercado.
Fundado en 1857, cuenta con 60 millones
de clientes, 9.973 agencias y presencia
en más de 40 países. Su valor de mercado
a diciembre/2004 era de 57.102 millones
de euros, con un total de activos de
575.398 millones de euros y 801.108
millones de euros en depósitos en
fondos. Es el principal grupo financiero
en España y en América Latina y
desarrolla una importante actividad de
negocios en Europa, con una
destacada presencia en el Reino Unido,
por medio del Abbey, y en Portugal,
donde es propietario del tercer grupo
financiero – Totta. Cuenta también con
el Santander Consumer Finance,
unidad líder especializada en el
financiamiento para consumo en
España, Alemania, Italia y otros ocho
países europeos.
En América Latina, el Grupo Santander
es líder en el segmento bancario y
administra volúmenes de negocios
superiores a US$ 120 mil millones
(créditos, depósitos y fondos de
terceros), por medio de 4 mil agencias
y una presencia en diez países. En
2004, la ganancia líquida del Grupo
Santander en América Latina creció el
9,0%, para US$ 1,8 mil millones.
Además de la posición destacada en
Brasil, ocupa el primer lugar del
ranking en Chile y en Argentina,
segundo en Venezuela y tercero en
México. Posee también presencia en
Colombia, Bolivia, Perú, Uruguay y
Puerto Rico.
Grupo Santander
Santander (SAN.MC, STD.N) is the ninth
largest bank in the world and the first
in the Euro zone in terms of market
capitalization. Founded in 1857, it has
60 million customers, 9,973 bank
branches and business operations spread
across more than 40 countries. Its market
capitalization value as at December/2004
was 57,102 million euros, with 575,398
million euros in total assets and 801,108
million euros in managed funds. It is the
most important financial group in Spain
and Latin America, with major business
activities in Europe as well as a strong
presence in the United Kingdom
through Abbey, and in Portugal, where
it owns Totta, the third largest financial
group in that country. Furthermore, it
runs Santander Consumer Finance, a
leading unit specialized in consumer
finance in Spain, Germany, Italy and
eight other European countries.
Grupo Santander leads the Latin American
banking segment and it manages
a business volume in excess of US$ 120
billion (loans, deposits and third-party
funds) through four thousand branches
sprawling across ten countries. Its net
profit in Latin America grew 9.0% to
US$ 1.8 billion in 2004. In addition
to occupying an outstanding position
in the Brazilian market, Grupo Santander
ranks first in Chile and Argentina, second
in Venezuela, and third in Mexico. Finally,
it is also present in Colombia, Bolivia,
Peru, Uruguay and Puerto Rico.
Perfil
Profile
9
10
Misión y Valores
Mission and Values
Misión
Desarrollar y consolidar la franquicia financiera líder en las regiones Sur
y Sudeste de Brasil, a través de la creación de valor para los accionistas,
clientes, empleados y comunidades donde operamos.
Mission
To develop and consolidate a leading financial franchise in the south and southeast
regions of Brazil by creating value for our stockholders, customers, employees and the
communities where we operate.
Misión y Valores
Mission and Values
Valores
El Santander Banespa está apoyado en sólidos valores:
Foco en el Cliente, Compromiso, Equipo, Eficiencia, Calidad, Innovación,
Transparencia, Solidez, Compromiso con las Comunidades donde operamos.
Values
Santander Banespa subscribes to the following fundamental values:
Focus on the Customer, commitment, teamwork, efficiency, quality, innovation,
transparency, strength, and commitment to the communities where we operate.
11
12
Santander Banespa
1982
Instalación de la primera oficina de representación en Brasil.
1991
Comienzo de las operaciones del Santander Investment.
1997
Compra del Banco Geral do Comércio.
1998
Compra del Banco Noroeste.
2000
• Compra de los bancos Meridional y Bozano-Simonsen
• Creación del segmento preferencial de los clientes individuales
• Compra del Banco del Estado de São Paulo (Banespa).
2001
Comienzo de las operaciones de fondos de pensiones privados, con el lanzamiento del primer PGBL.
2002
• Comienzo del proceso de renovación tecnológica.
• Creación del Santander Cultural en Porto Alegre.
• Lanzamiento del crédito consignado, con descuento en nómina.
• Introducción del programa de calidad A+. Lanzamiento del Portal Universia Brasil
Grupo Santander
1857
Fundación del Banco Santander.
1925
Apertura de una oficina en Osorno (Valencia), la primera del Banco Santander fuera de Cantabria.
1935
Banesto cuenta con la mayor red de sucursales de España.
1946
Adquisición del Banco Mercantil de Santander, su principal competidor. Impulso a la expansión nacional.
1950
Banco Santander crea el Departamento Iberoamericano, con oficinas en México, en Argentina, en Venezuela y en Cuba.
1965
Creación del Banco Intercontinental Español, hoy Bankinter, asociado al Bank of America, que era el mayor banco
del mundo.
1976
Compra del primer banco en América, el First National Bank de Puerto Rico.
1982
Adquisición del Banco Español de Chile.
1986
El Banco Santander es el quinto de España por volumen de activos.
1987
Adquisición del CC Bank, entidad alemana de financiamiento de vehículos.
1988
Alianza del Banco Santander con el The Royal Bank of Scotland.
1989
Lanzamiento de la Supercuenta Santander, primera cuenta remunerada de España, punto de partida de la fuerte
expansión del Banco.
1994
El Banco Santander adquiere el Banesto, cuarto banco español en la ocasión.
1999
• Enero: Fusión Santander-BCH, primer y tercer bancos españoles, respectivamente, que dan lugar al Grupo
Santander, primera entidad financiera de España y de América Latina. Se trata de la primera gran operación
europea después de la introducción del euro.
• Abril: La acción del Santander comienza a ser negociada en Bolsa.
• Noviembre: Se logra un acuerdo con el Grupo Champalimaud para adquirir los bancos Totta & Açores y Crédito
Predial Portugués.
2003
• Reestructuración y optimización de las áreas centrales y de operaciones.
2004
• Comienzo del proceso de refuerzo de la imagen y de la marca del Banco en los medios
• Fase final de la segmentación de la base de clientes.
• Integración comercial de las redes Banespa y Santander.
• Santander Banespa es elegido el mejor banco minorista del País, por la FGV, y el Grupo Santander,
el mejor banco de América Latina, por la revista Global Finance.
• Elevación en los ratings de Fitch de largo plazo en moneda local (BB+) y extranjera (BB-) y de S&P
en escala local (para brAA/estable).
• Lanzamiento del Banco Universitario.
• Lanzamiento del Supergiro en Cuotas Pymes, Fondo Multi-Retorno y Ahorro Programado.
• Creación del Comité de Auditoria.
2000
• Mayo: Adquisición, en remate, del grupo mexicano Serfin, tercer banco del país.
• Noviembre: Adquisición, en remate, del Banespa, cuarto banco de Brasil y segundo del Estado de São Paulo.
2001
• Abril: Cerrada, con éxito, la Oferta Pública de Acciones (OPA) referente al 67,0% del capital del Banespa.
2002
• Abril: Adquisición del 35,45% del capital del Banco Santiago, que meses más tarde se fusionó con el
Banco Santander de Chile, para crear el líder del sector financiero chileno, Santander Santiago.
• Mayo: Adquisición del AKB Group, grupo de financiamiento al consumo en Alemania.
• Agosto: Fusión del Banco de Venezuela y del Banco de Caracas, para crear al líder del sector
financiero venezolano.
• Diciembre: Alianza estratégica con el Bank of América, en México, que compra el 24,9% del Grupo
Financiero Santander Serfin.
2003
• Enero: Creación del Santander Consumer Finance, que engloba todos los negocios del Banco
de Consumo en Europa.
• Marzo: El Grupo Santander pasa a controlar el 100,0% de la sociedad italiana de financiamiento
al consumo, la Ficonsumo.
2004
• Mayo: Adquisición del negocio de banco privado en América Latina de Coutts & Co.
• Febrero: El Santander Consumer Finance compra la Polskie Towarzystwo Finansowe (PTF), primera
compañía polaca de financiamiento de vehículos, y la Elcon Finans S.A., primera compañía noruega
de financiamiento de vehículos.
• Julio-Noviembre: Adquisición del sexto banco británico, Abbey, por 12.451 millones de euros,
y su integración a la estructura del Grupo Santander.
13
14
Santander Banespa
1982
Opened the first agency in Brazil.
1991
Initiated Santander Investment operations.
1997
Acquired Banco Geral do Comércio.
1998
Purchased Banco Noroeste.
2000
• Bought the banks Meridional and Bozano-Simonsen
• Created a preferential segment for private individual customers.
• Acquired Banco do Estado de São Paulo (Banespa).
2001
Initiated private pension operations by launching the first PGBL plan.
2002
• Created Santander Cultural in Porto Alegre.
• Launched Portal Universia Brasil.
•Introduced a quality program named A+.
• Launched a consigned credit line with loans deducted from payroll.
• Initiated a technology renewal process.
Grupo Santander
1857
Foundation of Banco Santander.
1925
Opened an office in Osorno (Valencia), the first Santander branch outside Cantabria.
1935
Banesto boasts the largest network of bank branches in Spain.
1946
Acquired Banco Mercantil de Santander, its main competitor. Gave impetus to a national expansion process.
1950
Banco Santander created the Iberian-American Department by opening offices in Mexico, Argentina, Venezuela
and Cuba.
1965
Created Banco Intercontinental Espanhol, known as Bankinter today, associated to Bank of America, the largest
bank in the world at the time.
1976
Purchased the first bank in America, namely the First National Bank of Puerto Rico.
1982
Bought Banco Espanhol do Chile.
1986
Banco Santander ranks fifth in Spain in terms of total assets.
1987
Acquired CC Bank, a German vehicle financing entity.
1988
Banco Santander established an alliance with The Royal Bank of Scotland.
1989
Launched Superconta Santander, the first interest-earning checking account in Spain, as a starting point for the
Bank's marked expansion.
1994
Banco Santander purchased Banesto, the fourth largest Spanish bank at the time.
1999
• January: Merger between Santander and BCH, the first and third largest Spanish banks, respectively, giving rise
to Grupo Santander, the largest financial institution in Spain and Latin America. This was the first major
European operation since the introduction of the euro.
• April: Santander shares are first traded on the stock exchange.
• November: Agreement with Champalimaud Group to acquire Totta & Açores and Crédito Predial Português.
2003
Restructured and optimized central areas and operations.
2004
• Initiated efforts to reinforce the Bank's image and brand name through the media.
• Implemented the final phase of customer portfolio segmentation.
• Integrated the commercial operations of the Banespa and Santander networks.
• Santander Banespa was elected the best retail bank in Brazil by FGV, and Grupo Santander was classified
as the best bank in Latin America by Global Finance.
• Fitch raised the Bank's long-term risk rating to BB+ in local currency and BB- in foreign currency, while
S&P raised its rating to brAA/stable on the local scale.
• Launched Banco Universitário.
• Introduced Supergiro Parcelado Pymes, Fundo Multi-Retorno and Poupança Programada.
• Created the Auditing Committee
2000
• May: Acquired through an auction a Mexican group named Serfin, the third largest bank in that country.
• November: Acquired Banespa, the fourth largest bank in Brazil and the second largest in the State
of São Paulo, in an auction.
2001
April: Completed with success the Initial Public Offering (IPO) of 67.0% of Banespa's capital stock.
2002
• April: Acquired 35.45% of the capital stock of Banco Santiago, which merged with Banco Santander do
Chile a few months later, giving rise Santander Santiago, a market leader in the Chilean financial industry.
• May: Acquired AKB Group, a consumer finance group in Germany.
• August: Banco da Venezuela merged with Banco de Caracas to form a market leader in the Venezuelan
financial industry.
• December: Strategic alliance with Bank of America in Mexixo, which in turn purchased 24.9% of Grupo
Financeiro Santander Serfin.
2003
• January: Created Santander Consumer, which aggregates all of the Bank's consumer finance operations in Europe.
• March: Grupo Santander now controls 100.0% of Ficonsumo, an Italian consumer finance company.
• May: Acquired Coutts & Co.'s private banking business in Latin America.
2004
• February: Santander Consumer Finance bought Polskie Towarzystwo Finansowe (PTF) and Elcon Finans
S.A., the largest vehicle financing companies in Poland and Sweden, respectively.
• July-November: Acquired Abbey, the sixth largest British bank, for 12,451 million euros and integrated
it to the structure of Grupo Santander.
15
16
Premios en 2004
Awards in 2004
Premios en 2004
Awards in 2004
En Brasil
In Brazil
Otorgante
Grantor
Premios y reconocimientos
Awards and recognition
Motivo
Reason
Mejor Banco Minorista
Best Retail Bank
Desempeño general
General performance
Fundación Getúlio Vargas
Fundação Getúlio Vargas
Mejor Tesorería de América Latina
Best Treasury in Latin America
Operaciones de Tesorería
Treasury operations
Revista Euromoney
Euromoney
Segundo Mejor Grupo de Economistas
de América Latina
Análisis de escenarios
y equity research
Revista Institutional Investor
Institutional Investor
2nd Best Team of Economists
in Latin America
Scenario analysis
and equity research
Mejor Analista Minorista de América Latina
Best Retail Market Analyst – Latin America
Minorista
Retail banking
Revista Institutional Investor
Institutional Investor
Mejor Gestor de Fondos
Best Asset Management
Categoría Renta Mixta
Mixed income funds
Standard & Poor's
Standard & Poor's
Mejor Gestor de Fondos
Best Asset Management
Categoría Multiriesgos
Multi risk funds
Revista Exame
Exame
Mejor del Sector de Servicios Especializados
Best Specialized Service Provider
Seguros
Insurance
Periódico Valor Econômico
Valor Econômico
Top Gestión
Top Management
Gestión de fondos de inversión
Investment fund management
Revista Valor Investe
Valor Investe
Mejor Securitización Internacional
Best International Securitization
Operación de securitización
de US$ 400 millones
Revista Latin Finance
Latin Finance
Securitization operation
of US$ 400 million
Deal of the Year – Best Equity Offering
Deal of the Year – Best Equity Offering
Oferta Pública de Acciones de Gol
Initial Public Offering of Gol's shares
Revista Latin Finance
Latin Finance
Top RH
Top HR
Proyecto Hable con RH
Project Talk to HR
Asociación de Dirigentes de
Ventas y Marketing de Brasil
Association of Marketing & Sales
Directors of Brazil
Premios en 2004
Awards in 2004
Internacional
International
Premios
Awards
Otorgante
Grantor
Banco del Año – 2002, 2003 y 2004
Bank of the Year in Latin America – 2002, 2003 and 2004
Euromoney
Euromoney
Mejor Tesorería en América Latina 2004
Best Treasury in Latin America – 2004
Euromoney
Euromoney
Banco del Año – 2002 y 2003
Bank of the Year in Latin America – 2002 and 2003
The Banker
The Banker
Mejor Banco en América Latina – 2003 y 2004
Best Bank in Latin America – 2003 and 2004
Global Finance
Global Finance
Mejor Cash Management en América Latina 2004
Best Cash Management in Latin America 2004
Global Finance
Global Finance
Mejor Tesorería en América Latina 2004
Best Treasury in Latin America – 2004
Global Finance
Global Finance
Banco del Año 2003
Bank of the Year in Latin America – 2003
Latin Finance
Latin Finance
17
18
El Grupo Santander tiene un compromiso
con el Gobierno Corporativo y actúa
en ese sentido al asegurar cuatro
importantes fundamentos.
El primero prevé un conjunto de normas
que define la participación de los accionistas
en las decisiones del Grupo, en particular
para el ejercicio de sus derechos y el
incentivo a la participación en las
asambleas generales de la empresa.
Estos derechos son corroborados por
los estatutos y reglamentos.
Grupo Santander is fully committed to
corporate governance and it fulfills this
commitment by securing four
foundations:
The first is a set of rules that governs the
participation of shareholders in the Group's
decisions, detailing how they may exercise
their rights and encouraging them to attend
the Shareholders' Meetings. These rights
are corroborated by statutes and regulations.
El segundo contempla el regulamiento
del Consejo de Administración y de
Comités, tanto en su aspecto funcional
como en la fijación de los derechos
y deberes de los consejeros.
The second refers to a body of regulations
that defines the roles of the Board
of Directors and Committees, in addition
to establishing the rights and obligations
of their members.
El tercero comprende las normas internas
del Grupo, que versan sobre los principios
y las reglas concretas de comportamiento
con relación a la actuación en bolsas de
valores y mercaderías. Estos principios están
definidos en el Código de Conducta del
Mercado de Capitales.
The third consists of internal standards
that lay down principles and explicit
rules of conduct for the Group in
relation to the stock market. These
principles are stated in the Capital
Market Code of Conduct.
El cuarto es la transparencia, que busca
mejorar el grado de información disponible
a los accionistas e inversores, que cuentan
también con la publicación de balances,
informes anuales y datos en la página
Web del Grupo en Internet. La obligación
del Grupo es la de proveer informaciones
exactas, completas y actualizadas a
todos, con calidad, en forma transparente
y democrática y siempre bajo la supervisión
de un auditor independiente.
Vistos como un factor importante del
gobierno corporativo, los comités de
auditoria pasaron a ser exigidos por la Ley
Sarbanes-Oxley, de 2002, publicada por la
And the fourth is transparency, the
purpose of which is to improve the
quality of the information made available
to shareholders and investors through
the publication of balance sheets, annual
reports and data on the Group's website.
It is the Group's obligation to provide
accurate, complete and up-to-date
information to all stakeholders with
quality and in a transparent and
democratic manner, always under the
supervision of independent auditors.
Regarded as a key element of corporate
governance, auditing committees have
become a basic requirement under the
Sarbanes-Oxley Act of 2002, which
consists of a set of rules published by the
Securities and Exchange Commission
Securities and Exchange Commission (SEC), aplicables a las empresas listadas en la
Bolsa de Valores de Nueva York (Nyse). Bastante antes de eso, en 1986, el Grupo
Santander, que poseía ADS (American Depositary Shares) listada en el Nyse,
constituyó su comité de auditoria.
Así como el Grupo, el Banco Santander Banespa también está alineado a las mejores
prácticas internacionales en cuestiones tan importantes como los derechos de los
accionistas, el compromiso con la creación de valor, la transparencia, y la estructura
y el funcionamiento del Consejo de Administración. Por medio de la Internet del
Santander Banespa y del área de Relaciones con Inversores, también se encuentran
disponibles los balances e informes de la operación en Brasil.
El Banco Santander Banespa dispone, también, de varios mecanismos de gobierno
corporativo. Se destacan los Códigos de Conducta en los Mercados de Valores
y el Código de Ética.
(SEC) for all companies listed with the New York Stock Exchange (NYSE). Grupo
Santander's auditing committee was actually established before that, in 1986,
due to the placement of ADSs (American Depositary Shares) on the NYSE.
Likewise, Santander Banespa follows the best international practices where important
issues such as shareholder rights, commitment to value creation, disclosure, and
the structure and roles of the Board of Directors are concerned. The Bank and its
Investor Relations Service provide information about the Group's operation in Brazil
by posting the relevant balance sheets and reports on the Web.
Santander Banespa also resorts to various corporate governance mechanisms,
the most important of which are the Capital Market Code of Conduct and the
Code of Ethics.
Códigos de Ética y de Conducta
El Código de Conducta en el Mercado de Valores está destinado a los profesionales
comprometidos en operaciones en el mercado de valores mobiliarios y busca
cumplir la legislación financiera, que prohíbe el uso de informaciones privilegiadas,
en provecho propio o de terceros que le son próximos, presentes en situaciones
claras de conflicto de intereses.
El Código de Ética es aplicable a todos los empleados y resalta las prácticas
actuales del Banco, norteando la relación de trabajo y la relación con los clientes
y la comunidad, definiendo las reglas de conducta a ser cumplidas por todos con
relación a responsabilidades, ética y sigilo profesional, conflictos de interés,
inversiones personales, prevención del lavado de dinero, penalidades, entre otras.
El código también es acompañado de la Política de Seguridad de la Información.
19
20
Codes of Conduct and Ethics
The Capital Market Code of Conduct has been designed for professionals involved
in capital market transactions and it is intended to ensure strict compliance with
the laws and regulations governing the financial system, which forbid the use of
privileged information for one's own benefit or for the benefit of closely related
third parties in situations where there is a clear conflict of interests.
The Code of Ethics applies to all employees and it features the Bank's current practices,
serving as a guideline for relationships in the workplace, with customers and
the local communities. It sets universal rules of conduct regarding responsibilities,
professional ethics and secrecy, conflicts of interest, personal investments, money
laundering prevention, penalties, etc. This code is further supported by an
Information Security Policy.
Gestión
1
2
3
4
Gabriel Jaramillo
Ana Isabel Perez
Angel Agallano
Eduardo Dacache
Gustavo Murgel
Henry Gonzalez
José de Paiva
Lorenzo Alonso
Luiz Cantidio
Mário Torós
Miguel Jorge
Pedro Coutinho
Ramón Sánchez
1 Comisión Ejecutiva
Executive Committee
2 Comité de Activos y Passivos (ALCO)
Asset-Liability Committee (ALCO)
3 Comité Ejecutivo de Riesgos
Executive Risk Committee
4 Comité de CAR y Compliance
CAR and Compliance Committee
5 Comité Ejecutivo de Riesgos Operativos
Executive Operating Risk Committee
5
La gestión del Santander Banespa está ejercida por la Comisión Ejecutiva y es auxiliada
por otros comités, en un modelo que los alinea en torno a los compromisos con
el resultado y a la creación de valor para los accionistas.
En diciembre de 2004, el Banco Santander Banespa presentaba los siguientes comités
ejecutivos de: (i) Riesgos; (ii) Riesgos Operativos; (iii) Productos; (iv) Análisis
y Resoluciones; (v) Compliance; (vi) Activos y Pasivos; (vii) Auditoria; (viii) Recursos
Humanos; (ix) Jurídico; (x) Tecnología; (xi) Administración y Control de Gastos; (xii)
Negocios y Proyectos Especiales; (xiii) Clientes; (xiv) Negocios de Activos; (xv) Captación;
(xvi) Calidad; y (xvii) Planificación Tributaria.
El cuadro al lado presenta la distribución de los directivos, miembros de la Comisión
Ejecutiva y los comités, primordialmente relacionados a la integración y gestión
del gobierno corporativo del Banco Santander Banespa.
Management
The management of Santander Banespa has been entrusted to an Executive
Committee and it is supported by other committees. These bodies are all aligned
around a commitment to achieve satisfactory business results and to generate
shareholder value.
Santander Banespa had the following executive committees as at December
2004: (i) Risks; (ii) Operating Risks; (iii) Products; (iv) Analysis and Resolutions or
CAR; (v) Compliance; (vi) Asset-Liability or ALCO; (vii) Auditing; (viii) Human Resources;
(ix) Legal Affairs; (x) Technology; (xi) Management and Control of Expenditures;
(xii) Special Businesses and Projects; (xiii) Customers; (xiv) Asset Operations; (xv)
Fund Raising; (xvi) Quality; and (xvii) Tax Planning.
The table on the left shows the distribution of officers and members of the
Executive Committee, who are closely related to the integration and
management of the Bank's corporate governance practices.
Comisión Ejecutiva
Instancia superior del Banco, integrada
por el presidente y por la Directoria
Ejecutiva. Es responsable por las decisiones
sobre la gestión de los negocios, y de
las grandes inversiones en infraestructura
tecnológica y de servicios. Todas las
actividades del Banco Santander
Banespa en Brasil están organizadas
bajo su dirección.
Comité de Activos y Pasivos (ALCO)
Es responsable por la gestión de los riesgos
estructurales del balance del Banco
Santander Banespa, lo que incluye riesgos
de tasas de interés, liquidez y tipo de
cambio, además de la exposición al riesgo
país. El ALCO también se responsabiliza
por la gestión del capital del Banco.
Comité Ejecutivo de Riesgos
Fija las políticas referentes a los procesos
de admisión, seguimiento y cobranza
de créditos y también a los riesgos de
contrapartida y de mercado. La admisión
y el acompañamiento de los principales
riesgos están basados en modelos
propios del Grupo Santander,
adaptados a las particularidades
del mercado brasileño.
Comité de Compliance
Responsable por identificar riesgos
de cumplimiento de normas, examinar
potenciales conflictos de interés, aprobar
el nombramiento de responsables por
el control en las áreas, hacer cumplir
el riguroso código de conducta, aprobar
otras directivas y reglas buscando preservar
informaciones privilegiadas del Banco
y/o de clientes, determinar la política
de capacitación de compliance para los
empleados y examinar los requerimientos
especiales de los órganos reguladores.
Comité de Análisis y
Resoluciones (CAR)
Conducido por el área de Prevención
al Lavado de Dinero, perteneciente
a la estructura de Compliance, el CAR
es responsable por instituir, cumplir
y hacer cumplir las políticas
de combate al lavado de dinero
adoptadas internacionalmente
por el Grupo Santander.
Executive Committee
At the top of the Bank's decision-making
structure is the Executive Committee,
formed by the Chairman and Board
of Executive Officers. This body
is responsible for making decisions
concerning company management,
capital allocation and heavy capital
investments in technology and services.
All the activities of Santander Banespa in
Brazil are organized under its direction.
Asset-Liability Committee (ALCO)
ALCO is responsible for managing
the structural risks associated with the
balance sheets of Santander Banespa,
which include interest rate, liquidity,
currency and country risks. This body
is also entrusted with the management
of the Bank's capital.
This body defines policies for the
processes of risk assumption and
management, and credit collection as
well as the assessment of counter-party
and market risks. The assumption and
monitoring of major risks are based
on proprietary models developed by
Grupo Santander and adapted to the
peculiarities of the Brazilian market.
Compliance Committee
This body is in charge of identifying
the risks attendant to non-compliance,
examining potential conflicts of interest,
approving the appointment of professionals
for controlling functions in different
areas, enforcing strict compliance with
the Bank's code of conduct, sanctioning
other guidelines and rules intended to
safeguard the Bank's and/or the customers'
restricted information, defining a policy
for employee training in compliance
issues, and examining special requirements
imposed by regulatory agencies.
Analysis and Resolutions
committee (CAR)
Headed by the Money Laundering Prevention
Unit, which belongs to the structure of
the Compliance Division, this committee
is responsible for establishing, following
and enforcing the policies adopted
internationally by Grupo Santander
to prevent money laundering.
21
22
Comité Ejecutivo
de Riesgos Operativos
Tiene como función analizar y aprobar
las principales políticas, directivas,
metodologías y herramientas relativas
a la gestión de riesgos operativos y del
sistema de controles internos en el Banco
Santander Banespa. Le cabe, también,
determinar directivas para la prevención
y reducción de los riesgos y pérdidas
a partir de los análisis hechos basados
en las informaciones recibidas.
Comité de Auditoria
La constitución del Comité de Auditoria
del Banco Santander Banespa fue
aprobada en la Asamblea General
Extraordinaria del Banco Santander
S.A., realizada el 30 de abril de 2004,
atendiendo la Resolución nº 3.081
del Consejo Monetario Nacional. Para
componerlo, se designaron tres miembros
independientes con relación al cuerpo
ejecutivo y três directores ejecutivos.
La principal función del Comité de
Auditoria es auxiliar a la administración
en la supervisión de los informes
financieros, en la evaluación de la
efectividad de los sistemas de control
internos, en la independencia de los
auditores y en el desempeño de las
auditorias interna y externa. El Comité
también tiene la responsabilidad de
recomendar correcciones y mejoramientos
de políticas, prácticas y prioridades
identificadas en sus atribuciones.
Executive Operating
Risk Committee
The role of this committee is to analyze
and approve major policies, guidelines,
methodologies and tools for the
management of operating risks and
the Bank's system of internal controls.
It is also responsible for setting guidelines
for risk and loss prevention and reduction
based on analyses of information received.
Auditing Committee
The establishment of Santander Banespa's
Auditing Committee was sanctioned by
the stockholders of Banco Santander
S.A. in a Special Shareholders' Meeting
held on April 30, 2004, in compliance
with Resolution no. 3.081 of the National
Monetary Council. Three non-executive
independent members were appointed
to serve on this board along with three
executive officers.
Its principal role is to assist the Bank's
top management by supervising the
preparation of financial statements,
assessing the effectiveness of internal
controls, ensuring the independence of
auditors and monitoring the performance
of internal and external audits. It is also
responsible for recommending adjustments
and improvements to policies, practices
and priorities identified during the discharge
of its duties.
23
Empresas del Conglomerado
El Banco Santander Banespa está formado por varias instituciones financieras,
de seguro y capitalización, teniendo al Grupo Santander de España como
su mayor accionista, con una participación de aproximadamente el 98% de las
acciones. Las operaciones de los bancos y de las empresas del sector financiero
y de seguros son conducidas en forma integrada. El Banco Santander S.A. es el
controlador del Banco do Estado de São Paulo S.A. – Banespa y institución líder
del conglomerado económico financiero frente al Banco Central de Brasil.
Companies of the Conglomerate
Santander Banespa is composed by several financial, insurance and capitalization
institutions. It is controlled by Grupo Santander in Spain, which holds approximately
98% of its shares. The operations of the banks, financial institutions and insurance
companies are all conducted in an integrated manner. Banco Santander S.A.
controls Banco do Estado de São Paulo S.A. – Banespa and it acts as the
leading institution of this business.
Empresas Santander Banespa – em R$ Millones
Santander Banespa Companies – in R$ Million
Empresa
Activo Total
Patrimonio Neto
Benefício Neto
Company
Total Assets
Stockholder’s Equity
Net Profit
7.510
5.530
1.717
Banco Santander Brasil S.A.
35.671
1.549
88
Banco do Estado de São Paulo S.A. – Banespa
35.227
5.692
1.750
4.565
1.607
(41)
Banespa S.A. Corretora de Câmbio e Títulos
266
43
122
Santander S.A. Corretora de Títulos
e Valores Mobiliários
160
86
13
Santander Banespa Cia.
de Arrendamento Mercantil
508
418
76
Santander Brasil Arrendamento Mercantil S.A.
282
71
22
16
10
1
284
75
111
2.652
248
63
26
8
1
453
48
34
Banco Santander S.A.
Banco Santander Meridional S.A.
Santander Distribuidora de Títulos
e Valores Mobiliários Ltda.
Banespa S.A. Serviços Técnicos,
Administrativos e de Corretagem de Seguros
Santander Seguros S.A.
Santander Banespa Seguros S.A.
Santander Capitalização S.A.
24
Participaciones Societarias
Shareholding Structure
El Banco Santander Banespa está representado por la siguiente estructura societaria de las empresas financieras:
Santander Banespa is represented by the following shareholding structure of financial institutions:
Banco Santander
Central Hispano S.A.
Grupo Empresarial
Santander S.L.
95,31%
98,18%
95.31%
Banco Santander
Brasil S.A.
99,99%
99.99%
99,99%
99.99%
99,99%
99.99%
98.18%
2,64%
2.64%
Santander Brasil S.A.
Corretora de Câmbio
e Valores Mobiliários
Santander Brasil
Arrendamento
Mercantil S.A.
Santander
Distribuidora de
Títulos e Valores
Mobiliários Ltda.
Obs: los porcentajes se refieren al capital social total.
the percentages refer to total capital stock.
Banco Santander
Meridional S.A.
96,71%
96.71%
3,28%
3.28%
98,98%
98.98%
Banco do Estado
de São Paulo S.A.
Banespa
97,41%
97.41%
Santander
Seguros S.A.
0,77%
0.77%
99,99%
99.99%
99,99%
99.99%
Banespa S.A.
Corretora de
Câmbio e Títulos
Santander
Capitalização S.A.
Santander Banespa
Companhia de
Arrendamento
Mercantil
Santander Banespa
Seguros S.A.
Banespa S.A. –
Serv. Técnicos Adm.
e de Corretagem
de Seguros
99,99%
99.99%
99,98%
99.98%
25
26
Perfil de los Miembros de la Comisión Ejecutiva
Profile of the Execuive Committee Members
Profile of the Executive Committee Members
Gabriel Jaramillo Sanint
• Director presidente desde 1999
Chief Executive Officer since 1999
• Año de nacimiento: 1949
Year of birth: 1949
• Licenciado en Marketing
Bachelor's degree in Marketing
• MBA
MBA
• Ingresó en el Santander en 1997
Joined Santander in 1997
• Presidente del Consejo Curador del Instituto Cultural Banespa
Chairman of the Board of Trustees of Instituto Cultural Banespa
Ana Isabel Pérez Pérez
Angel Oscar Agallano
• Vicepresidente de Control
Vice-President of Controllership
Year of birth: 1962
• Licenciada en Ciencias Económicas y Empresariales
Bachelor's degree in Economics and Business
• Miembro del Comité de Auditoria del conglomerado
Member of the conglomerate's Auditing Committee
• Ingresó al Santander en 1990
• Vicepresidente de Medios
Vice-President of Resources
Year of birth: 1957
Henry Singer Gonzalez
José de Paiva Ferreira
• Vicepresidente de Corporate Finance
Vice-President for Corporate Finance
Year of birth: 1959
• Licenciado en Economía
Bachelor's degree in Economics
• Vicepresidente ejecutivo Segmentos Minorista,
Productos, Marketing y Calidad
Executive Vice-President for Retail Banking, Products,
Marketing and Quality Assurance
Year of birth: 1959
• Licenciado en Administración de Empresas
Bachelor's degree in Business Administration
Mário Gomes Torós
Miguel João Jorge Filho
• Vicepresidente de Tesorería
Vice-President of Treasury
Year of birth: 1962
• Vicepresidente ejecutivo RH y Asuntos Corporativos
Executive Vice-President for HR and Corporate Affairs
Year of birth: 1945
• Licenciado en Periodismo
Bachelor's degree in Journalism
• Ingresó al Santander en el 2000
Profile of the Execuive Committee Members
Eduardo Dacache
Gustavo Adolfo Funcia Murgel
• Vicepresidente Segmento Empresas y Pymes
Vice-President for SMB and Business Customers Segment
Year of birth: 1966
• Vicepresidente ejecutivo Banco Mayorista
Executive Vice-President of Wholesale Bank
Year of birth: 1963
Lorenzo Alonso Gallego
Luiz Carlos da Silva Cantidio Júnior
• Vicepresidente Riesgos de Crédito y Mercado
Vice-President for Credit & Market Risks
Year of birth: 1951
• Bachiller en Derecho
Bachelor's degree in Law
• Vicepresidente Corporate y Comex
Vice-President for Corporate Banking and Comex
Year of birth: 1958
Pedro Carlos Araújo Coutinho
Ramón Sánchez Díez
• Vicepresidente ejecutivo Red Comercial
Executive Vice-President for Commercial Network
Year of birth: 1966
• Vicepresidente de Planificación Estratégica
y Relación con Inversores
Vice-President for Strategic Planning
and Investor Relations
Year of birth: 1968
27
28
El 2004 fue un año de fuerte crecimiento
del negocio bancario en el país. El crédito
creció el 17,9%, cerrando el año con
un volumen total de R$ 485 mil millones.
La relación crédito total sobre el Producto
Interno Bruto (PIB) registró un avance del
26,4% en diciembre de 2003 para el
27,4% al cierre del año. A pesar del
fuerte crecimiento de la cartera de crédito,
la incobrabilidad (de la cartera superior
a 90 días) del sistema cayó del 7,3%
para el 6,2%, en el caso de indivíduos,
y del 2,2% para el 1,8%, en préstamos
para personas jurídicas.
El total de captaciones aumentó el 17,0%.
Los fondos de inversión registraron un
aumento de activos del 15,0% y los
depósitos tuvieron un incremento del
19,0%, según datos del Banco Central
de Brasil y de la Asociación Nacional
de los Bancos de Inversión (Anbid).
Este buen desempeño de las variables
financieras reflejó el entorno económico
favorable. El crecimiento del PIB brasileño
fue del 4,9% en 2004, con una inflación
medida por el Índice de Precios al
Consumidor Amplio (IPCA) del 7,6%,
dentro del rango del régimen de metas
de inflación establecido por el Banco
Central. El superávit fiscal primario del
País alcanzó el 4,6% del PIB (ante el 4,3%
en 2003), contribuyendo para la disminución
de la relación deuda líquida del sector
público versus PIB para el 51,6% (en
comparación al 57,2% a fines de 2003).
The year of 2004 was a period of marked
growth for the banking business in Brazil.
Credit expanded by 17.9%, closing the
year at a total volume of R$ 485 billion.
Total credit as a percentage of Gross
Domestic Product (GDP) rose from 26.4%
in December 2003 to 27.4% at the
end of 2004. Despite this substantial
growth in credit operations, the system's
default rate (i.e. loans past due 90
days or more) fell from 7.3% to
6.2% in the case of private individual
customers, and from 2.2% to 1.8%
for corporate entities.
The total volume of funds raised by
Santander Banespa grew 17.0%. Investment
funds registered a 15.0% increase in assets
while deposits expanded by 19.0% as
per data published by the Central Bank
of Brazil and the National Association
of Investment Banks (Anbid).
This satisfactory behavior of financial
variables results from a favorable economic
environment. Brazilian GDP grew 4.9% in
2004 while inflation, as measured by IPCA
(Extended Consumer Price Index) rose
7.6%, still within the range of inflation
targets set by the Central Bank. The
country's primary tax surplus amounted
to 4.6% of GDP versus 4.3% in 2003,
thus helping to reduce the public net
debt/GDP ratio from 57.2% at the end
of 2003 to 51.6% in 2004.
29
Relatório Anual 2004
30
Las cuentas externas tuvieron también un óptimo desempeño, con un superávit
en cuenta corriente de US$ 11,7 mil millones, el equivalente al 2,0% del PIB.
Esta combinación de indicadores favorables resultó, por fin, en la creación de
1,5 millones de empleos formales (IBGE). La tasa de desempleo cerró diciembre
de 2004 en 9,6%, el menor nivel desde el comienzo de la nueva serie histórica
del Instituto Brasileño de Geografía y Estadística (IBGE), en octubre de 2001.
Its external accounts also showed an excellent performance, with a positive
current account balance of US$ 11.7 billion, which is equivalent to 2.0% of GDP.
Last but not least, this combination of favorable indicators led to the creation
of 1.5 million formal jobs, according to data published by the Brazilian Institute
of Geography and Statistics (IBGE). Unemployment rates stood at 9.6% in December
2004, the lowest level ever registered since October 2001, when IBGE began
the new historical series of data.
Crédito Total / PIB – En %
Total Credit / GDP – In %
150
142,0
129,0
120
Estos significativos avances traen un
nuevo desafío para el sistema financiero:
diversificar la oferta de productos, ampliar
la relación con el Cliente y consolidar
el uso del crédito.
90
66,0
60
29,0
30
16,0
0
México
Brasil
Chile
España
Europa
Mexico
Brazil
Chile
Spain
Europe
Fuente: FMI, 2001
Source: IMF, 2001
El Congreso aprobó la Ley de Quiebras
y la reforma Judicial, además de finalizar
la votación de la reforma tributaria. En el
ámbito microeconómico, se creó la Cuenta
Inversión, que está exenta de la Contribución
Provisoria Sobre el Movimiento Financiero
(CPMF) a las migraciones entre
aplicaciones financieras.
El sector financiero brasileño es más
diversificado, dinámico e innovador si
se le compara con países de un grado
de desarrollo similar. Predominan los
llamados bancos múltiples, con fuerte
actuación tanto en la intermediación
financiera y en operaciones en los
mercados de títulos cuanto en la
prestación de servicios.
Se trata también de un sistema financiero
particularmente sólido. El índice de solidez
financiera presentado en el Global Stability
Report, publicado por el FMI en septiembre
de 2004, posiciona a Brasil entre los
sistemas financieros más sólidos entre
las economías emergentes.
Con relación a los aspectos mencionados,
el Banco Central estima que sólo el
30,0% de la población brasileña esté
bancarizada, y la comparación de Brasil
con otros países en desarrollo revela
relaciones relativamente bajas de
crédito y de depósitos sobre el PIB.
Congress approved the Bankruptcy Act
as well as the Judiciary Reform, and
completed the voting of the Tax Reform.
With regard to microeconomic issues,
the government created the Investment
Account, whereby transfers from one
investment fund to another are exempt
from Temporary Contributions on Financial
Transactions (CPMF).
These significant advancements pose
a new challenge for the financial
system, namely the need to diversify
product offerings, strengthen customer
relationships and offer more credit.
The Brazilian financial system is more
diversified, dynamic and innovative than
those of countries at a similar stage
of development. The local market
is dominated by the so-called full-service
commercial banks, which are equally
active in three other segments: financial
intermediation, security transactions
and service provision.
It is also a particularly solid financial system.
According to the financial strength index
shown in the Global Stability Report published
by the International Monetary Fund (IMF)
in September 2004, Brazil ranks fourth
among the most solid financial systems where
emerging economies are concerned.
Notwithstanding, the Central Bank estimates
that only 30.0% of the Brazilian population
has access to banking services and,
when Brazil is compared to other developing
countries, it shows relatively low credit
and deposit to GDP ratios.
31
32
Al contrario de lo que pueda parecer
en un primer momento, tales constataciones
son favorables, en la medida en que
muestran un fuerte potencial de
bancarización, penetración de crédito
y de otros productos financieros. Los
gráficos al lado y en las páginas siguientes
demuestran el potencial de crecimiento
del crédito total, crédito al sector
privado y crédito inmobiliario del Brasil
en comparación con otros países en
desarrollo así como con mercados
desarrollados.
Para una renta per cápita de US$ 8.258
en Brasil, la relación crédito del sector
privado sobre el PIB (normalizado)
debería ser del 37,0%, pero el índice
se encuentra en un nivel del 29,0%, lo
que significa un potencial de crecimiento
del crédito de ocho puntos porcentuales
con relación al PIB.
Contrary to what they may seem at first
sight, such findings are in fact favorable
to the extent that they reveal an enormous
potential for the penetration of banking
services, credit and other financial products.
The charts to the left and on the next
page demonstrate the country's potential
for growth in terms of total credit,
private business credit and real estate
loans in comparison with other developing
countries as well as developed markets.
For a country with an income per capita
of US$ 8,258, private business credit
as a percentage of GDP (normalized)
should be 37.0%, but the ratio for Brazil
is 29.0%, meaning that there is still room
for business credit to grow by eight
percentage points in relation to GDP.
Crédito al Sector Privado / PIB – En %
Private Business Credit / GDP – In%
119,3
120
Otra evidencia del alto potencial de bancarización es la baja penetración del
crédito inmobiliario en Brasil (2,0% del PIB) cuando es comparado a otros
mercados emergentes (Chile = 12,0%, Colombia = 6,0%, México = 4,0%),
o también con el mercado europeo (45,0%) y de los EUA (80,0%).
La reciente elevación del volumen de los productos de crédito es un claro proceso
de aprendizaje de los tomadores de préstamos, y fruto de la estabilidad económica.
Tal evolución ha sido reforzada por innovaciones financieras, como el crédito
con descuento en nómina. Esta modalidad contribuyó para la fuerte expansión
del crédito para Indivíduos observada en 2004 se diese de forma concomitante
a la reducción de la morosidad.
105,0
100
80
63,3
60
40
20
La expresiva ampliación del crédito libre (21,0% en 2004) fue naturalmente
acompañada por la disminución de los spreads bancarios (30,0% en 2003
para 27,2% en 2004). El spread del segmento de Indivíduos cayó 6,9 puntos
porcentuales de 2003 para 2004, acompañando la caída acentuada de las
tasas de interés, mientras en el segmento de Empresas disminuyó 3,3 puntos
porcentuales en el período.
34,6
18,5
0
México
Brasil
Chile
Espanha
Europa
Mexico
Brazil
Chile
Spain
Europe
Fuente: Bird, 2003
Source: Mundial Bank, 2003
Crédito Inmobiliario / PIB – En %
Home Loans / GDP – In%
80
80,0
En un horizonte de mediano plazo, parece claro que el país convergirá para
tasas de penetración de servicios bancarios superiores a aquellas observadas
en países de semejante grado de desarrollo. El Banco Santander Banespa
se ha preparado para participar y liderar esta onda de bancarización en Brasil.
Another finding that demonstrates the country's growth potential in terms
of access to banking services is the low penetration rate of real estate loans
in Brazil (2.0% of GDP) comparatively to other emerging markets, such as
Chile (12.0%), Colombia (6.0%) and Mexico (4.0%), or even to Europe
(45.0%) and the United States (80.0%).
70
The recent increase in the number of credit lines available on the market is
a clear sign that borrowers are learning to use credit and an outgrowth
of Brazil's economic stability. This trend has been reinforced by financial
innovations such as the introduction of consigned credit with loans deducted
from payroll. This modality alone contributed to a dramatic expansion of credit
for individual borrowers in 2004 along with a reduction in default rates.
60
50
45,0
40
30
20
12,0
10
0
6,0
4,0
2,0
EUA
Europa
Chile
Colômbia México
Brasil
EUA
Europe
Chile Colombia Mexico
Brazil
The significant increase in free loan contracts (21.0% in 2004) was naturally
accompanied by a decrease in bank spreads from 30.0% in 2003 to 27.2%
in 2004. The spread on loans to private individual customers fell 6.9 percentage
points over this period, following a sharp decline in interest rates, while the
spread on loans to corporate entities shrank 3.3 percentage points.
Fuente: FMI, 2001
Source: IMF, 2001
It is quite clear that, in the medium run, Brazilian banking service penetration
rates will exceed those observed in other countries that have reached a similar
stage of development. Santander Banespa has been preparing itself to
participate in and lead this upsurge in Brazil.
33
34
El Banco Santander Banespa posee
un modelo segmentado de relación
con sus clientes, que busca la construcción
de una relación de largo plazo, por
medio de una atención de calidad
y de la adecuada oferta de productos
según sus necesidades. Durante 2004,
le dedicamos un esfuerzo adicional al
estudio de las preferencias de nuestros
clientes, para mejorar la atención en
cada segmento: Indivíduos, Pequeñas
y Medianas Empresas, Gobiernos
e Instituciones y Corporate.
La presencia de las marcas Santander
y Banespa al mercado brasileño tuvo
énfasis en 2004. Las campañas se desarrollaron
a partir de las características más marcantes
de cada bandera – relación, confianza,
solidez e innovación – y fueron divulgadas
en medios nacionales y regionales.
Santander Banespa takes a segmented
approach to customer relationships in
order to offer top quality service and
products tailored to the needs of each
client profile, and thus build a longstanding
relationship with its clients. In 2004,
the Bank made a special effort to
understand the preferences of its
customers in each segment – Private
Individuals, Small & Medium Businesses,
Governments & Institutions, and
Corporate – through market research.
It was also in 2004 that the Bank reintroduced
the Santander and Banespa brands to
the Brazilian market. Campaigns were
developed around the most striking
attributes associated with each flag –
e.g. relationship, trust, strength and
innovation – and released through the
national and regional media.
Indivíduos
Buscando la mejor atención para sus
clientes, el Banco Santander Banespa
identifica el mercado de indivíduos en
cuatro segmentos, respetando el perfil
de necesidades de cada una de ellas.
El segmento Private está dirigido a clientes
que necesitan asesoramiento en la
administración de su patrimonio y lo
buscan en los mercados local e
internacional. La atención es realizada
por un equipo de gerentes especializados,
y la oferta de productos y servicios
incluye al mercado de acciones, productos
estructurados y fondos multimercados.
Private Individuals
In order to provide top quality service,
Santander Banespa has segregated its
private individual customer base into
four segments and designed products
and services suited to their specific needs:
Private: This segment gathers customers
that need guidance in asset management
and seek advisory regarding the options
available on the local and international
markets. The service is provided by a team
of specialized managers. The product and
service offering for this group includes
stocks, structured products and multi
market investment funds.
35
36
El segmento Preferencial atiende personas que exigen una ingeniería financiera
más elaborada en la racionalización de su renta, con atención personalizada
tanto para aplicaciones financieras como para la contratación de seguros,
financiamientos y planes de retiro. Por eso, cuentan con la asistencia de gerentes
de negocios que tienen a disposición cerca de 240 espacios diferenciados
en las agencias, una central telefónica especializada y un portal en Internet
con ofertas exclusivas.
El segmento Exclusivo es atendido por medio de los gerentes de negocios
en las agencias, espacios de atención bancaria (PABs) y cajeros automáticos (PAEs)
del Santander Banespa. Cuentan también con la atención remota via internet
banking, autoatención, kioscos y redes compartidas, como la Verde-Amarela
y el Banco 24 horas.
Preferential: This is for customers who require more elaborate financial engineering
to rationalize their budget, including personal guidance in cash investment,
insurance, financing and private pension. They can therefore rely on the
assistance of business managers, and use any one of the 240 special facilities
available to them in the bank branches, which include specialized telephone
desk service and access to an Internet portal with exclusive offers.
Exclusive: This group of customers is served by business managers in the bank
branches and an entire network of Santander Banespa banking service outlets
and online banking outlets. They also have access to Internet banking, selfservice banking, 24-hour banking and shared ATM networks, such as VerdeAmarela and Banco 24 horas.
El segmento Clásico abarca a los correntistas,
en su mayoría, provenientes de vínculos
de nómina salarial. Para estos clientes
incentivamos la utilización de canales
electrónicos, de las agencias, del
autoatención y de la Central de Atención
Telefónica SuperLinha. La estrategia
es promover acciones masificadas y
personalizadas de venta de productos
y de oferta de crédito, asociadas al uso
intensivo de tarjetas para servicios operativos.
Classic: Most of the customers in this
category are account holders who are
paid by their employers through Santander
Banespa. They are encouraged to use
the Bank's electronic channels, branches,
self-service banking and Superlinha,
a bank-by-phone service. The strategy
here is to promote mass and customized
actions to sell products and offer credit
associated with an intensive use of
cards for bank transactions.
Empresas
Pequeñas y Medianas Empresas
En este segmento, el objetivo del Banco
Santander Banespa está dirigido hacia
las Pequeñas y Medianas (PYMEs)
empresas, con ingreso bruto anual
entre R$ 150 mil y R$ 10 millones,
con un universo de casi 1,5 millones
de empresas en potencial, y también
a las Empresas con una facturación
entre R$ 10 millones y R$ 100 millones
al año, con aproximadamente 22 mil
empresas en potencial.
Para este universo, existen productos
y servicios específicos, desde cobranzas
on line hasta la domiciliación de nóminas.
El fuerte vínculo que se establece entre
los clientes y el Banco Santander Banespa
permite también el asesoramiento en
la gestión de recursos y en el desarrollo
de nuevas soluciones para hacer frente
a las peculiaridades del mercado
empresarial brasileño.
Corporate
En el área Corporate, se refuerza el
compromiso de relación a largo plazo
con los clientes. Agilidad, consistencia
e innovación traducen este espíritu
empresarial y financiero. El mercado
de destino está integrado por mil
empresas, con facturación anual arriba
de R$ 100 millones.
Corporate Entities
Small & Medium Businesses
In this segment, Santander Banespa
turns its attention to Small & Medium
Businesses with an annual gross
revenue of R$ 150 thousand to R$ 10
million, which form a potential market
of almost 1.5 million customers. Also
under this category are Companies
with revenues between R$ 10 million and
R$ 100 million per year, constituting
a potential market of approximately
22 thousand clients.
Specific products and services are
provided to this group, from online
credit collection to payroll processing.
The strong relationship that exists
between these clients and Santander
Banespa allows the latter to offer
advice on cash management and
on the development of new solutions
to deal with the peculiarities of the
Brazilian business environment.
Corporate
Santander Banespa is particularly committed
to the establishment of long-term partnerships
with corporate clients. Its business and
financial approach to corporate banking
translates into attributes such as agility,
consistency and innovation. The target
market consists of approximately 1,000
companies with an annual revenue of
R$ 100 million or more.
37
38
En la base de clientes se encuentran
empresas globales en Europa, en los
Estados Unidos y en América Latina.
Los clientes multilocales son cien
grupos, con presencia global.
El diferencial del Banco está en su equipo
comercial y en un staff preparado para
ofrecer soluciones personalizadas para
el cliente. La habilidad del Banco en su
desempeño es potenciada por la sinergia
con el Grupo Santander en los principales
mercados financieros mundiales.
Esta condición le confiere competitividad
y conocimiento de la complejidad de las
operaciones globales. El desafío es huir
de productos commodities y anticiparse
a las necesidades, con un repertorio de
respuestas empresariales competentes,
sofisticadas y eficaces, que solamente
un banco universal es capaz de ofrecer.
Este abanico de productos contempla
cash management, operaciones
estructuradas, corporate finance,
comercio exterior, tesorería, repases,
préstamos, gestión de recursos de
terceros, captaciones estructuradas
y planos de pensiones privados.
Gobiernos e Instituciones
El universo de clientes potenciales está
compuesto por órganos de la Unión,
Estados y Municipios, además de
universidades, escuelas, asociaciones
de clase, instituciones religiosas, hospitales,
laboratorios, clínicas y operadoras de
salud y indivíduos vinculados a gobiernos
e instituciones. Tenemos gerentes dedicados
exclusivamente a este segmento, con
especialización y conocimientos de los
negocios y el apoyo de la red de atención
en las regiones que son el objetivo del
Santander Banespa.
The Bank's customer portfolio for this
segment already includes global corporations
based in Europe, the United States and
Latin America. Its multi-site clients are 100
groups, all of which with a global presence.
What sets Santander Banespa apart from
the competition in this area is the availability
of a sales force and staff that are very
well trained to offer customized solutions
to corporate clients. The Bank's expertise
is further enhanced by its synergy with
Grupo Santander in the world's major
financial markets.
This condition lends greater competitiveness
to Santander Banespa in addition to
improving its knowledge about the
complexity of global operations. The
challenge here is to shy away from
commodities and, instead, to anticipate
the needs of customers, fulfilling them
with a repertory of competent, sophisticated
and effective business solutions that
only a global bank can offer. The product
range includes cash management,
structured operations, corporate
finance, international trade, treasury,
on-lending, loans, third-party fund
management, structured funding
operations, and private pension.
Governments & Institutions
The universe of prospective customers
in this case is composed by federal,
state and local government bodies in
addition to universities, schools, trade
associations, religious institutions,
hospitals, laboratories, clinics, health
care providers and private individuals
linked to governments and institutions.
Specialized managers who are wellacquainted with the business are
allocated to this segment and
supported by a network of facilities
located in the Bank's focus areas.
Inversiones en Tecnología
R$ Millones
Tecnología
Investments in Technology
R$ Million
Durante los últimos cuatro años, el Banco
Santander Banespa invirtió fuertemente
en la renovación tecnológica (R$ 2 mil
millones, incluyendo los recursos estimados
para 2005), buscando ofrecerles un mejor
servicio a los clientes y mejorar la eficiencia
operacional. Se establecieron, claramente,
tres fases de actuación. La inicial envuelve
las definiciones estratégicas de las
operaciones de los bancos adquiridos.
Una segunda etapa, iniciada en 2002
y que será concluida en febrero de 2005,
de renovación tecnológica, con la
implantación de la plataforma Altair –
colocando al Banespa en la plataforma
estándar del Grupo Santander en América
Latina – y de varios sistemas de negocios.
La tercera fase, comenzará en 2005,
y será de integración tecnológica, con
inversiones en sistemas y procesos.
606,7
600
500
410,3
404,7
400
349,3
300
229,0
200
100
0
2001
(*) Estimado
(*) Estimated
2002
2003
2004
2005*
Algunos de los beneficios de la renovación
e integración tecnológica son:
Flexibilidad para el lanzamiento de productos;
Reducción de esfuerzos en la gestión de aplicativos
e infraestructura;
El Cliente se convierte en único para toda
la red Santander Banespa – mayor número
de agencias disponibles;
Technology
Santander Banespa has made heavy
investments in technology renewal over
the past four years, totaling R$ 2 billion
if the resources set aside for 2005 are
also included. The ultimate purpose of
such efforts is to offer better service to its
customers and improve its own
operating efficiency. This initiative was
divided into three clear-cut phases. The
first consisted in making strategic
decisions concerning the operations of
the recently acquired banks. The second
phase – initiated in 2002 and scheduled
for completion in February 2005 –
focuses on technology renewal through
the implementation of Altair Plataform,
which will extend Grupo Santander's
standard technology plataform for Latin
America to Banespa, along with several
other business systems. The third stage,
to be initiated in 2005, deals with
technology integration and it involves
capital investments in systems and processes.
Some of the benefits of technology renewal
and integration are:
Acceso a más productos y servicios;
Greater flexibility in launching products;
Mejoría en la calidad y rapidez de atención.
Reduced efforts in infrastructure and
applications management;
The Customer becomes a single entity for
the entire Santander Banespa network –
larger number of bank branches available;
Access to more products and services;
Improved quality and speed of service.
39
40
Plataforma Altair
Herramienta única y personalizada, la
plataforma Altair es el estándar tecnológico
del Grupo Santander en América Latina,
y permite que el Banco trabaje totalmente
orientado hacia el Cliente y diseñe
productos a medida. Para alcanzar
ese grado de sofisticación, venimos
adaptándonos a las características
del sector bancario brasileño y al perfil
de negocios del Banco Santander Banespa.
Durante 2004, se concluyeron los módulos
fondos de pensiones privados y cuenta
corriente. Con gran representatividad
en el día a día del Banco y de los clientes,
el módulo cuenta corriente permite la
apertura de la cuenta y a solicitar talonarios
de cheques y tarjeta de crédito en tiempo
real, con numeración automática y control
sistémico de órdenes de pago y cheques,
entre otras funciones.
Además de las constantes renovaciones
necesarias para acompañar las evoluciones
del mercado – como, por ejemplo, la Cuenta
Inversión y la liquidación de DOC y títulos
por el Sistema de Pagos Brasileño (SPB)
–, otros sistemas propietarios fueron
implantados, en 2004, en las áreas de
negocio y de soporte del Banco.
El sistema de Tarjetas integró el procesamiento
en una única plataforma, que sostiene
todas las actividades del negocio, así
como herramientas de Data Base Marketing
(DBM) y gestión de campañas. El sistema
de Cash Management: introdujo importantes
facilidades a los productos para clientes
Empresas. En Asset Management, un
nuevo sistema de gestión de activos de
los fondos fue implantado, con gran
impacto en la agilidad de la información
para los gestores de carteras y en la
calidad de la actualización de las
informaciones a los cotistas y al mercado.
Altair Plataform
A unique and customized tool, Altair
Plataform is Grupo Santander's
standard technology for Latin America.
It allows the Bank to devote its full
attention to and tailor-design products
for the Customer. In order to achieve
this degree of sophistication, Santander
Banespa has been adapting Altair
Plataform to the peculiarities of the
Brazilian banking industry and to its
own business profile.
Implementation of the private pension and
checking account modules was completed
in 2004. An exceptionally important tool in
the daily lives of the Bank and its customers,
the checking account module allows users
to open bank accounts and order checkbooks
and bank cards in real time. It also features
automatic numbering and systematic
control of payment orders and checks
among other functions.
In addition to introducing the necessary
renovations in order to keep abreast with
advancements in the market – e.g. the
Investment Account and the settlement of
wire transfers (DOC) and notes through
the Brazilian Clearance System (SPB) – the
Bank implemented other proprietary
systems in its business and supporting
divisions in 2004.
The Cards system has integrated the
processing of bank cards under a single
plataform capable of supporting all of the
Bank's business activities, as well as tools
like Data Base Marketing (DBM) and
campaign management. The Cash
Management system, on the other hand,
has introduced important functions for
products designed for corporate entities.
Also, a new Fund Management system
has been implemented, speeding up the
distribution of information to portfolio
managers and improving the quality
of the process of updating and delivering
information to stockholders and the market.
En el negocio Corporate, hubo una
optimización de la infraestructura
tecnológica, incluyendo herramientas
de CRM y BI, además de una nueva
plataforma para el tratamiento de
operaciones de activos.
En las áreas de soporte, se destaca la
implantación del más reconocido sistema
integrado de gestión de Recursos Humanos,
que propició una mejoría significativa
en la eficiencia operacional y en la
comunicación con los empleados.
Calidad
Varias acciones marcaron el avance en
la calidad de los servicios ofrecidos por
el Banco Santander Banespa. La mejora
de la calidad también se benefició con
las inversiones en las áreas de servicios
centrales, con la revisión de los procesos
operacionales minoristas y con el
perfeccionamiento de los procesos
de control de riesgo operacional. Entre
esas acciones, se destaca el Programa A+.
Programa A+
Iniciado en junio de 2002, con fuerte
implementación en 2004, el Programa
A+ tiene como objetivo la excelencia
en la atención al cliente. Este determina
las prácticas ideales de comportamiento
y actitudes de los empleados, desde
el momento del abordaje al Cliente
hasta la manera como sus solicitudes
y deseos son atendidos, incluyendo la
mejora de la comunicación visual, de
espacios y de equipos en las agencias.
Este nuevo modelo de atención mostró
sólidos resultados, confirmados por la
evolución en los resultados de la encuesta
de satisfacción del Panel de la Industria
Financiera (PIF) en 2004, en la que el Banco
Santander Banespa presentó el mayor
aumento en la satisfacción de los clientes.
With regard to Corporate Banking,
the Bank has optimized its technology
infrastructure by introducing tools such
as CRM and BI, in addition to a new
plataform for processing asset operations.
A noteworthy improvement in the
supporting areas was the implementation
of the best renowned Human Resources
integrated management system, which
enhanced significantly the Bank's
operating efficiency and communication
with employees.
Quality
Several initiatives contributed to enhance
the quality of the services offered by
Santander Banespa. Quality also improved
thanks to investments in central service
areas, a review of retail banking operation
processes, and efforts to streamline
operating risk control processes. The
most important of these initiatives was
Program A+.
Program A+
Initiated in June 2002 and implemented
across the board in 2004, Program A+
was designed to set a standard of
excellence in Customer service for the
entire organization. It defines ideal
practices for employee behavior and
attitude from the moment they approach
a Customer to the manner in which client
requests and wishes should be handled.
It also includes guidelines to improve the
visual communication, space arrangement
and equipment layout in bank branches.
This new model yielded impressive results
as confirmed by the findings of the
Financial Industry Panel (PIF) customer
satisfaction survey in 2004, where
Santander Banespa registered the highest
rates of improvement in this regard.
41
42
La actitud del A+ consiste en satisfacer seis demandas principales de clientes con
relación a la atención: rapidez, cortesía, relación, competencia, accesibilidad y ambiente
agradable. El impacto positivo está demostrado en indicadores después de la
adopción del proyecto: la satisfacción con la atención de la gerencia avanzó un
56,0%; y la cantidad de reclamos mensuales de cuenta correntistas en cada 100 mil
clientes, se redujo en 80,0%; y el tiempo de espera en fila en días pico cayó 86,0%.
The whole idea behind Program A+ is to fulfill the top six customer demands in
relation to banking services: speed, courtesy, relationship, competence, accessibility
and pleasant surroundings. The positive impact of this program is demonstrated
by a dramatic improvement in certain indicators after its implementation. For
example, customer satisfaction with manager attention increased 56.0%. By
contrast, the volume of complaints about checking accounts per 100 thousand
customers/month fell 80.0%, while the average waiting time in bank branches
on peak days dropped 86.0%.
La Central de Soluciones, canal único hacia
donde migran todas las demandas,
sugerencias, dudas y reclamos de los
clientes, sea personalmente en las agencias
o por medio de Internet o teléfono,
es responsable por resolver rápidamente
cada una de ellas, acompañando cada
contacto hasta su resolución.
Eficiencia
Operacional
El proyecto Fábricas, concluido en junio
de 2004, tuvo como objetivos tornar
los procesos operativos más eficientes
y controlados y aumentar la calidad
del procesamiento de los productos.
Las áreas operativas de Seguros, Tarjeta
de Crédito, Fondos de Pensiones Privados,
Cash Management y Activos tuvieron
sus flujos operativos totalmente revisados,
niveles de servicios fueron definidos, todo
el procesamiento de tangibles pasó a ser
controlado por medio de herramientas
operativas específicas para cada caso
y la estructura de los equipos fue
reforzada con la entrada de nuevos
profesionales llegados del mercado.
Solutions Center: Customer inquiries,
requests, suggestions and complaints,
whether placed in the bank branches
or through the Internet or by telephone,
are all channeled to the Solutions Center,
which is responsible for promptly
handling every single one of them
until their final resolution.
Operating
Efficiency
Completed in June 2004, Project Factories
was intended to enhance the efficiency
of and the control over operational
processes, and to improve the quality
of product processing.
Operational areas such as Insurance,
Credit Cards, Private Pension, Cash
Management and Asset Management
had their operational flows thoroughly
reviewed. New levels of service were
defined and the entire processing of
tangible assets is now controlled by
means of case-specific tools. Finally,
new professionals were hired from
the market to reinforce the structure
of their respective teams.
43
44
Grupos de Edad (años)
Age Groups (years)
25,2% Hasta 30
25.2% 30 or under
Recursos Humanos
El Banco Santander Banespa cerró el
2004 con 21.072 empleados (2003 –
21.976). Durante el año, el Banco
continuó con el desarrollo de sistemas
modernos de gestión de personal.
Algunos ejemplos son las Escuelas
de Formación, el Pro-Move, los
programas de intercambio entre
profesionales de diferentes países,
el programa de Nuevos Talentos y los
sistemas de evaluación de desempeño
y mapeo de posiciones ejecutivas.
28,2% 31 a 39
28.2% 31 to 39
Escuelas de Formación
40,4% 40 a 49
La cualificación fue el tema enfatizado
en 2004, con la ampliación de las Escuelas
de Formación. Antes de este período,
existía la universidad corporativa sólo
en las áreas mayorista (universo de 1.300
personas). Este modelo fue actualizado
y extendido a todo el Banco, para
promover una formación diferenciada
con relación a la normalmente ofrecida
en el mercado bancario.
40.4% 40 to 49
6,2% 50 o más
6.2% 50 or older
Escolaridad
Schooling
Hoy, las Escuelas cuentan con seis objetivos
de actuación: Comercial, Atención al
Cliente, Riesgos, Gestión de Liderazgo,
Administración y clientes, cada uno
con una cantidad de programas dirigidos
al desarrollo de las personas, unas veces
reforzando la capacitación en sus funciones,
otras desarrollando liderazgos y sucesores.
En 2004, ocurrieron 100 mil participaciones
en acciones de capacitación, un promedio
de aproximadamente cuatro capacitaciones
por empleado – entre 25 mil empleados
y pasantes –, que demandaron una
inversión de R$ 26 millones.
Otro diferencial de las Escuelas de Formación
es el compromiso de los ejecutivos, que
actúan como consejeros en la creación
de los modelos, del contenido de los
cursos y de los temas prioritarios. Además
de eso, personas de diferentes áreas y
formaciones se encuentran e intercambian
experiencias en los cursos.
Human Resources
Santander Banespa closed the year 2004
with a staff of 21,072 employees versus
21,976 in 2003. During this period, the
Bank continued to develop modern
people management systems and to
promote initiatives such as the Functional
Schools, Pró-Move, exchange programs
involving professionals from different
countries, and a program named Novos
Talentos [New Talents], not to mention
performance evaluation systems and
executive position mapping.
T&D Schools
Professional qualification was the focus
of attention in 2004 with an expansion
of the Bank's T&D Schools. Prior to
that, in-company university courses
were only available to employees engaged
in wholesale banking (a universe of
1,300 people). In 2004, Santander
Banespa streamlined and extended this
model to the entire organization for
the purpose of developing a workforce
that is better qualified than the human
resources found in the rest of the
banking industry.
Today, these T&D Schools provide
education in six focus areas, namely:
Sales, Customer Service, Risks, Management
& Leadership, Business Administration,
and Clients.
Each one of these areas includes
a range of programs designed for
people development which may either
reinforce the participants' training in
their respective functions or prepare
future leaders and successors. In 2004,
25 thousand employees and interns
received approximately four training
courses each (totaling 100 thousand
attendances), which absorbed capital
investments in the amount of R$ 26 million.
Pró-Move
El programa Pró-Move permite que todos los empleados y pasantes tengan acceso,
vía Intranet, a los puestos que están disponibles y postulan a ellos, promoviendo,
de esta forma, el cambio de experiencias dentro de la Organización. En 2004,
111 posiciones fueron cubiertas por medio de este programa.
Líderes y Nuevos Talentos
Empleados con capacidad de ejecución, liderazgo, administración de personas, histórico
de generación de resultados, visión estratégica y gestión comercial son seleccionados
para el programa Formación de Líderes, creado para preparar personas con potencial
para suceder ejecutivos. La capacitación tiene como objetivo el desarrollo de una visión
estratégica y pragmática de los negocios, para contribuir en la política del Banco.
El Programa Nuevos Talentos tiene el objetivo de atraer jóvenes profesionales que serán
desarrollados para ocupar posiciones de liderazgo en el futuro. En 2004, se contrataron 41
personas recién egresadas de las mejores facultades del país.
En los últimos años, el Banco ha invertido en su relación con Universidades – entendidas
como una gran fuente de talentos –, en contactos que tienen el objetivo de motivar a
los estudiantes a participar de los procesos selectivos de jóvenes talentos.
Another distinguishing feature of the Bank's T&D Schools is the direct
involvement of executives, who act as advisors on the design of training modules
and on decisions concerning course content and priority topics. Furthermore,
this is a place where people from different areas of expertise and with different
educational backgrounds gather to exchange experiences during their courses.
Pró-Move
Pró-Move is a program whereby all employees and interns can find out, through
the Intranet, about job openings and apply for them, thus promoting an exchange
of experiences within the organization. Altogether, 111 job vacancies were
filled by means of this program in 2004.
Leaders and New Talents
Employees with executive, leadership and people management skills, allied with
a track record of achievements, plus a vision of business strategy and commercial
management are selected to participate in a Leadership Training Program created to
prepare people who are potentially capable of succeeding the Bank's executives. In this
case, training focuses on helping the attendees to develop a strategic and pragmatic
view of business so they may contribute to the management of Santander Banespa.
The New Talents Program, on the other hand, seeks to attract young professionals and
develop their talents for future leadership positions. In 2004, Santander Banespa hired
41 new graduates from the country's best universities and colleges. In the past few
years, the Bank has invested in relationships with institutions of higher education –
which are regarded as a valuable source of talents – in order to encourage students
to participate in its entry level selection processes.
45
46
Futuros Directivos
Como parte del proceso de capacitación, el Banco estimula el intercambio
de profesionales de diferentes países, dentro de un proyecto global
de preparación de Futuros Directivos. Durante 2004, 15 brasileños participaron
del programa en países como España, México, Argentina y Chile. De la misma
forma, 15 profesionales de otros países están en Brasil, con el objetivo de
intercambio o la participación en proyectos específicos.
Future Executive Officers
As part of its training initiatives, Santander Banespa sponsors exchange programs
involving professionals from different countries under a global project for the
preparation of future executive officers. In 2004, 15 Brazilians were sent to Spain,
Mexico, Argentina and Chile for training; conversely, 15 professionals from other
countries came to Brazil on exchange programs or to work on specific projects.
Meritocracia
Reconocer las personas con un desempeño
diferenciado ha sido el objetivo de la
gestión de personas. Aquellos que
muestran resultados superiores,
comprometiéndose con los objetivos
del Banco y con la atención a los
clientes – internos y externos – son
considerados prioritarios en acciones
de formación, reconocimiento y recompensa,
así como en las oportunidades internas
de carrera y desarrollo.
La gestión meritocrática se hace por
medio de procesos de evaluación
semestral de desempeño, en donde
los gestores y empleados establecen
y evalúan metas y competencias del
periodo, utilizando esta oportunidad
para definir planes de acción de mejoría.
Existe también, la práctica de gestión
compartida de talentos, por la que un
comité de gestores y clientes/ proveedores
internos se reúnen y identifican, por
consenso, a aquellos empleados que
sobresalen y tienen potencial para su
futura carrera.
Meritocracy
Recognizing people for their outstanding
performance has been a hallmark of
Santander Banespa's policy for people
management. Employees who have
achieved superior results and shown
an exceptionally firm commitment to
the Bank's objectives and in serving its
internal and external customers are the
first to be considered for inclusion
in education and training programs,
recognition and reward, as well as for
any internal opportunities for career
advancement and professional development.
Managing people by meritocracy
means relying on biannual performance
evaluation processes where managers
and employees set and evaluate targets
and competencies for the period under
consideration, using this opportunity
to devise action plans for further
improvement. Santander Banespa also
puts into practice a shared talent
management model whereby a committee
of managers and internal suppliers/clients
gather to identify, by consensus, those
employees that have shown an outstanding
performance and a potential for their
future career.
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48
Crecimiento de los negocios
Business Growth
Crecimiento de los Negocios
Business Growth
Crédito Total (1)
–
(R$ millones)
Total Credits (1) – (R$ million)
25
21.593
20
16.602
15
Crecimiento de 30%
Growth of 30%
10
5
0
2003
2004
1. Operaciones de Crédito + Arrendamiento Mercantil +
Adelantos de Contratos de Cambio + Otros Créditos
1. Credit Operations + Leasing + Advances on Export
Contracts + Other Credits
En 2004, el Banco Santander Banespa se
mantuvo como una de las instituciones
financieras de mayor crecimiento en el
mercado brasileño.
El Banco avanzó en su participación de
mercado, de acuerdo con datos del Banco
Central, de la Asociación Nacional de
los Bancos de Inversión (Anbid) y de la
Superintendencia de Seguros Privados
(Susep). En el crédito para financiamiento
de vehículos, la participación llegó a 6,2%
(más de 0,4 punto porcentual en
comparación a 2003). Fue expresivo
también el crecimiento de la cartera
de crédito inmobiliario (16,1%), para
alcanzar una participación del 3,2% en
los financiamientos concedidos en 2004.
Respondió también por la administración
del 4,5% de los fondos de inversión, una
evolución del 0,3 punto porcentual, y por
3,6% de los recursos de fondos de pensiones
privados, o más 1,0 punto porcentual
también con relación al año anterior.
Crédito
El proceso de retomada de la concesión
de crédito fue uno de los hechos relevantes
de la economía brasileña en 2004. Datos
del Banco Central apuntan que el nivel
de las operaciones de crédito libre del
Sistema Financiero Nacional (SFN) creció
el 21,0%, o R$ 47,2 mil millones en 2004,
mientras que la cartera del Santander
Banespa se expandió el 30,8% (más
de R$ 4,4 mil millones), llegando
a R$ 19,5 mil millones.
In 2004, Santander Banespa maintained
its position as one of the financial institutions
with the highest growth rates in the
Brazilian market.
The Bank gained further market share in
2004, as per data published by the Central
Bank, the National Association of Investment
Banks (Anbid) and the Superintendence
of Private Insurers (Susep). Its share of
the vehicle financing segment grew
more than 0.4 percentage point to 6.2%
when compared to 2003. Equally significant
was the expansion of its real estate loan
portfolio (16.1%), causing the Bank to
end the year 2004 with 3.2% of this
market. Furthermore, it managed 4.5%
of all the investment funds available
on the market, up 0.3 percentage point
from the previous year, and 3.6% of all
the resources invested in private pension
funds, which represents an improvement
of 1.0 percentage point over the period.
Credit
One of the material facts that marked
the Brazilian economy in 2004 was the
resumption of credit concession. Data
published by the Central Bank indicate
that the volume of free loan contracts
within the National Financial System
(SFN) grew 21.0% or R$ 47.2 billion in
2004, while Santander Banespa's portfolio
expanded by 30.8% or more than
R$ 4.4 billion to R$ 19.5 billion.
Business Growth
49
50
Business Growth
La cartera total, que incluye recursos
dirigidos (habitación, agricultura y repases
del BNDES), sumó R$ 21,6 mil millones,
una evolución del 30,1%.
El crédito total representó una participación
de mercado del 5,6%, 0,7 punto porcentual
arriba de 2003, con una evolución
de 0,5 punto porcentual en tarjetas
de crédito (3,3% de market share), 0,9
punto porcentual en crédito a personas
jurídicas (participación del 4,8%) y 0,4
punto porcentual en financiamiento
de vehículos (6,2% de participación).
Crédito Indivíduos(2) – (R$ millones)
Indivíduos
Loans to Private Individuals(2) – (R$ million)
Uno de los destaques es el crecimiento
del 35,6% en el crédito para Indivíduos,
que totalizó R$ 6,7 mil millones,
con una evolución del 35,7% en el
financiamiento de vehículos, el 46,4%
en crédito personal y el 51,0% (Cartera
Financiada) en tarjetas de crédito.
7
6.732
6
4.964
5
4
Crecimiento del 36%
Growth of 36%
3
2
1
0
2003
2004
2. No incluye Financiamiento Inmobiliario y Rural
2. Excluding Real Estate Loans and Rural Credit
Crédito Personal – En 2004, la cartera de
crédito personal, aislada del préstamo
en nómina, creció el 27,0%. Los principales
factores que impulsaron este desempeño
fueron: ampliación del plazo promedio
de las operaciones, pasando de 13 meses
para 20 meses, disponiendo de líneas
pré-aprobadas, por medio de modelos
estadísticos de admisión y comportamiento
de crédito, resultados obtenidos en las
acciones de anticipación de Impuesto
a las Ganancias y al aguinaldo, además
del crecimiento de la base de clientes.
Préstamos Consignados – Los préstamos
consignados en nómina en todo el mercado
crecieron el 115,0% en 2004, una expansión
ganada por la conquista del sector privado.
En el Banco Santander Banespa, el
crecimiento de la cartera fue del 190,0%.
The total portfolio, which includes loans
for specific purposes (e.g. housing,
agriculture and BNDES on-lending),
amounted to R$ 21.6 billion, up 30.1%
from 2003.
As regards total credit, the Bank's market
share grew 0.7 percentage point to 5.6%
in comparison with 2003. The breakdown
is as follows: credit card operations
increased 0.5 percentage point (market
share of 3.3%) while business credit
expanded 0.9 percentage point (market
share of 4.8%), and vehicle financing
improved 0.4 percentage point (market
share of 6.2%).
Private Individuals
One of the highlights in 2004 was a 35.6%
expansion in credit lines for private
individuals, totaling R$ 6.7 billion, with
a 35.7% increase in vehicle financing,
a 46.4% expansion in personal loans,
and a 51.0% growth in credit card
operations (Financed Portfolio).
Personal Credit – Santander Banespa's
personal credit portfolio, excluding loans
deducted from payroll, grew 27.0% in
2004. The main factors behind this
performance were: extension of the
average term of operations from 13 to
20 months; preapproved credit line
offerings based on a statistical model
of credit approval and behavior; results
obtained from initiatives related to income
tax returns and 13th salary advancements;
and customer base expansion.
Consigned Credit – Consigned credit with
loans deducted from payroll registered
an average growth of 115.0% across the
market in 2004, thanks to the Bank's
ability to win more clients in the private
sector. Its portfolio expanded by as much
as 190.0%.
Business Growth
Crédito Empresas(2)
–
(R$ millones)
Loans to Corporate Entities(2)
(R$ million)
El número de convenios con empresas del sector público y privado aumentó de
88, en diciembre de 2003, para 746, en diciembre de 2004, alcanzando un total
de 2,087 millones de clientes potenciales y un saldo en cartera de R$ 376 millones.
11.805
12
10
–
9.089
8
Crecimiento del 30%
Growth of 30%
6
4
2
0
2003
2004
2. No incluye Financiamiento Inmobiliario y Rural
2. Excluding Real Estate Loans and Rural Credit
Vehículos – En financiamiento de vehículos, la expansión en el volumen de cartera llegó
al 43,0% en comparación con el 2003 y la participación de mercado (solamente PF)
del Banco Santander Banespa creció del 5,8%, en diciembre de 2003, para el 6,2%,
en diciembre de 2004, totalizando R$ 2,375 mil millones. El avance de las operaciones
ocurrió en dos frentes: en las agencias y en el canal externo, integrado por revendedoras
de vehículos, que ofrecen el financiamiento a no clientes del Banco.
Financiación de Inmuebles – En crédito inmobiliario hubo un crecimiento del 98,0%
en las operaciones contratadas en 2004 en comparación al año anterior, sumando
R$ 404 millones. El promedio nacional de evolución fue del 35%. Durante el año,
el crédito inmobiliario representó el 14,4% de los financiamientos concedidos en el país.
Empresas
El crédito para empresas creció el 27,0% en SFN (más R$ 23,8 mil millones),
mientras que en el Banco Santander Banespa el aumento fue del 30,1%
(R$ 3,1 mil millones), excluyendo el crédito inmobiliario y rural, totalizando
R$ 11,8 mil millones. Por sector, el mayor incremento fue registrado en
empresas comerciales, con un 62,7% más.
Cartera Indivíduos
(Principales Productos)
Loan Portfolio for Private Individuals
(Main Products)
En el segmento de Pequeñas y Medianas Empresas, el Programa Pymes 10.000
tuvo el objetivo de impulsar la base de clientes con líneas de crédito superiores
a R$ 50 mil. El resultado fue la ampliación del 61% en el número de clientes
y del 57% en el volumen de préstamos concedidos.
27,0%
10,5%
10,0%
11,0%
The number of covenants signed with state-owned and private companies rose from
88 in December 2003 to 746 in December 2004, leading to a total of 2.087 million
prospective customers and a portfolio balance of R$ 376 million.
0,5%
8,0%
20,0%
9,0%
4,0%
10,0% Targeta de Crédito
10.0% Credit Cards
11,0% Cheque Especial
11.0% Overdraft Protection
0,5% Cuenta Garantizada
Vehicles – With regard to vehicle financing, the Bank's portfolio grew 43.0% in
comparison with 2003, while its market share (private individual customers only)
expanded from 5.8% in December 2003 to 6.2% in December 2004, totaling R$ 2.375
billion. Efforts were made on two fronts to promote vehicle financing products: in the
Bank's branches and through external channels connected to car dealers, which offer
credit to non-Santander clients.
Real Estate loans – The number of real estate loans granted by Santander Banespa
increased 98.0% in 2004 when compared to 2003, totaling R$ 404 million, while
the national average growth was 35%. Real estate loans accounted for 14.4% of the
total financing contracts in Brazil in 2004.
0.5% Guaranteed Accounts
8,0% Crédito Inmobiliario
8.0% Imobiliary Credit
20,0% Crédito Personal
20.0% Personal Credit
9,0% Crédito Rural
9.0% Rural Credit
Corporate Entities
Business credit grew 27.0% or more than R$ 23.8 billion within the National
Financial System versus 30.1% or R$ 3.1 billion in the case of Santander Banespa,
excluding home loans and rural credit, and totaling R$ 11.8 billion. Commercial
establishments led the trend with a growth rate superior to 62.7%.
4,0% Préstamo en Nómina
4.0% Loans Deducted from Payroll
27,0% CDC/Leasing/Financeira
27.0% CDC/Leasing/Consumer Finance
10,5% Otros – sin clasificación
10.5% Other – no classification
With respect to the Small & Medium Business segment, Santander Banespa
resorted to Program Pymes 10,000 to expand its customer base by offering
customers credit lines of R$ 50 thousand or more. As a result, the number
of clients increased by 61.0% and the volume of loans granted grew 57.0%.
51
52
Business Growth
En el segmento Corporate, el volumen de crédito creció un 28% y representó
48% del total concedido por el Banco durante el año. La fuerte actuación en
créditos destinados al sector exportador, la conquista de nuevos clientes y la
ampliación de los negocios con los clientes existentes fueron los principales
factores para este desempeño. El aumento en las líneas en el segmento fue
acompañado por un nivel de morosidad próximo a cero, probando la calidad
en el crecimiento de la cartera.
As for the Corporate segment, the volume of credit expanded 28.0% and
accounted for 48.0% of the total loans granted by the Bank throughout the
year. Its efforts to offer more credit to exporters, win new customers and
boost its business with existing clients were the key drivers of this successful
performance. While the corporate credit lines grew, default rates shrank
to a level close to zero, which attests the quality of this portfolio growth.
Captaciones * (R$ millones)
Funding * (R$million)
48.844
50
41.066
Captaciones
Los depósitos totalizaron R$ 22,7 mil millones al finalizar diciembre, un incremento
del 25,6% en el año, en comparación a los 19,3% del SFN, registrados por
el Banco Central.
40
El market share del total de los depósitos se mantuvo estable en un 4,6%, pero
mostró un expresivo crecimiento en el segundo semestre de 2004.
30
Crecimiento del 19%
Growth of 19%
20
10
0
2003
2004
(*) Fondos por Activos + Depósitos + Pensiones
Los activos de los fondos de inversión crecieron el 16,7% en el SFN, mientras que
en el Banco Santander Banespa la evolución fue del 23,8% (de R$ 23,0 mil millones
para R$ 28,5 mil millones). La participación de mercado subió del 4,3% para 4,5%.
Los productos de fondos de pensiones privados (PGBL y VGBL) aumentaron su
participación de mercado del 2,7% para el 3,6%, con estoque del R$ 2,2 mil
millones en diciembre de 2004.
(*) Funds from Assets + Deposits + Private Pension Growth
Funding
Deposits totaled R$ 22.7 billion at the end of December, up 25.6% from 2003
versus the 19.3% expansion registered by the Central Bank for the National
Financial System as a whole.
The Bank's market share of total deposits remained flat at 4.6% in comparison with
2003, although it did show a significant improvement in the second half of 2004.
The volume of assets deposited in investment funds grew 16.7% within the
National Financial System versus 23.8% at Santander Banespa, jumping from
R$ 23.0 billion to R$ 28.5 billion. The Bank's market share in this regard expanded
from 4.3% to 4.5%.
Private pension products (PGBL and VGBL) gained further market share, going
from 2.7% to 3.6%, with a stock of R$ 2.2 billion in December 2004.
Business Growth
Fondos de Pensiones Privados
El Banco registró un crecimiento del
88,2% en 2004, el mayor porcentual
entre la competencia y superior al promedio
calculado por la Superintendencia de
Seguros Privados (Susep), del 38,4%.
La participación en el mercado aumentó
el 36,0% – expansión no alcanzada por
ningún competidor –, llegando al 3,6%
(más 0,9 punto porcentual). Según la
Susep, los fundos del Santander Banespa
ocupan la quinta colocación en reservas
entre las entidades de fondos de
pensiones abiertos.
Fue captado R$ 1,0 mil millones, valor
68,0% superior a 2003. Este nivel de
participación en las captaciones de todo
el mercado, del 7,3%, superó el promedio
histórico del 5,5%.
En el Plan Generador de Beneficio Libre
(PGBL), el crecimiento de la cartera fue
del 33,5% con relación a 2003 y en
Vida Generador de Beneficio Libre
(VGBL) hubo un aumento del 251,0%.
Ahorro
En 2004, hubo un crecimiento de R$ 431,5
millones (+ 10,5%) en volumen. Según
la Asociación Brasileña de Entidades de
Crédito Inmobiliario y Ahorro (Abecip)
y el Banco Central, el Banco Santander
Banespa quedó en la novena posición
del ranking, con el 2,9% de participación
de mercado.
En el 2004, se hicieron dos grandes
campañas promociónales de ahorro –
Ahorro Premiado y Ahorro Programado –
que contribuyeron para la captación
y pulverización de la cartera.
Private Pension
The private pension funds managed by
Santander Banespa grew 88.2% in 2004,
the highest percentage observed among
the competition and superior to the
average determined by the Superintendence
of Private Insurers (Susep), namely 38.4%.
The Bank's market share expanded
by 36.0% or more than 0.9 percentage
point to 3.6%, a mark unmatched
by any competitor. According to Susep,
the private pension products offered
by Santander Banespa rank fifth
in terms of reserves among open
private pension entities.
Altogether, the Bank raised R$ 1.0 billion
worth of funds with private pension
products, i.e. 68.0% more than it did
in 2003. This business line accounted
for 7.3% of all the funds raised in the
market, which is superior to the
historical average of 5.5%.
The Bank's PGBL and VGBL portfolios
grew 33.5% and 251.0% in relation
to 2003, respectively.
Savings
The volume of funds deposited in savings
accounts increased 10.4% to R$ 431.5
million in 2004. According to the Brazilian
Association of Real Estate Loans and
Savings Institutions (Abecip) and the
Central Bank, Santander Banespa ranked
ninth with 2.9% of the market.
The year 2004 saw the introduction of two
large-scale promotional campaigns to
encourage deposits in savings accounts,
namely Poupança Premiada and Poupança
Programada, both of which helped the
Bank to raise more funds and diversify
its portfolio.
53
54
Business Growth
Fondos
Los activos de Asset Management
crecieron R$ 5,5 mil millones en 2004,
pasando de R$ 23,0 mil millones, en
diciembre de 2003, para R$ 28,5 mil
millones, en diciembre de 2004. La
participación de mercado en la
administración de fondos aumentó
del 4,3% para el 4,5%, de acuerdo
con la Asociación Nacional de Bancos
de Inversión (Anbid), y el Banco
Santander Banespa subió un escalón
en el ranking de las mayores
administradoras de recursos del País,
pasando para la octava colocación.
Depósitos a Plazo
El 2004 tuvo un importante evento que
ayudó a impulsar el volumen de CDB
(Certificado de Deposito Bancario):
la creación de la Cuenta Inversión, con
la eliminación de la ineficiencia fiscal
que ocurría con el producto, representado
por el pago de CPMF (Contribución
Provisoria de Movimentación Financiera)
en cada renovación.
Funds
The volume of assets managed by
Santander Banespa jumped from
R$ 23.0 billion in December 2003
to R$ 28.5 billion in December 2004,
meaning an increase of R$ 5.5 billion
over the year. Its share of the asset
management market expanded from
4.3% to 4.5% as per data published by
the National Association of Investment
Banks (Anbid), and Santander Banespa
climbed one rung to the eighth position
among the largest asset managers
in the country.
Time Deposits
An important event in 2004 helped to
boost the volume of certificates of deposit
(CD), namely the creation of the so-called
Investment Account, putting an end to
CPMF (Tax on Financial Transactions)
charges on every renewal and thus
eliminating the tax inefficiency that
rendered this product less attractive.
Informe Anual 2004 / Annual Report
Business Growth
Hubo un importante crecimiento en la
cartera de depósitos a plazo: incremento
del volumen del orden de R$ 3.784 millones
(+37,0%), ocupando la séptima posición
en el ranking, según el Banco Central.
Planes de Ahorros – Capitalización
El crecimiento de las reservas técnicas
fue del 57,0%, pasando a ocupar el
sexto lugar en el ranking del mercado.
El principal destacado fue el lanzamiento
del Big Din Din, título que distribuye
premios de hasta R$ 1 millones.
Seguros
En el negocio de Seguros, el crecimiento
fue del 14,9%, En el ramo automotor,
el avance fue del 8,5% y en el de vida,
del 12,8%, ante promedios del 17,7%
y del 11,6% del mercado, según datos
de la Federación Nacional de Empresas
de Seguro Privado y el de Pensiones
(Fenaseg). En el ranking por premios,
el Banco ocupó, en 2004, el cuarto
lugar en seguros residenciales (7,5% del
total del mercado), cuarto lugar en seguros
de vida (7,7% de participación) y la novena
posición en créditos para vehículos.
En vehículos, la gran innovación fue la
implantación de la Multiseguradora,
convirtiéndose en la única institución
financiera en ofrecer seis alternativas
de aseguradoras para el cliente. En el
ramo vida, se creó el Nuevo Vida Master,
para pequeñas y medianas empresas,
y se lanzaron los planes Nuevo Vida,
Protección Familiar, Protección Mujer
y Prestamista, para los otros segmentos.
Santander Banespa's time deposit portfolio
grew by approximately R$ 3.784 million
in terms of volume or 37.0% in comparison
with 2003, causing the Bank to rank
seventh among similar financial institutions,
pursuant to data published by the
Central Bank.
Capitalization
Technical reserves rose 57.0% in 2004.
As such, Santander Banespa now occupies
the sixth position in the market. The
most important event in this business
segment was the introduction of Big
Din Din, a product that distributes
prizes as high as R$ 1 million.
Insurance
The Bank's insurance business expanded
14.9% in 2004. Car insurance grew 8.5%
while life insurance increased 12.8%
versus market averages of 17.7% and
11.6%, respectively, as per data published
by the National Federation of Private
Insurance and Pension Plan Providers
(Fenaseg). In terms of premiums, Santander
Banespa ranked fourth in home insurance
(market share of 7.5%), fourth in life
insurance (market share of 7.7%) and
ninth in car insurance.
A noteworthy innovation was introduced
in the car insurance business with the
implementation of Multisseguradora.
As such, Banco Santander is now the
only financial institution to offer customers
six choices of insurer. As for the life
insurance business, the Bank launched
Novo Vida Master, a product designed
for small & medium businesses, along
with Novo Vida, Proteção Familiar,
Proteção Mulher and Prestamista for
other segments.
55
56
Business Growth
El 2004 fue un desafío de gran crecimiento. La cartera financiada y la cartera
total crecieron 67,0% en el año, alcanzando R$ 200 millones y R$ 887 millones,
respectivamente. El resultado líquido presentó expansión interanual del 51,0%.
Estos crecimientos orgánicos fueron posibles gracias al objetivo dado por el
área en el avance tecnológico, con la internalización de las plataformas de
sistemas, operativos y de riesgos.
La consolidación de los resultados de tarjetas de crédito contó también con el
apoyo de 190 campañas comerciales con ofertas y promociones segmentadas,
con el uso de modelos de selección catastral, de comportamiento y de consumo
y la aplicación de una metodología de testing para identificar la mejor propuesta
para el cliente. También fue creada una serie de productos de nicho – como la
Tarjeta Empresarial, la Tarjeta Shopping (junto con la Red Renasce) y la Tarjeta
Up Front – y otros procesos comerciales - como el Balance Transfer y la Afiliación
Electrónica –, que convierten cada día más atractivo el portafolio de productos
para los clientes.
El Banco alcanzó la cantidad de 6,7 millones de tarjetas de débito. La principal
estrategia fue el cambio de la existencia de tarjetas propias para tarjetas con
bandera, proporcionándoles a los clientes mayor aceptación, tanto nacional
como internacional.
Credit Cards
The year 2004 was marked by challenges and dramatic growth. The financed
and total portfolios grew 67.0% during this period to R$ 200 million and
R$ 887 million, respectively. Net profit on credit card operations rose 51.0%
between 2003 and 2004.
This organic growth was made possible by the attention that the Credit Cards
Division devoted to technology upgrading through the internalization of systems,
operational and risk management plataforms.
Santander Banespa was also able to achieve the results above by resorting to
190 commercial campaigns involving special offers and segmented promotions
based on a cluster analysis of consumer behavior and consumption, and on a
testing method designed to identify the best proposal for each client. Moreover,
it created a range of cards for specific market niches – e.g. Cartão Empresarial,
Cartão Shopping (in partnership with Rede Renasce) and Cartão Up Front – not
to mention other commercial initiatives – e.g. Balance Transfer and Electronic
Affiliation – which have enhanced the attractiveness of its product portfolio.
The number of debit cards managed by the Bank totaled 6.7 million in 2004.
The principal strategy that led to this result was the substitution of Santander
Banespa debit cards for co-branded ones, thus increasing their acceptance
both locally and internationally.
Business Growth
Cash Management
El volumen de las operaciones de
cobranza, principal producto del cash
management, creció 48,0%. En 2004,
el área pasó por un profundo proceso
de reestructuración en todos los niveles,
con el objetivo de consolidar la posición
entre los tres mayores bancos de cash
management del mercado brasileño.
Se invirtieron más de R$ 32 millones en
tecnología y operaciones. Los procesos
fueron readecuados, para garantizar
calidad en la entrega y en el funcionamiento
de todos los productos. Uno de los
principales destacados, en 2004, fue
la introducción del producto remisión
de cuenta vencida, novedad entre los
bancos minoristas en Brasil. Con acceso
por la Internet y extremadamente fácil
de usar, permite que el cliente del
Banco actualice e imprima sus cuentas
atrasadas con cálculo automático
de intereses y mora.
Agronegocios
El volumen de Agronegocios sumó R$ 2,45
mil millones, 49,0% superior al año anterior,
ante una evolución del 23,0% registrada
en 2003 de créditos dirigidos al agro en
el Banco Santander Banespa. La Cédula
del Productor Rural (CPR), la promoción
de eventos asociado con fabricantes
de equipos e implementos agrícolas, y la
participación en ferias del sector impulsaron
los negocios en un año de crecimiento
de la producción agrícola brasileña.
Cash Management
The volume of credit collection operations –
the Bank's chief cash management
product – grew 48.0% in 2004. The
Cash Management Division was submitted
to a restructuring program at all levels
in 2004 for the purpose of consolidating
the position of Santander Banespa
among the top three cash managers
in the Brazilian market.
More than R$ 32 million were invested
in technology and operations, Processes
were redesigned to make sure that all
products are delivered with quality and
function properly. One of the highlights
in 2004 was the introduction of a
product that allows customers to
reissue past due invoices, a novelty
among retail banks in Brazil. This userfriendly product connects the Customer
to the Bank's client through the
Internet and enables the former to
update and print out past due invoices.
The calculation of penalties and
delinquent interest is automatic.
Agribusiness
The volume of credit granted by Santander
Banespa to the agribusiness sector
increased by 49.0% to R$ 2.45 billion
in 2004, versus 23.0% in 2003. The
issue of Rural Credit Notes (CPR), coupled
with the promotion of events in partnership
with manufacturers of agricultural
machinery and implements and the
participation in agribusiness trade
shows, gave impetus to this business
during a year of significant growth
for the Brazilian agricultural sector.
57
58
Business Growth
Universidades
Existe una gran oportunidad de crecimiento
en la relación con las personas jurídicas
y físicas de este mercado, por medio de
productos y servicios diseñados y embalados
para el sector. Para esto, existe un equipo
de profesionales especializados y dedicados
exclusivamente al segmento.
El Programa Universidades cerró 2004 con
86 convenios firmados con instituciones
públicas y privadas y un volumen de
negocios superior a R$ 3,0 mil millones.
Dentro de los objetivos de presentar una
propuesta innovadora a este segmento,
se lanzó, a fin de año, un programa de
Becas de Estudios, las Salas Santander
de inclusión digital y el Banco! Universitario,
que presenta en su propuesta una actitud
innovadora, con el objetivo de construir
una relación duradera entre los alumnos,
las instituciones de enseñanza superior
y el Banco Santander Banespa.
Universities
There is plenty of room for growth
when it comes to developing a relationship
with private individual customers and
corporate entities in this market segment
if products and services are especially
designed and packed for it. This is the
reason why Santander Banespa has put
together a team of professionals specialized
in and exclusively dedicated to this
business segment.
Programa Universidades ended the year
2004 with 86 covenants signed with
public and private institutions, and a
business volume superior to R$ 3.0 billion.
As part of its innovative approach to
this market segment, the Bank launched
a scholarship program, Santander rooms
for digital inclusion, and Banco!Universitário,
the purpose of which is to build
a longstanding relationship with
students and educational institutions.
Business Growth
59
60
Business Growth
Banco Mayorista
Wholesale Bank
La Banca Mayorista del Santander Banespa es una de las líderes del mercado
y referencia en servicios financieros para sus 1.200 clientes, un seleccionado
grupo de compañías e inversores locales y multinacionales que actúan en Brasil.
Tiene como misión proveer una oferta completa de productos y servicios de alta
calidad, desarrollados para las necesidades y exigencias específicas de sus clientes.
Su actuación está basada en la relación de largo plazo y en el profundo conocimiento
de la actividad y de las necesidades de esos clientes. El compromiso y una
estructura dedicada y especializada permiten atender estas necesidades en
todos los niveles de complejidad y volumen. Presenta también una sólida base
de capital y liquidez y una fuerte presencia en el mercado internacional, con
relaciones profundas en cada uno de esos mercados.
El equipo de la Banca Mayorista está formado por profesionales altamente
cualificados y con experiencia. Una cultura de trabajo en equipo, transparencia
y meritocracia es uno de los pilares fundamentales del Banco.
Durante 2004, profundizamos la relación con sus clientes, trabajando con ellos
en más proyectos y participando en un mayor número de operaciones, confirmando
el compromiso de apoyarlos en las más variadas actividades. Por más de un
año, estos clientes pudieron contar con la Banca Mayorista.
The Wholesale Bank of Santander Banespa is one of the market leaders and
a point reference for financial services for its 1,200 clients, a select group of
local and multinational corporations and investors operating in Brazil. Its mission
is to offer a full range of top quality products and services designed for their
specific needs and requirements.
This business is built around long-term relationships and on a profound knowledge
about the clients' business activities and needs. It uses a highly committed
team of specialized and dedicated professionals to fulfill such needs regardless
of their complexity and volume. Furthermore, it combines a solid capital and
liquidity base with a strong presence in the international market, where Grupo
Santander has already built a deep relationship with wholesale customers.
The team allocated at the Wholesale Bank is formed by highly qualified and
experienced professionals. Teamwork, transparency and meritocracy are the
pillars of this franchise.
In 2004, the Wholesale Bank cemented the relationship with its clients by
working in conjunction with them on more projects and participating in a
larger number of operations, thus reaffirming its commitment to support them
in a variety of activities. These customers were therefore able to rely on the
Wholesale Bank for one more year.
Business Growth
Corporate Banking
Corporate Banking es el área del Banco
Mayorista responsable por la relación con
los clientes, y actúa con la intención
de garantizar y coordinar la formulación
e implementación de soluciones para
atender sus necesidades. La función del
equipo del Corporate Banking es colocar
a disposición de los clientes toda una
gama de productos y servicios del mercado
nacional e internacional.
Además de la actuación local, el Grupo
Santander posee una estructura global
de gestión de cuentas, que aprovecha
la presencia en Europa, Estados Unidos
y América Latina y permite la prestación
de servicios y la atención de forma
integrada y global.
El Banco Santander Banespa cerró el año
con un volumen de líneas de crédito
ofrecidas a clientes de R$ 9,3 mil millones,
crecimiento del 31,0% comparado
a diciembre de 2003.
La fuerte actuación en créditos destinados
al sector exportador y préstamos locales,
la conquista de nuevos clientes y la
ampliación de los negocios con los clientes
existentes fueron los principales factores
para este crecimiento de operaciones. Hubo
también un avance del 50,5% en comisiones
en el segmento Corporate, por el aumento
de los negocios en otros productos.
En el mismo periodo, se destaca también
la actuación del Banco Santander Banespa
en las operaciones de cambio con clientes.
El volumen contratado en 2004 alcanzó
US$ 16,2 mil millones, un crecimiento del
65,0% al año, resultado de la diferenciación
de los productos ofrecidos, de una mayor
eficiencia en servicios y de la atención dada
por un equipo cada vez más especializado.
Corporate Banking
Subordinated to the Wholesale Bank, the
Corporate Banking Division is responsible
for customer relationships. It coordinates and
sees to the formulation and implementation
of solutions that are suited to the needs its
clients. The role of the Corporate Banking
team is to offer to its customers an entire
spectrum of products and services available
on the local and international markets.
In addition to operating locally, Grupo
Santander has a global account management
structure that draws on the Organization's
presence in Europe, the United States
and Latin America to allow the Wholesale
Bank to provide integrated and global
services to its customers.
Santander Banespa offered R$ 9.3 billion
worth of credit lines to its corporate clients
in 2004, meaning an improvement of 31.0%
in comparison with December 2003.
This growth in volume can be primarily
attributed to an increase in the number of
credit lines that the Bank extended to
exporters and local borrowers, allied with
successful efforts to win new clients and
expand its business with existing customers.
Also, commissions in the corporate
segment rose 50.5% due to initiatives
to leverage the Bank's business in other
product lines.
It was also in 2004 that Santander
Banespa intensified its foreign exchange
operations, whose volume reached the
US$ 16.2 billion mark, up 65.0% from
2003, as a result of the Bank's efforts
to offer differentiated products, coupled
with greater service efficiency and the
use of an increasingly specialized team
of professionals on the frontline.
61
62
Business Growth
Banca de Inversión
Mercado de Capitales
En 2004, la Banca Mayorista se mantuvo
enfocada en el desarrollo de soluciones
personalizadas para los clientes del área
de Mercado de Capitales. Participó
activamente en importantes operaciones
y firmó su posición como uno de los
líderes en los mercados de renta fija
y renta variable en Brasil.
En operaciones de renta fija local, actúo
en forma creativa e innovadora en diversas
operaciones, alcanzando un volumen
de suscripción total de cerca de R$ 4,7
mil millones, en diez operaciones. De
entre ellas, se destacó Furnas I – Fondo
de Inversión en Derechos de Crédito,
estructurado para Furnas Centrais
Elétricas S/A. Este fue el mayor fondo
lastrado en recibibles preformados
y distribuidos relevante fue
la primera emisión de debentures
de las Telecomunicaciones de São
Paulo S/A – Telesp, por un monto
de R$ 1,5 mil millones, la mayor
colocación de debentures realizada
en el mercado brasileño.
En el mercado internacional, la fuerte
presencia del Grupo Santander en los
más importantes mercados, aliada al
conocimiento específico de las necesidades
de los clientes locales, le permitió
a la Banca Mayorista ejecutar
operaciones que totalizan US$ 790
millones durante 2004.
En operaciones de renta variable, la
Banca Mayorista actúo como coordinadora
en operaciones que representaron cerca
de R$ 1,9 mil millones para sus clientes.
Investment Banking
Capital Market
In 2004, the Wholesale Bank remained
focused on the development of customized
solutions for clients in the capital market.
It participated actively in important operations
and consolidated its position as one of
the leaders in the market of fixed and
variable income investments in Brazil.
The Bank adopted a creative and
innovative approach to local fixed
income investment operations, having
attained a total subscription volume of
roughly R$ 4.7 billion in ten transactions,
the most significant of which was Furnas I
– Investment Fund Quota Credit Rights
Offer, structured for Furnas Centrais
Elétricas S/A. This is the largest fund
indexed to performance receivables ever
distributed in the Brazilian market. Another
relevant operation was the sale of first
debentures issued by Telecomunicações
de São Paulo S/A – Telesp, in the amount
of R$ 1.5 billion, the largest placement
of debentures in the Brazilian market.
Internationally, Grupo Santander's strong
presence in the most important markets,
combined with its profound understanding
of the needs of local clients, allowed the
Wholesale Bank to carry out operations
totaling US$ 790 million in 2004.
With regard to variable income investment
operations, the Wholesale Bank coordinated
several transactions that represented
approximately R$ 1.9 billion for its clients.
Business Growth
En 2004, confirmó su posición destacada en la estructuración de operaciones
innovadoras y en la distribución entre inversores institucionales locales y extranjeros
e inversores en el segmento minorista. Lideró la distribución inicial de acciones
(IPO – Initial Public Offering) de Gol Linhas Aéreas Inteligentes, por un monto
de R$ 878 millones, operación que fue elegida como Deal of the Year – Best
Equity Offering por la Revista Latin Finance. Además de esto, actúo como
coordinador de las ofertas públicas de la Grendene y de Porto Seguro, habiendo
logrado una posición destacada en la relación con todos los tipos de inversores.
Fusiones y Aquisiciones
Las actividades en el área de Fusiones y Adquisiciones abarcan procesos de
adquisición, venta y reestructuraciones societarias, además de un asesoramiento
en la estructuración y en el levantamiento de recursos para proyectos en una
gama de sectores. En 2004, la Banca Mayorista amplió y fortaleció su actuación
en ese segmento, al prestar:
asesoramiento al Grupo Algar en la compra del 20,0% del capital de su división de telecomunicaciones de
Williams International;
asesoramiento a los accionistas de Tilibra en la venta de la empresa para el Grupo MeadWestvaco; y
asesoramiento en la reestructuración societaria del Grupo Rede – Empresas de Energía Eléctrica.
In 2004, the Bank confirmed its outstanding position in the structuring of innovative
operations and placements for local and foreign institutional and retail investors.
The initial public offering (IPO) of Gol Linhas Aéreas Inteligentes, in the amount
of R$ 878 million, was elected the Deal of the Year – Best Equity Offering by Latin
Finance. In addition, the Bank coordinated IPOs for Grendene and Porto Seguro,
having attained a prominent position in relation to all types of investors.
Mergers and Acquisitions
The activities of this division include organizing purchase and sale transactions
and corporate restructuring processes, in addition to providing advisory on
project finance operations for companies in a wide range of industries. In 2004,
the Wholesale Bank expanded and strengthened its presence in this business
by offering advisory:
to Grupo Algar on the acquisition of 20.0% of the capital stock of its telecommunications
division in Williams International;
to Tilibra's stockholders on the sale of this company to MeadWestvaco Group; and
on the corporate restructuring of Grupo Rede – Empresas de Energia Elétrica.
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64
Business Growth
El Banco Santander también consolidó,
a lo largo del año, su posición de liderazgo
en el segmento de project finance,
destacándose en las siguientes operaciones:
asesoramiento a Abengoa en la licitación para la
It was also throughout the year 2004
that Santander consolidated its leadership
in project finance with the following
operations, among others:
construcción, operación y mantenimiento de la línea
advisory to Abengoa on the selection of
de transmisión LT Colinas (TO) – Ribeirão Gonçalves
contractors for the construction, operation
(PI) – São João do Piauí (PI) – Sobradinho (BA) /
and maintenance of a transmission line
Subestação Ribeiro Gonçalves (PI). La línea tendrá
named LT Colinas (TO) – Ribeirão Gonçalves
937 kilómetros de extensión, una tensión de 500 Kv
(PI) – São João do Piauí (PI) – Sobradinho
y demandará inversiones estimadas en R$ 994
(BA) / Subestação Ribeiro Gonçalves (PI). This
millones; y
transmission line will be 937 km long and
it will be used to transmit electric power at
asesoramiento a Nordeste Transmissora de Energia
(NTE), empresa controlada por los grupos Abengoa
500 Kv. Its construction will demand capital
investments estimated at R$ 994 million; and
y Dragados Industrial, en la estructuración del
financiamiento del proyecto en el BNDES para la
advisory to Nordeste Transmissora de Energia
implementación de dos líneas de transmisión, ambas
(NTE), a company controlled by Abengoa
localizadas en la Región Nordeste.
e Dragados Industrial, on the preparation
of a project to obtain financing from BNDES
for the implementation of two transmission
lines, both of which are located in the
Tesorería
La Tesorería del Banco Santander Banespa
es responsable por la gestión del balance,
de la administración de liquidez y del
descalzamiento de plazos, monedas
y tasas de interés de todos los activos
y pasivos y la fijación de políticas de
précios de los recursos para los diversos
productos y segmentos comerciales.
Ocupa una posición de liderazgo en el
mercado financiero nacional, ofreciéndole
a los clientes de la Banca Mayorista
productos de inversión, cambio
y derivados – swaps, futuros y opciones
–, principalmente relacionados a la protección
(hedge) contra las oscilaciones de cambio
e intereses, en Brasil y en el exterior.
Además de eso, como parte de un
grupo financiero con presencia global,
tiene la posibilidad de ofrecerles a los
clientes productos y servicios en los
mercados off-shore.
En 2004, la Tesorería trabajó activamente
en operaciones de cambio para clientes –
con un movimiento de US$ 17,4 mil
millones al año –, alcanzando la quinta
posición en el ranking del Banco Central.
northeast region.
Treasury
Santander Banespa's Treasury is
responsible for managing its balance
sheets, liquidity, maturity mismatches,
currencies and interest rates for all assets
and liabilities, and for defining pricing
policies for several products and
commercial segments.
It occupies a leading position in the Brazilian
financial market, offering to the clients of
the Wholesale Bank a range of investment,
currency and derivative (swaps, futures
and options) products, particularly hedge
operations for protection against foreign
exchange and interest rate variations in
Brazil and elsewhere. Furthermore, as part
of a global financial group, it can offer
customers products and services in
offshore markets.
In 2004, Santander Banespa's Treasury
was actively engaged in foreign exchange
operations for its clients, generating a
business volume of US$ 17.4 billion and
attaining the fifth position on the Central
Bank's ranking of financial institutions.
Business Growth
Las operaciones de derivados totalizaron
US$ 9,9 mil millones y las operaciones
off-shore, US$ 8,7 mil millones.
En 2004, mejoramos la actuación entre
clientes institucionales, como fundaciones,
aseguradoras y gestoras de recursos.
Las operaciones en el mercado doméstico
totalizaron el equivalente a US$ 10,9
mil millones y las off-shore, US$ 8,8 mil
millones, considerándose las operaciones
en los mercados al contado, futuros
y de mostrador (derivados). La constante
innovación de productos dentro de la
Tesorería le permitió a la Banca Mayorista
una importante mejoría en la relación
con ese segmento de clientes.
Operations involving derivatives totaled
US$ 9.9 billion while offshore transactions
amounted to US$ 8.7 billion.
Additionally, the Bank expanded its business
with institutional clients such as foundations,
insurers and portfolio managers.
Operations in the local market totaled US$
10.9 billion whereas offshore transactions
amounted to US$ 8.8 billion, including
cash commodities, futures contracts and
the OTC market (derivatives). Continuous
product innovation within the Treasury
Division has allowed the Wholesale Bank
to achieve significant improvements in its
relationship with this group of clients.
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66
Business Growth
En 2004, el Banco se mantuvo entre los más activos en varios mercados, lo que
garantizó gran competitividad para las operaciones con clientes. Se destacaron
los volúmenes de operaciones con títulos públicos, de US$ 61,8 mil millones,
y en operaciones de cambio spot, con US$ 36,7 mil millones.
La Tesorería del Banco Santander Banespa sigue las rígidas políticas de control
de riesgos, establecidas por la matriz y válidas para el Grupo Santander en el mundo.
Todas las posiciones son monitoreadas y controladas por el área de Riesgos de
Mercado y por la Controladoria Financiera, en forma independiente y paralela.
Santander Banespa was one of the most active financial institutions in several business
segments in 2004, thus securing the competitiveness of the operations structured
for its clients.
A case in point is the volume of transactions involving public debt issues (US$ 61.8
billion) and foreign currency spot contracts (US$ 36.7 billion). Santander Banespa's
Treasury follows strict risk management policies established by the parent company
and applicable to Grupo Santander worldwide. All the positions are monitored and
controlled by the Market Risk Division and Financial Controllership in an independent
and simultaneous manner.
Comercio Exterior
y Captaciones Externas
El Banco Santander Banespa ha actuado en forma destacada en operaciones
relacionadas al comercio exterior en todos los segmentos en los que actúa.
El área de Comercio Exterior cuenta con un equipo estratégicamente distribuido
en diez filiales, en las Regiones Sur y Sudeste del País, por medio de la cual
ofrece una gama de productos y servicios. Con un equipo de profesionales
especializados en el área, el Banco Mayorista desarrolla productos y servicios
diferenciados y alineados a las necesidades específicas de cada Cliente, de
financiamientos estructurados para importación/ exportación a inversiones directas.
Foreign Trade and Overseas Funding
Santander Banespa is renowned for its outstanding performance in transactions
related to international trade in all business segments. Its Foreign Trade Division
consists of a team of professionals that are strategically distributed across
ten subsidiaries in the south and southeast regions of Brazil, through which
a wide range of products and services is offered to the market. With this
team of highly specialized professionals, the Wholesale Bank is able to develop
differentiated products and services suited to the specific needs of each client,
from structured import/export financing operations to direct investments.
Business Growth
Por intermedio de su expresiva presencia internacional, el Grupo Santander creó
el International Desk, buscando la coordinación de las acciones comerciales
entre los clientes del Grupo situados en distintos países.
De esta forma, la Banca Mayorista pasó a darle soporte, en forma más eficiente,
a clientes que tenían intereses en otros países cubiertos por la bandera Santander,
en Europa, en América Latina y en América del Norte.
Availing itself of its international presence, Grupo Santander has set up an
International Desk to coordinate trade transactions between clients located
in different countries.
Thus, the Wholesale Bank began to provide even more efficient support to
customers with business interests in other countries also covered by Santander
in Europe, Latin America and North America.
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68
Business Growth
En el transcurrir del 2004, el Banco
Santander Banespa realizó operaciones
de comercio exterior del orden
de US$ 17 mil millones (incluyendo
exportación, importación y financiación),
ampliando la participación en el
mercado del 3,6% en 2003 para
5,5% en 2004.
En 2004 la Banca Mayorista captó
US$ 500 millones en el mercado
internacional para el Santander
Banespa. Una emisión de eurobonds
al comienzo del año trajo US$ 100
millones de recursos a dos años
y medio en moneda extranjera. Otros
US$ 400 millones se obtuvieron por
medio de la operación de securitización
de órdenes de pagos de bancos
correspondientes en el exterior,
denominadas en dólar y euros.
La operación conjunta, Banco
Santander Brasil y Banespa, fue
clasificada en el nivel Baa1 por
Moody's y BBB+ por las agencias
Standard & Poor's y Fitch, tres niveles
arriba de la República – que obtuvo
el piso considerado investment grade
(inversión de menor riesgo). La operación
le rindió al Banco el premio de mejor
securitización internacional de 2004,
por la Latin Finance.
Throughout the year 2004, Santander
Banespa carried out foreign trade
operations totaling approximately
US$ 17 billion (including export,
import and financial transactions),
having expanded its market share
from 3.6% in 2003 to 5.5% in 2004.
It was also during this period that the
Wholesale Bank raised US$ 500 million
in the international market for Santander
Banespa. An eurobond issue at the
beginning of the year fetched US$ 100
million worth of funds for two years
and a half in foreign currency. Another
sum of US$ 400 million was obtained
through the securitization of payment
orders issued in U.S. dollars and euros
by correspondent banks abroad.
This joint operation between Banco
Santander Brasil and Banespa received
a Baa1 rating from Moody's and BBB+
from Standard & Poor's and Fitch. In other
words, it was classified three levels above
Brazil's sovereign risk rating, which
is at the lowest level of investment
grade (lower risk investment). The
operation won the award for Best
International Securitization in 2004,
granted by Latin Finance.
Corretora de Valores
El Grupo Santander presta servicios
de corretaje de valores en 12 países
y atiende a una amplia base de clientes.
Posee un equipo de analistas enfocado
en los mercados latinoamericanos. Cubre
clientes institucionales internacionales
en sus oficinas de Nueva York y Londres,
en coordinación con las unidades locales.
Brokerage House
Grupo Santander provides stockbroking
services to an ample customer base in
12 countries. It has a team of analysts
focused on Latin American markets.
Offices located in New York and London
and working in concert with local units
provide coverage for international
institutional clients. Santander's modus
operandi combines strict compliance
with a high level of service provided by
a team of relationship executives that
understand the market as well as their
clients' needs.
Business Growth
El modelo de actuación combina con
compliance riguroso y de calidad en la
ejecución, conducido por un equipo de
ejecutivos capacitados – que comprenden
el mercado y las necesidades de sus
clientes – y por un equipo de analistas
ampliamente reconocido, responsable
por la cobertura de 45 empresas, siendo
que 30 de ellas están listadas en Bovespa
(empresas que representan 85,0% del
volumen negociado y también 85,0%
del valor de mercado de Bovespa).
La Corretora Santander atiende inversores
institucionales locales y extranjeros y la
Correctora Banespa atiende también
indivíduos por medio de una red de 90
Salas de Acciones, distribuidas por todo
Brasil. La capilaridad de las Salas de Acciones
alcanza al 80% de la riqueza del País,
cumpliendo la misión de divulgar, enseñar
y prestar consultoría a los indivíduos
sobre el mercado de acciones, diseminando
la cultura de diversificación de inversiones.
En 2004, el volumen negociado por las
Correctoras Santander y Banespa alcanzó
R$ 20,9 mil millones, representando
una evolución del 62,0% con relación
al volumen de 2003, mientras el volumen
de Bovespa creció el 48,0% en el mismo
período. La participación de mercado
aumentó 0,3 punto porcentual. Los
ingresos anuales se ampliaron 59,0%
con relación a 2003. En el segmento
Indivíduos, el crecimiento fue del 57,0%.
El 2004 también fue un gran período
para la distribución de Ofertas Publicas
de Acciones (OPA): la Corretora Santander
fue líder en ventas minoristas y mayoristas
de papeles de Gol – Linhas Aéreas
Inteligentes y de Porto Seguro – Cia
de Seguros. También participó, en forma
destacada, de la pulverización de: CCR,
Natura, PIBB, Weg, CPFL, Braskem, Gerdau,
Dasa, Sabesp, Suzano Química y BradesPar,
siendo que los valores de reservas fueron
superiores a R$ 200 millones, para más
de 9 mil clientes.
This team is in turn supported by a group
of well-known analysts who are responsible
for covering 45 companies, 30 of which
are listed with the São Paulo Stock
Exchange (Bovespa). The latter account
for 85.0% of Bovespa's trading volume
and financial volume.
The Santander Brokerage House serves
local and foreign institutional investors
while the Banespa Brokerage House
caters to individual investors through
a network of 90 “share shops” (i.e.
facilities reserved for private stock market
transactions) distributed across Brazil.
The capillarity of these “share shops”
allows the Bank to cover 80% of the
country's wealth, thus fulfilling the
mission of spreading information and
educating the public about the stock
market, in addition to providing services
to individuals wishing to invest in stocks
and helping them to understand the
importance of diversifying their investments.
The total volume traded by the Santander
and Banespa Brokerage Houses amounted
to R$ 20.9 billion in 2004, up 62.0%
from 2003, while the traded volume
at Bovespa grew 48.0% over the same
period. Therefore, the Bank gained
0.3 percentage point in market share.
Its annual revenue from stockbroking
services provided to institutional investors
increased 59.0% in comparison with
2003, versus 57.0% in the case of
individual investors.
The year 2004 was also a very favorable
period for initial public offerings (IPOs).
The Santander Brokerage House led
the sale of Gol – Linhas Aéreas Inteligentes
and Porto Seguro shares to the retail
and wholesale markets. It also played
a prominent role in the sale of securities
issued by CCR, Natura, PIBB, Weg, CPFL,
Braskem, Gerdau, Dasa, Sabesp, Suzano
Química and BradesPar to more than
nine thousand clients, with reserves
amounting to over R$ 200 million.
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Business Growth
Equity Research
El área de Research es responsable por el análisis de la economía y de sectores
y empresas cuyas acciones son listadas en la bolsa de valores brasileña - Bovespa.
Cerró el año 2004 con una cobertura oficial de 45 empresas en 11 sectores diferentes,
que, juntas, representan 85,0% del índice Bovespa, con análisis divulgados por
medio de informes diarios, trimestrales, presentaciones y conferencias telefónicas.
El Banco Santander Banespa realiza eventos con empresas y sectores de los que
participan clientes institucionales y fundaciones de Brasil y del exterior. Ellos pueden
ser temáticos (Small Cap Day, Consumer Day, Jornada de análisis del sector de petróleo)
o de gran porte, como la Conferencia Anual Santander – Brasil (ya en su quinto
año), con la presencia de empresas invitadas y analistas.
Analistas del área fueron premiados por los principales rankings del sector. Por
la Institutional Investor, el reconocimiento fue del mejor analista del área minorista
de América Latina durante 2003 y 2004, mejor analista del área minorista en Brasil
en 2003 y tercero en 2004. Por la Latin Finance, mejor analista del área minorista
en 2003. Y por la Institucional Investor, mejor analista textil en Brasil 2004, por
tercer año consecutivo.
El Banco también cuenta con el mejor grupo de economistas de Brasil en 2004,
de acuerdo con el Institutional Investor, que ya había concedido el premio de mejor
economista en 2000 y 2001. Por la misma publicación, el Santander Investment fue
elegido, en 2004, como la segunda mejor casa de Research para América Latina
(tercer lugar en 2003).
Equity Research
This area is responsible for analyzing economic conditions, business industries
and corporations whose stocks are listed at Bovespa. It ended the year 2004
with an official coverage of 45 companies in 11 different business sectors which,
together, account for 85% of Bovespa's total trading volume. The Equity Research
team issues daily and quarterly reports in addition to making presentations and
holding teleconferences.
Santander Banespa organizes events with companies and industry associations
to which its local and foreign institutional clients and foundations are affiliated.
These events may be themed (e.g. Small Cap Day, Consumer Day, Oil Industry Day)
or large-scale gatherings such as the Santander Annual Conference – Brazil (now
in its fifth edition), with the participation of guest companies and analysts.
Santander Banespa's equity research analysts have already won major awards, such
as the Best Retail Analyst in Latin America in 2003 and 2004, Best Retail Analyst
in Brazil in 2003, and third best in 2004 by Institutional Investor; Best Retail Analyst
in 2003 by Latin Finance; and Best Textiles Industry Analyst in Brazil in 2004 and
for the third consecutive year by Institutional Investor.
The Bank also employs the best team of economists in Brazil. In 2004, Institutional
Investor granted the Best Economist Award to Santander Banespa as it had done
in 2000 and 2001. Also, Santander Investment was elected the second best Equity
Research House for Latin America in 2004, up from the third place in 2003.
Business Growth
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Business Growth
Gestión de Activos de Terceros
Third-Party Fund Management
Los activos de Asset Management crecieron R$ 5,5 mil millones en 2004, pasando
de R$ 23,0 mil millones para R$ 28,5 mil millones. La participación de mercado
en la administración de fondos aumentó del 4,3% para el 4,5%, de acuerdo
con la Asociación Nacional de Bancos de Inversión (Anbid), y el Banco Santander
Banespa subió un escalón en el ranking de las mayores administradoras de
recursos del País, alcanzando la octava colocación.
En el 2004 se continuó con la estrategia de diferenciación de productos y de una
atención a los clientes individuales, iniciada en 2001, lo que resultó en un aumento
de participación en el mercado en los productos multimercados, de mayor valor
agregado para los clientes. En ese producto específicamente, la participación
de mercado del Banco Santander Banespa pasó para el 1,9%, con un total
de R$ 3,2 mil millones (1,7% y R$ 2,4 mil millones en 2003, respectivamente).
En los segmentos institucionales y corporativos, hubo un sensible progreso en lo
que se refiere al aumento de la penetración en la base de clientes albo del Grupo
en Brasil, también con objetivo en productos de más alto grado de diferenciación.
La continuidad de esa estrategia coloca la actividad de gestión de activos de
terceros en posición competitiva en el escenario de continuidad de estabilización
y crecimiento de la economía brasileña.
En 2004, la Standard & Poor´s clasificó al Santander Banespa Fondos de Inversión
con la mejor posición de su ranking: AMP-1. El Banco también recibió por segundo
año consecutivo, los premios Top Gestión, de la revista Valor Investe, y el de Mejor
Gestor de Fondos Multi-riesgos (o Multimercados) de Brasil, por la revista Exame.
The volume of funds under the responsibility of Santander Banespa Asset
Management increased from R$ 23.0 billion in 2003 to R$ 28.5 billion in 2004,
meaning a difference of R$ 5.5 billion. Its share of the asset management market
grew from 4.3% to 4.5% over this period as per data published by the National
Association of Investment Banks (Anbid). As such, Santander Banespa rose one
rung to eighth position on the ranking of the largest asset managers in Brazil.
In 2004, the Bank continued to offer differentiated products and services to
private individual customers as part of a strategy initiated in 2001. Consequently,
it gained a further share of the multi market product segment, which generates
more value for clients. In this specific product line, Santander Banespa now holds
1.9% of the market, with a total volume of R$ 3.2 billion versus 1.7% and
R$ 2.4 billion in 2003, respectively.
Significant progress was made in the institutional and corporate segments
as well, where the Bank was able to increase its penetration rate among the
Group's target clients in Brazil also by focusing on differentiated product offerings.
The pursuit of this strategy has enhanced the Bank's competitiveness in the management
of third-party portfolios within a scenario of economic stability and growth.
In 2004, Standard & Poor´s gave the best rating to the investment funds managed
by Santander Banespa, namely AMP-1. Also, the Bank was granted for the second
consecutive year the Top Management Award by Valor Investe, and the Best Multi
Risk (or Multi Market) Fund Manager Award by Exame.
Business Growth
Banca Privada
Private Banking
El Grupo Santander es un importante gestor de activos de clientes private en el
mundo, en el mercado local y off-shore. El modelo está basado en la prestación
de asesoramiento financiero al Cliente por medio de un gerente de relación
especializado. Este profesional atiende a un número limitado de clientes y busca
entender sus necesidades, su plan de vida y su tolerancia al riesgo. Se le ofrecen
fondos y productos financieros de distintos gestores de activos, cubriendo
un amplio espectro de riesgo y de diversificación de activos y geografías.
En Brasil, el Banco Santander Banespa atiende al segmento Banca Privada
con un equipo calificado de gerentes, ofreciendo una cobertura que garantiza
la excelencia en la atención al cliente. La oferta de productos es completa,
comprendiendo servicios que van desde los más tradicionales hasta aquellos
relacionados al mercado de acciones, pasando por productos estructurados
y fondos multimercados. Por medio de un riguroso trabajo de due dilligence
y acompañamiento diario de carteras, el Banco ofrece la posibilidad de que
los clientes inviertan también con diversos gestores nacionales.
El total de recursos bajo responsabilidad de la Banca Privada Santander Banespa
superó R$ 2,4 mil millones, en 2004, lo que representa un crecimiento del 71,0%
sobre 2003.
Grupo Santander enjoys a prominent position as a private banking manager
both locally and in offshore markets. It has opted for an approach whereby
financial advisory is provided to clients through a specialized relationship
manager. This professional caters to a limited number of customers and seeks
to understand their needs, life plans and tolerance to risk. They are offered an
opportunity to invest in funds and financial products from renowned portfolio
managers, covering an entire spectrum of risk levels, asset types and geographies.
In Brazil, Santander Banespa operates in the Private Banking segment through
a team of highly qualified managers, offering customers a coverage that ensures
excellent service. The product offering is complete, ranging from the most
traditional options to those related to the stock market, as well as structured
products and multi market funds. By exercising due diligence and monitoring
the behavior of portfolios on a daily basis, the Bank is able to offer private
banking clients the opportunity to invest in funds managed by a variety
of local portfolio managers.
The total amount of funds under the responsibility of Santander Banespa Private
Banking exceeded R$ 2.4 billion in 2004, up 71.0% from the previous year.
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74
2004 fue un excelente año para el Grupo
Santander. Todas las áreas de negocio
progresaron y, desde el punto de vista
estratégico, se concluyó con éxito
la adquisición del Abbey, sexto banco
del Reino Unido, posicionando al Grupo
Santander entre los diez primeros bancos
del mundo en valor de mercado.
El Grupo Santander obtuvo una ganancia
líquida de 3.135 millones de euros, con
un crecimiento del 20,1% sobre el año
anterior, reflejando fuertes aumentos
de la actividad comercial. Los créditos
crecieron el 18,0% y los recursos
de clientes el 13,0%.
Grupo Santander 2004
Activos
Assets
Créditos
Credits
Recursos Administrados de Clientes
Customer funds
Depósitos
Deposits
Fondos de Inversión y Pensiones
Investment Funds and Private Pension
Presencia Mundial
Global Presence
Oficinas
Branches
Empleados
Headcount
Clientes
Customers
The year 2004 was excellent for Grupo
Santander. Progress was achieved in
every single business line and, strategically
speaking, the Group completed with
success the acquisition of Abbey, the
sixth largest bank in the United Kingdom,
which placed Grupo Santander among
the top ten banks in the world in terms
of market capitalization.
The Group reported a net profit of
3,135 million euros in 2004, up 20.1%
from the previous year as a result of
a dramatic expansion in commercial
activities. Credit grew 18.0% while
customer funds increased 13.0%.
Euros – millones
Euros – millions
575.398
575,398
335.208
335,208
538.042
538,042
398.047
398,047
139.995
139,995
2004
9.973
9,973
126.488
126,488
60 millones
60 million
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Pocos bancos del mundo tienen la presencia
geográfica del Grupo Santander, con 60
millones de clientes en los países más
dinámicos y atractivos de Europa y de
América Latina, áreas que constituyen
un mercado potencial de 800 millones
de personas. En todos estos países, el
Santander asumió un compromiso con
la sociedad, contribuyendo para impulsar
la educación universitaria, además de
desarrollar otras iniciativas en el ámbito
cultural, económico y educativo.
Un Gran Banco en Europa
Primer banco europeo, con 5.900 agencias
en 15 países del continente. En España,
la red Santander Central Hispano es líder,
impulsada por su dinamismo e innovación,
y el Banesto cuenta con un modelo de
banco sólido, que gana participación
de mercado año tras año. En conjunto,
la red Santander y Banesto cuenta con
una participación de mercado del 17,4%
sobre el total de créditos y recursos
de bancos y cajeros automáticos.
En Portugal, el Santander Totta se ubicó
como el segundo banco privado del
país en resultados.
En lo restante de Europa, el Santander
ha ampliado su negocio de banco de
consumo, con adquisiciones en Polonia
y Noruega. El Santander es la primera
institución de la Europa continental en
ese segmento por ingresos, y la tercera
por activos, después de 15 años de
actuación, conociendo bien el mercado
y contando con un modelo de negocio
muy rentable y eficiente.
Very few banks in the world enjoy such
an advantageous geographic position
as Grupo Santander, with 60 million
customers scattered across the most
dynamic economies and attractive markets
in Europe and Latin America. Together,
these areas constitute a potential market
of 800 million people. In every single
one of these countries, Santander has
assumed a commitment with their
respective societies by helping to foster
the development of higher education
and undertaking other initiatives in the
fields of arts & culture, income generation
and education.
A Major Bank in Europe
Grupo Santander is the largest bank in
Europe, with 5,900 branches distributed
across 15 countries. Santander Central
Hispano is a market leader in Spain
thanks to its dynamic and innovative
approach to banking, while Banesto
relies on a solid banking model to gain
further market share year after year.
Together, Santander and Banesto account
for 17.4% of the total credits and deposits
in private banks and thrift institutions.
In Portugal, Santander Totta ranked second
among the largest private banks in that
country in terms of earnings.
In the rest of Europe, Santander has
expanded its retail banking business by
acquiring financial institutions in Poland
and Norway. It is the #1 retail bank in
Continental Europe in terms of earnings
and the third in terms of assets thanks
to a profound knowledge of this market
obtained in 15 years of experience, and
the application of a highly profitable
and efficient business model.
La Compra del Abbey
La compra del Abbey cambia profundamente la posición del Grupo Santander,
porque lo sitúa en uno de los mercados más rentables y atractivos del mundo,
diversifica su riesgo, ofrece nuevas oportunidades de crecimiento y lo posiciona
como el noveno banco del mundo por capitalización.
Con el Abbey, se incorporaron 18 millones de clientes, 1,7 millones de accionistas,
26 mil empleados y una amplia red de 730 agencias en el Reino Unido.
El Abbey es una gran compra, el segundo banco británico por participación en
hipotecas y por reconocimiento de marca. Un banco fundamentalmente minorista,
que se encaja perfectamente en la estrategia de banco multilocal, con objetivo
en una banca comercial.
Fuerte Crecimiento na América Latina
América Latina tuvo un buen 2004, presentando un crecimiento económico
arriba del 5,0%. Los ingresos del Grupo Santander en la región fueron
de US$ 1,8 mil millones, con fuertes aumentos de negocios con clientes.
Alcanzamos un gran impulso comercial en toda la región, con un crecimiento
promedio del crédito del 25,0% en Brasil, México y Chile. También crecieron
los negocios de tarjetas, comercio exterior, fondos de inversión y seguros,
áreas en las que fueron lanzados proyectos de ámbito regional.
Abbey’s Acquisition
The purchase of Abbey has changed Grupo Santander's position dramatically.
In addition to ushering it into one of the most profitable and attractive markets
in the world, this strategic move will help the Group to diversify its risks, offer
new opportunities for growth and position it as the ninth largest bank in the
world as regards market capitalization.
With the Abbey’s acquisition, Grupo Santander incorporated 18 million customers,
1.7 million stockholders, 26 thousand employees and a network of 730 branches
in the United Kingdom.
Abbey is a large franchise and the second largest British bank with regard to market
share in mortgage loans and brand recognition. It is primarily a retail bank that fits
perfectly into Santander's multi-site strategy with a focus on commercial banking.
Substantial Growth on Latin America
Latin America had a good year in 2004, registering an economic growth
superior to 5.0%. Grupo Santander's earnings in this region amounted to
US$ 1.8 billion due to a dramatic expansion of its business with existing clients.
Commercial operations experienced a great impetus in the entire region. The
volume of credit granted by Grupo Santander rose 25.0% on average in Brazil,
Mexico and Chile. Other business segments such as credit cards, international
trade, investment funds and insurance also improved due to the implementation
of regional projects and programs.
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América Latina ha establecido las bases
para un crecimiento sostenido, y el Grupo
Santander está preparado para contribuir
con este crecimiento, impulsando la
bancarización en los principales países.
El Banco está avanzando con el objetivo
de duplicar el negocio con clientes y ganar
dos puntos de participación de mercado
en la banca comercial en tres años.
Contribución Creciente
de los Negocios Globales
Los negocios globales – como banca
privada, gestión de activos y banca
mayorista global – mantienen tasas
elevadas de crecimiento, con una
oferta de productos y servicios innovadores
y de gran valor agregado en todos los
mercados donde el Grupo Santander
está presente.
Fuerza de la Acción
La operación Abbey demostró la solidez
de la acción del Santander, porque el
Grupo utilizó sus propias acciones para
realizar la mayor compra transfronteriza
del mercado europeo hasta el momento.
La base de accionistas creció fuertemente
con la compra del Abbey y alcanza
a 2,7 millones, una gran fuerza y una
característica diferenciadora con relación
a otros bancos de tamaño similar.
El Santander cerró el 2004 con un valor
de mercado de 57.102 millones de euros,
lo que lo sitúa entre las 50 mayores
empresas del mundo por valor en Bolsa.
Latin America has laid the foundations
for sustained growth and Grupo
Santander is prepared to contribute
to this development by raising the level
of access to banking services in major
countries. It is advancing in order
to double the business volume with
clients and expand its market share
by two percentage points in commercial
banking within a period of three years.
Increasing Contribuition from
Global Operations
Global operations – such as private
banking, asset management and global
wholesale banking – have registered
high growth rates because Grupo Santander
offers innovative products and services
with more value-added in every single
business segment where it operates.
Decisive Action
Abbey's acquisition has demonstrated
the strength behind Santander's actions,
for the Group used its own resources
to carry out the largest cross-border
purchase operation in the European
market thus far.
This strategic move has also expanded
its stockholder base dramatically to
2.7 million shareholders, lending greater
strength and a competitive advantage
to the Group vis-à-vis other banks
of similar size.
Santander closed the year 2004 with
a market capitalization value of 57,102
million euros, which places it among
the 50 largest companies listed with
the stock exchange in terms of
market capitalization.
Para el Grupo Santander, el gobierno
corporativo es una ventaja competitiva
y estratégica. La agencia independiente
de rating, Deminor Rating le otorgó al
Grupo Santander la más alta calificación
concedida a una institución financiera
de Europa continental.
Responsabilidad Social
Corporativa
En la Memoria de Responsabilidad Social
Corporativa, se detallan las actuaciones
y los compromisos del Grupo Santander
con los accionistas, clientes, empleados,
la sociedad en general y el medio ambiente.
La inversión total del Grupo en proyectos
de Responsabilidad Social Corporativa
en 2004 fue de 84,4 millones de euros,
el equivalente al 2,7% de la ganancia
líquida atribuida.
La prioridad, dentro de la acción social,
es la educación superior. El proyecto
Santander Universidades es una alianza
sin precedentes a escala mundial entre
una empresa y el mundo universitario.
En 2004, se ampliaron para 409 el
número de convenios de colaboración
con universidades en España,
en Portugal y en América Latina,
y pasaron a 839 las universidades
que integran el Portal Universia.
Corporate governance is a strategic
and competitive advantage for Grupo
Santander. Deminor Rating – an
independent corporate governance
rating firm – granted to Grupo Santander
the highest rating given to financial
institutions in Continental Europe.
Corporate Social Responsability
Grupo Santander's Social Responsibility
Memoir details its actions and commitments
with stockholders, customers, employees,
society as a whole and the environment.
In 2004, the Group invested 84.4 million
euros in corporate social responsibility
projects or 2.7% of its attributed net profit.
Higher education is at the center stage
of such initiatives. The Santander
University Project is a groundbreaking,
world-scale alliance between a company
and the university community. Altogether,
409 collaboration agreements were
signed with universities in Spain, Portugal
and Latin America in 2004, while the
number of universities affiliated to
Universia jumped to 839.
Universia
Universia
Universia es la mejor referencia nacional
e internacional en un portal de educación
que desarrolla e integra contenido
y servicios, en las lenguas portuguesa
y española, dirigidos a la comunidad
académica. Por medio de asociaciones
con 839 instituciones de enseñanza
superior, en América Latina y la Península
Ibérica, el Universia es una red presente
en diez países: Argentina, Brasil, España,
Chile, Colombia, México, Perú, Puerto
Rico, Portugal y Venezuela, congregando
aproximadamente el 80,0% de la
comunidad universitaria.
Universia is an educational portal that
serves as a benchmark for similar local
and international ventures. It develops
and offers content and services in
Portuguese and Spanish to the academic
community. Built around partnerships
with 839 institutions of higher education
in Latin America and the Iberian Peninsula,
Universia is present in ten countries, namely
Argentina, Brazil, Spain, Chile, Colombia,
Mexico, Peru, Puerto Rico, Portugal and
Venezuela, congregating approximately
80% of the university community.
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El Portal Universia representa la mayor inversión social del Banco. Mantiene servicios
y contenido desarrollados en asociación con instituciones de enseñanza superior
y dedicados al público universitario – estudiantes, profesores y administradores –,
además de jóvenes que se preparan para el vestibular y profesionales interesados
en la continuidad de los estudios.
En 2004, el Universia cerró el año con 1,1 millones de usuarios registrados, 13 millones
de páginas visitadas por mes y 200 universidades asociadas.
Educación es el área prioritaria de las inversiones sociales del Grupo Santander.
La interacción y la relación con las instituciones de enseñanza superior son
un modelo basado en la convicción de que invertir en educación es la forma
más eficiente de colaborar para el desarrollo económico y el progreso social
de los países en los que el conglomerado está presente.
La mayor inversión del Grupo Santander en el área de educación está alocada
en la Red Universia, que recibió US$ 72 millones de recursos financieros desde
su lanzamiento, en el 2000.
Nueva Sede Corporativa
El Grupo inauguró su nueva sede corporativa, la Ciudad Financiera Grupo
Santander, en el municipio madrileño de Boadilla del Monte, para la cual
se transfirieron 6.500 personas de los servicios centrales del Grupo.
La Ciudad Financiera es mucho más que una nueva sede: es un reflejo
de una empresa líder, moderna e internacional.
Universia is Santander's single most important social investment. It provides content
and services developed in partnership with institutions of higher education and
dedicated to the university community – students, faculty and administrators –
as well as to youngsters who are preparing for their admission exams and
professionals interested in continued education.
Universia ended the year 2004 with 1.1 million registered users, 13 million
pages visited per month and 200 partner universities.
Education is a priority area of social investment for Grupo Santander, whose
interaction and relationship with institutions of higher education serve as a model
because the Group strongly believes that investing in education is the most efficient
way of contributing to the economic development and social advancement of the
countries where it does business.
The largest tranche of investments in education goes to the Universia network,
which has received US$ 72 million since it was launched in 2000.
New Corporate Head Office
Grupo Santander has recently opened a new corporate head office in Cidade
Grupo Santander – a district located in a township named Boadilla do Monte
near Madrid – to which 6,500 people engaged in the Group's central services
were transferred.
Cidade Grupo Santander is much more than a new head office location;
it is a token of the success of a leading, modern and global corporation.
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Organización de la
Función de Riesgos
La gestión eficiente del riesgo es condición
necesaria para que las instituciones
financieras generen valor de forma
sostenible. Para el Grupo Santander,
la calidad del riesgo constituye uno de
los ejes fundamentales de su estrategia.
El Grupo también se caracteriza por
aplicar históricamente las técnicas más
avanzadas posibles y, en consecuencia,
su gestión se encuentra alineada a los
principios que inspiran el Nuevo Acuerdo
de Capitales de Basilea (BIS II).
El organismo máximo en materia de riesgos,
para el Banco Santander Banespa, es el
Comité Ejecutivo de Riesgos. Él es presidido
por el presidente del Banco e integrado
por varios miembros de la Comisión
Ejecutiva y otros miembros de las áreas
comerciales y de riesgos.
Recibe sus poderes de la Comisión Delegada
del Consejo del Banco Santander Central
Hispano, para ejercer las siguientes funciones:
Establecer las políticas de riesgos.
Organization Risk
Management Model
Efficient risk management is a sine qua
non condition for financial institutions
wishing to generate value in a sustainable
and continuous manner. For Grupo
Santander, quality of risk is one of the
mainstays of its strategy. Furthermore,
the Group is known for having historically
employed the most advanced risk
management techniques available on
the market and this is how it complies
with the principles behind the New
Covenant of the Basel Committee (BIS II).
The Executive Risk Committee is at the
very top of Santander Banespa's risk
management structure. It is chaired by
the Bank's CEO and served by several
members of the Executive Committee,
along with participants from other
commercial and risk-related areas.
It derives its powers from the Delegate
Commission of the Board of Directors
of Banco Santander Central Hispano
to perform the following functions:
Controlar para que los niveles de riesgo cumplan los
objetivos fijados.
Establish risk policies.
Resolver operaciones arriba de los poderes
delegados a los órganos inferiores.
Decidir el envío a la Comisión Delegada de aquellas
operaciones que superan su instancia de decisión.
Delegar a comités de categoría inferior poderes para
asumir el riesgo.
Make sure that the risk levels fall within the
target range.
Conduct operations which the lower
committees are not empowered to handle.
Determine whether operations beyond its
power of decision should or should not be
handed over to the Delegate Commission.
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Recibir informaciones sobre asuntos cuya
importancia deba conocer o decidir.
Empower lower committees to assume certain risks.
Rever sistemáticamente exposiciones con los
principales clientes, sectores de actividad económica,
áreas geográficas, tipos de riesgo, etc.
Controlar el cumplimiento de los objetivos de riesgos,
de las herramientas de gestión, las iniciativas de
mejoría, la evolución de proyectos y cualquier otra
actividad relevante relacionada con la materia.
Conocer, evaluar y seguir las observaciones
y recomendaciones qué, por distintos motivos,
son formuladas periódicamente por autoridades
supervisoras en el ejercicio de su función.
Controlar para que las actuaciones del Banco
sean consistentes con el nivel de tolerancia
de riesgo previamente decidido.
Atender y aplicar las instrucciones sobre riesgos
procedentes de la Comisión Delegada del Consejo.
Las actividades del Comité Ejecutivo
de Riesgos se refieren a la totalidad
de las diferentes clases de riesgo:
crédito, mercado, operativo, liquidez,
contrapartida, etc. Para los riesgos
operativos, el Santander Banespa
aún mantiene una unidad específica.
La gestión de riesgos se inspira en los
siguientes principios:
Independencia funcional, con jerarquía compartida:
funcionalmente, el área de Riesgos del Banco Santander
Banespa mantiene dependencia orgánica de la Comisión
Receive information about issues that it must
be aware of and decide on due to their significance.
Perform a systematic review of the Bank's
exposure vis-à-vis major clients, industries,
geographic areas, risk types, etc.
Ensure the achievement of risk targets and monitor
the use of management tools, improvement
efforts, project development and any other
risk-related activity.
Understand, assess and follow the commentary
and recommendations that are presented
periodically by supervisory authorities for
a variety of reasons as they discharge their duties.
Make sure that the Bank's operations
are consistent with pre-defined levels
of tolerance to risks.
Follow and apply any risk-related instructions
from the Delegate Commission of the Board
of Directors.
The activities of the Executive Risk
Committee cover a full range of risk
types: credit, market, operating, liquidity,
counter-party, etc. Santander Banespa
also has a specific unit for operating
risk management.
The risk management model adopted
by the Bank centers around the
following principles:
Ejecutiva en Brasil y está integrada a la División
de Riesgos del Grupo Santander, que es dirigida
por el tercer vicepresidente y por el presidente
de la Comisión Delegada.
Capacidad ejecutiva sostenida en el conocimiento
y en la proximidad del cliente, en paralelo al apoyo
del gestor de negocios y de las decisiones colegiadas
de los comités de riesgos correspondientes.
Functional independence with shared hierarchy:
Functionally speaking, Santander Banespa's
Risk Division is organically dependent on the
Executive Committee in Brazil, but also integrated
with Grupo Santander's Risk Division, which
is headed by the third vice-president and the
chairman of the Delegate Commission.
Executive capacity grounded on the Bank's
knowledge about and close relationship
Alcance global de la función (diferentes tipos
with its customers, and backed by business
de riesgos y tratamiento único al cliente, sin perjuicio
managers and the collegiate decisions
de especializaciones por tipo de riesgo o segmento
of correspondent risk committees.
de clientes).
Global scope for the risk function (different
types of risk but a single treatment where
customers are concerned, without any
detriment to specialization by risk type
and client segment).
Decisiones colegiadas (inclusive a partir de la propia
agencia) que aseguran el contraste y no comprometan
resultados por decisiones individuales.
Collegiate decisions (including those originating
in a bank branch) to ensure the contrast and
Perfil medio bajo de riesgo como objetivo, lo que
garantiza consistencia cultural en una serie de
políticas y procedimientos, destacándose:
not to jeopardize the results of individual decisions.
Targets a medium-low profile, which guarantees
cultural consistency across a series of policies
- Importancia acentuada de acompañamiento
de riesgos para prevenir, con suficiente
anticipación, posibles problemas.
and procedures, with special emphasis on:
- The crucial importance of monitoring
risks in order to anticipate and thus
- Diversificación del riesgo, limitando,
en carácter general, la participación del
Banco en el endeudamiento que los clientes
mantienen en el sistema crediticio.
prevent potential deteriorations;
- Risk diversification in order to limit the
Bank's involvement in the customers'
indebtedness with the credit system;
- Evitar la exposición con agencias de rating
consideradas inexpertas, aunque exista la
posibilidad de recibir un premio de riesgo
proporcional al nivel del rating interno.
- The need to avoid unwanted exposure
in relation to rating agencies or
ratings considered insufficient even
when the Bank stands a chance
Los órganos colegiados de decisión en
materia de riesgos son los comités, que
poseen atribuciones para decidir, controlar
y acompañar los riesgos. Los más
importantes son:
Comisión Ejecutiva de Riesgos
of receiving a risk premium that
is proportionate to its internal rating.
The collegiate bodies empowered
to make risk-related decisions are the
committees, whose attributions include
deliberating, controlling and monitoring
risks. The most important of these are:
Comité Central de Riesgos
Comité Minorista
Central Risk Committee
Comité Mayorista
Retail Banking Committee
Comité de Recuperaciones
En la gestión de riesgos, el Grupo
utiliza una serie de técnicas y herramientas.
Entre ellas se destacan:
Ratings internos, con evaluación de los distintos
componentes por clientes y operaciones (garantía,
plazos, etc.), permiten estimar la posibilidad
de error y pérdida esperada mediante estudios
de severidad.
Wholesale Banking Committee
Committee of Recoveries
The Group resorts to a variety of techniques
and tools for risk management, the
most significant of which are:
Internal ratings based on the evaluation of different
variables by client and operation (guaranties,
terms to maturity, etc.), which allow the Group
RORAC (rentabilidad ajustada al riesgo), con la utilización
de estas herramientas de pricing por operación
(bottom up) hasta el análisis de portafolios
y unidades (top down).
to perform severity studies to estimate the
possibility of errors and likely losses.
RORAC (return on risk-adjusted capital), including
the use tools that range from pricing per operation
(bottom-up approach) to portfolio and unit analysis
(top-down approach).
Estimated economic capital based on an
assessment of all risk types (credit, business,
etc.) in terms of the management performed
and profitability obtained from different
building blocks, such as acceptance processes
and the setting of limits in global classifications
of large clients.
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Capital económico estimado a partir de la evaluación
de todas las clases de riesgos (crédito, negocio, etc.),
en términos de gestión realizada y de rentabilidad
obtenida en los distintos building blocks, como
en los procesos de admisión y establecimiento
de límites en las clasificaciones globales de los
grandes clientes.
Value at Risk as an element of risk control
and the establishment of market risk limits
Value at Risk como elemento de control y fijación
de límites de riesgo de mercado de las distintas
carteras de negociación.
for different trading portfolios.
Stress Testing applied to market and credit
risk analyses for the purpose of determining
Stress Test de los análisis de riesgo de mercado
y crédito con la intención de evaluar los impactos
de escenarios alternativos, inclusive en provisiones
de capital.
the impact of alternative scenarios, including
provisions and capital requirements.
Credit Risks
Riesgos de Crédito
Le compete a la gestión de riesgos
de crédito la identificación, medición,
integración, control y calificación de las
diferentes exposiciones, así como de la
rentabilidad ajustada al riesgo, tanto
desde la perspectiva global del Grupo
como de cada sector de actividad.
El modelo de riesgos del Grupo Santander,
de acuerdo con las características del
cliente, de las diferentes formas de
decidir y seguir los riesgos, contempla:
A) Carterizados (gestión individualizada)
B) Masificados
Riesgos Carterizados
Sus características fundamentales son:
Análisis global del Cliente y del grupo económicofinanciero al cual pertenece.
Tratamiento personalizado, con acompañamiento de
un analista responsable.
Profundo conocimiento del cliente. Además del
estudio de los datos económicos y financieros, es
estimulado el contacto entre el analista responsable
y los directores del grupo en análisis.
Distribución de las carteras atendiendo a criterios
sectoriales y territoriales.
Es utilizado para los clientes Empresas y Corporate.
It is up to the credit risk managers to
identify, measure, integrate, control and
qualify the Bank's exposure to different
risks and its rate of return on risk-adjusted
capital, both for the Group as a whole
and for each business segment.
The risk management model adopted
by Grupo Santander considers the
features of each client as well as the
different approaches to decision-making
and risk monitoring, and it contemplates
the following:
A) Portfolio risks (individualized management)
B) Mass risks
Portfolio Risks
In this case, the risk management
process has the following vital
characteristics:
Overall analysis of the client and business group
to which it belongs.
Personalized treatment under the supervision
of an analyst.
Detailed knowledge about the customer. In addition
to studying economic and financial data pertaining
to the client, the analyst in charge is encouraged
to maintain contacts with the directors of the
group under analysis.
Portfolio distribution in accordance with
industry and geographic criteria.
Applies to business and corporate customers.
Riesgos Masificados
Son aquellos riesgos que no se encuadran en Riesgos Carterizados, esto es, que
permiten o pueden permitir una decisión automática por medio de herramientas
de análisis estadístico. El objetivo es la operación en sí, a pesar de que lógicamente,
se analiza el conjunto de la exposición con el Cliente específico.
Durante el 2004, el Banco Santander Banespa hizo un importante esfuerzo para
automatizar la decisión de las operaciones de crédito para indivíduos y microempresas.
Mass Risks
These are risks that do not fit into the category of portfolio risks; in other words,
those that permit or may permit automatic decisions using tools based on statistical
analysis. The focus here is on the operation itself even though the Bank will
obviously consider its overall exposure to any specific client.
In 2004, Santander Banespa made a considerable effort to automate the decisionmaking process involving credit applications by private individual customers and
small businesses.
Cartera Total de Riesgos (Diciembre/2004)
Total Risk Portfolio (Dec/2004)
Large Corporate – 27%
Indivíduos – 35%
Large Corporate – 27%
Private Individuals – 35%
Corporate – 21%
Corporate – 21%
PyMes – 7%
SMBs – 7%
Empresas – 6%
Companies – 6%
Gobiernos – 1%
Governments – 1%
3% Otros
49% Minorista
48% Mayorista
3% Other
49% Retail
48% Wholesale
Cartera de Riesgos = Riesgo de Crédito + Riesgo de Firmas (Avales e Fianzas)
Risk Portfolio = Credit Risk + Co-Signer Risk (Sureties and Guaranties)
La incorporación de diversas herramientas de decisión a los sistemas permitió
que el 88,2% de las operaciones solicitadas por el segmento de indivíduos fuesen
resueltos automáticamente. Además de la rapidez en la decisión – que ocurre
en tiempo real – y de la economía de costos derivada de esa aplicación, su adopción
produce una homogeneidad evidente en la calidad de las decisiones y facilita
un riguroso control de las operaciones que se encuentran dentro de los circuitos.
By building several decision-making tools into its systems, the Bank was able
to automate 88.2% of the credit operations for private individual customers. In
addition to speeding up the decision-making process – which now occurs in real
time – and reducing the related costs, the application of such tools lends a clear
homogeneity to the quality of credit decisions and permits tight control over the
operations that are still in the circuits.
87
Los sistemas automáticos permiten también analizar la pérdida esperada y, por lo
tanto, fijar la cuantía de provisiones necesarias de acuerdo con los criterios de Basilea II.
La precisión estadística de estos sistemas permite, igualmente, establecer una
referencia clara entre el costo del crédito y la rentabilidad que será obtenida, sirviendo,
de esta forma, para la fijación de los precios de los distintos productos comercializables.
Automatic systems also allow the Bank to determine the likely losses and therefore
make the required provisions in accordance with Basel II standards. Furthermore,
their statistical precision enables credit analysts to set a clear parameter between
the cost of credit and the profitability to be obtained, which in turn serves to set
a price for the different products offered for sale.
Composición de la Cartera – (Por rating)
A AA
Breakdown of Risk Portfolio – (By rating)
47,3%
42,2%
B
3,3%
C
1,2%
E
F
D
1,6%
0,5%
0,4%
H G
88
0,4%
3,2%
0
10
20
30
40
50
Riscos de Mercado
El Banco Santander Banespa opera de acuerdo con las políticas globales,
encuadradas en la perspectiva de riesgo tolerado por el Grupo Santander. Desarrolla
su actividad de control buscando facilitar la concretización de los negocios con
los clientes, optimizar los beneficios de la Institución y mejorar constantemente
el índice de riesgo/ retorno.
Market Risks
Santander Banespa operates in accordance with global policies that fit into the
risk tolerance margins of Grupo Santander. Its risk management processes are
intended to facilitate business transactions with clients, optimize the benefits
for the Institution, and promote a continuous improvement in its risk/return rates.
En el ámbito de la medición, control
y acompañamiento de riesgos de mercado,
se incluyen operaciones con riesgo
patrimonial asumido. Este riesgo proviene
de las variaciones de precio de diversos
factores: tasa de interés, tipo de cambio,
renta variable, volatilidad de esos
componentes, riesgo de solvencia
y riesgo de liquidez de los diferentes
productos y, también, de los mercados
en los que opera.
Una serie de herramientas comenzó a
implantarse, en 2004, para atender las
demandas de gestión y control, como:
The process of measuring, controlling
and monitoring market risks includes
operations with assumed asset risk,
which results from price variations
in several factors: interest rates,
exchange rates, variable income,
the volatility of these components,
the solvency and liquidity risks for
different products and business markets.
In 2004, the Bank began to implement
a number of tools to meet the requirements
for risk management and control, such as:
Murex – Herramienta de contratación de la Tesorería,
que hace posible el incremento en el volumen
Murex – A Treasury contracting tool that
de operaciones, facilitando la gestión y la simulación
allows the Bank to boost the volume of
de operaciones y posiciones.
operations while facilitating the simulation
and management of operations and positions.
AIRe – Sistema de análisis de riesgos, que permite la
generación de medidas estándar de riesgo, con VaR
AIRe – A system of risk analysis that permits
y sensibilidades, para distintos niveles de agregación
users to generate standard risk measurements,
y sus respectivas simulaciones.
with VaR and sensitivity analyses, for
different levels of aggregation and their
Asset Control – Solución informatizada
respective simulations.
para la gestión global de precios, garantizando
la calidad de la información y reduciendo
Asset Control – A computerized solution designed
al mínimo el riesgo operacional.
for global price management. It ensures data
quality and minimizes operating risks.
KGL Mercado – Consolida los riesgos de contrapartida
de la unidad. Facilita el control on-line del capital
KGL Mercado – This tool consolidates the
disponible y permite la simulación del consumo.
counter-party risks of a unit, facilitates online
control of available funds, and allows users
to simulate capital consumption.
Metodologías
Value at Risk (VaR) – En 2004, el Banco
Santander Banespa aplicó la metodología
estándar del VaR. Por esta herramienta,
la base de simulación histórica utilizada
es de 520 días, con un nivel de confianza
del 99,0% y un horizonte temporal
de un día. La realización de ajustes
estadísticos permite incorporar rápidamente
acontecimientos que interfieran en los
niveles de riesgos asumidos. El Banco
aplica dos metodologías para el promedio
diario, VaR con ponderación y sin
ponderación, y opta por la más
conservadora de ellas.
Methodologies
Value at Risk (VaR) – Santander Banespa
employed the standard VaR methodology
in 2004. Under this method, the base
line for historical simulations is 520
days, the reliability level is 99.0% and
the time horizon is one day. With statistical
adjustments, it is possible to quickly
incorporate events that have interfered
with the assumed risk levels. The Bank
uses two methodologies for the daily
average – weighted and unweighted
VaR – and opts for the most
conservative result.
89
90
Por el hecho de que el VaR no es completamente representativo de riesgos
en países emergentes, se aplica también el análisis de escenarios, que define
el comportamiento de diferentes variables financieras para simular el impacto
en los resultados de las carteras. Se definen como mínimo tres tipos de
escenarios: plausibles, severos y extremos. Juntamente con el VaR, este
instrumento proporciona un espectro más completo del perfil de riesgos.
Sensibilidad del Margen Financiero (NIM) – El Banco realiza el análisis del NIM,
un índice de corto y mediano plazo, que mide las alteraciones en los resultados
esperados en un plazo de 12 meses, ante un cambio de la curva de interés.
Se simula el margen, tanto para un escenario de movimiento de la curva
como para un escenario presente, y la diferencia entre ambas es la sensibilidad.
Sensibilidad del Valor Patrimonial (MVE) – También se aplica para medir estrés
de la tasa de interés, es una medida de largo plazo, referente a toda la vida útil
de la operación. Mide el riesgo de la ganancia, implícito en el valor patrimonial
(recursos propios), con base en la incidencia que tiene la variación de la tasa
de interés en los valores presentes de los activos y pasivos financieros. El nivel
de confianza es del 99,0%, con un horizonte temporal de un día.
Análisis de Gaps – El instrumento proporciona información sobre las entradas
y las salidas de caja contractuales y esperadas para un determinado momento,
en cada una de las monedas con las cuales se opera. Mide la necesidad y el
exceso líquido de fondos en una fecha y refleja el nivel de liquidez mantenido
en condiciones normales de mercado.
Because VaR cannot capture all the risks inherent in emerging economies, the
Bank applies a scenario analysis as well to determine the behavior of different
financial variables and thus simulate their impact on the yield of each portfolio.
In doing so, it considers at least three scenarios: likely, severe and extreme. Used
in conjunction with VaR, this scenario analysis tool provides a more comprehensive
view of the Bank's risk profile.
Net Interest Margin Sensitivity (NIM) – Santander Banespa also performs NIM
analyses, NIM being a short and medium-term risk index that measures changes
in the expected yields over a period of 12 months in the event of a shift in the
interest rate curve. Margins are simulated both for the current scenario and for
a scenario of shifting interest rates, and the difference between the two
corresponds to the sensitivity value.
Equity Value Sensitivity (MVE) – This method is also used to determine the stress
caused by interest rate variations, but it is a long-term index that applies to
the entire useful life of an operation. It measures the risk of profit, implicit
in the Bank's equity value, depending on the impact of interest rate valuations
on the present value of assets and liabilities. The reliability level is 99.0% and
the time horizon equals to one day.
Gap Analysis – This tool generates information about contractual and expected
cash inflows and outflows at any point in time, in each one of the currencies
with which the Bank operates. It measures the capital requirements and
the excess of liquidity in funds on a certain date, and it reflects the level
of liquidity maintained under normal market conditions.
91
Existen dos tipos de análisis de gap de liquidez. El primero es el contractual,
en el que todos los documentos de balance y fuera de él, siempre que aporten
flujo de caja, son colocados en el punto de vencimiento. El segundo es el
operacional, que prevé un escenario en condiciones normales de liquidez,
ya que los flujos de partidas de balances son colocados en el punto de liquidez
probable, y no en el vencimiento contractual.
Actividad de Negociación
Análisis Cuantitativos del VaR en el año: la evolución del riesgo relativo
a la actividad de negociación en los mercados financieros, en 2004,
cuantificado por medio del VaR, fue la siguiente:
There are two types of liquidity gap analysis. The first is contractual and it places
all balance sheet and off-balance sheet cash flow items at their point of maturity.
The second is operational and it contemplates a scenario of normal liquidity
conditions, as the balance sheet cash flow entries are placed at a likely point
of liquidity rather than at the point of maturity of contracts.
Trading
Quantitative VaR analysis for FY 2004: the evolution of risks associated with
trading in financial markets, as quantified through VaR analyses, was as follows
for the year 2004:
VaR Diario (US$ millones)
Daily VaR (US$ million)
15
12
9
6
3
0
1/2/04
2/2/04
3/2/04
4/2/04
5/2/04
6/2/04
7/2/04
8/2/04
9/2/04
10/2/04
11/2/04
12/2/04
El Banco mantuvo un perfil de riesgo mediano, con gran dinamismo
en su gestión a lo largo de 2004. Esta gestión dinámica le permitió al Banco
Santander Banespa aprovechar las oportunidades y arbitrajes ofrecidos por
el mercado en forma ágil y responsable, siempre acompañando los cambios
de escenario, predominantemente positivos.
Santander Banespa maintained a medium risk profile throughout the year 2004
with a highly dynamic risk management style that enabled it to seize the opportunities
and arbitrages offered by the market in an agile and responsible manner, always
following any shifts in the economic scenario, which remained basically positive.
92
Con la mayor estabilidad del mercado, y la consiguiente trayectoria declinante
de las volatilidades, existe mayor variabilidad en las estrategias adoptadas por la Tesorería
en el período, lo que se refleja en una mayor variabilidad del VaR con relación
a 2003. Comparativamente al período anterior, la evolución del VaR presentó
las siguientes estadísticas:
Because the market has attained greater stability, with an attendant decline in
volatility rates, the strategies adopted by the Treasury Division tended to be more
varied in 2004, reflecting in higher VaR variations when compared to 2003. VaR
behavior showed the following statistics between 2003 and 2004:
Dato
Data
Máximo
Maximum
Mínimo
Mimimum
Medio
Average
Desviación Estándar
Standar Deviation
2003
2004
14,1
14.1
1,3
1.3
5,9
5.9
2,2
2.2
14,2
14.2
1,9
1.9
6,2
6.2
2,5
2.5
Se observa que los principales productos generadores de riesgo son la tasa interés
y el tipo de cambio.
It should be observed that the main risk-generating products were interest
and exchange rates:
Máximo
Maximum
Mínimo
Mimimum
Medio
Average
Total
VaR FI
VaR EQ
VaR FX
14,2
14.2
1,9
1.9
6,2
6.2
12,0
12.0
1,1
1.1
4,9
4.9
4,7
4.7
0,1
0.1
1,1
1.1
7,7
7.7
0,0
0.0
2,0
2.0
En el siguiente gráfico, se observa la evolución del VaR ante la evolución
de la perspectiva de riesgo en el mercado, representada aquí por la evolución
del real frente al dólar.
The chart that follows shows the evolution of VaR against the evolution of likely
market risks, which is represented here by exchange variations between the real
and the U.S. dollar.
93
VaR Diario (US$ millones)
Daily VaR (US$ million)
3.70
12
3.50
9
3.30
6
3.10
3
2.90
0
2.70
2/
1/
04
16
/1
/0
4
30
/1
/0
4
13
/2
/0
4
2/
3/
04
16
/3
/0
4
30
/3
/0
4
14
/4
/0
4
29
/4
/0
4
13
/5
/0
4
27
/5
/0
4
11
/6
/0
4
25
/6
/0
4
12
/7
/0
4
26
/7
/0
4
9/
8/
04
24
/8
/0
4
8/
9/
04
22
/9
/0
4
7/
10
/0
4
22
/1
0/
04
8/
11
/0
4
23
/1
1/
04
7/
12
/0
4
21
/1
2/
04
15
La observación del comportamiento del
VaR, a lo largo del ejercicio 2004, evidencia
la flexibilidad y agilidad del Banco en adaptar
su perfil de riesgo a los cambios de estrategia
provocadas por una percepción diferente
de las expectativas en los mercados.
If we observe the behavior of VaR
throughout the year 2004, we can
easily see how flexible and agile the
Bank was whenever it had to adapt
its risk profile due to changes in
strategy brought about by a different
perception of market prospects.
El histograma en la página siguiente
describe la distribución de frecuencia
del riesgo medido en términos de VaR
durante 2004. De esta forma se puede
ver una ligera elevación de los niveles
de riesgo en comparación con 2003
(tabla comparativa 2003-2004)
siguiendo el cambio positivo
de los escenarios local y externo.
The histogram on the next page depicts
the frequency distribution of risks measured
in terms of VaR in 2004. Here, we can
see a slight increase in risk levels when
compared to 2003 (see comparative
table 2003-2004), in keeping with
the positive changes in the local
and international scenarios.
Con todo, se observaron niveles arriba
del 80,0% del límite en sólo seis ocasiones,
manteniéndose el nivel de riesgo alrededor
del 50,0% del límite durante el año.
However, risk levels above 80.0% of
the limit are observed only on six occasions.
In other words, Santander Banespa
maintained its risk levels around 50.0%
of the limit throughout the year.
Distribuición de la Frecuencia de Riesgo en 2004 – VaR
Frequency Distribution of Risks in 2004 – VaR
35
33
30
22
26
25
24
25
19
20
17
15
15
13
13
10
10
8
7
6
5
3
2
1
1
0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
94
Cartera Direcional / Gestión
de Balance
a) Análisis cuantitativo del Riesgo
de tasa interés en el año
Los gráficos muestran la evolución de
las sensibilidades del margen financiero
y el valor patrimonial. Se observa que
la sensibilidad valor evolucionó en el
año, entre US$ 60 millones y US$ 80
millones, mientras que la sensibilidad
margen se movió entre US$ 20 millones
y US$ 35 millones.
Investment Portfolio / Balance
Sheet Management
a) Quantitative Analysis of Interest Rate
Risks in 2004
The charts below show how net interest
margin (NIM) and equity value (MVE)
sensitivities evolved in 2004. We can
see that MVE sensitivities varied between
US$ 60 million and US$ 80 million,
while NIM sensitivities shifted between
US$ 20 million and US$ 35 million.
Evolución de la Sensibilidad Margem y Valor
Evolution of NIM and MVE Sensitivities
80
70
60
50
40
30
20
10
0
Ene
Jan
04
Feb
Feb
04
Valor
Mar
Mar
04
Abr
Apr
04
May
May
04
Jun
June
04
Jul
July
04
Margem
b) Sensibilidad margem financiero
Desde el punto de vista de monedas, la
mayor sensibilidad margen es generada
por la moneda local en que casi todo
el balance está expuesto, siendo baja
la sensibilidad generada en el dólar.
Ago
Aug
04
Ago
Aug
04
Sept
Sept
04
Value
Oct
Oct
04
Nov
Nov
04
Dic
Dec
04
Margin
b) Net Interest Margin Sensitivity (NIM)
In terms of currency, the most significant
NIM sensitivities are generated by the
local currency, to which almost the entire
balance sheet is exposed, while the
sensitivities generated by U.S. dollars
is relatively low.
95
Evolución de la Sensibilidad Margem por la Moneda
Evolution of NIM Sensitivities by Currency
35
30
25
20
15
10
5
0
Ene
Jan
04
Feb
Feb
04
Mar
Mar
04
Abr
Apr
04
TOT
May
May
04
Jun
June
04
Jul
July
04
Ago
Aug
04
Ago
Aug
04
Sept
Sept
04
Oct
Oct
04
Nov
Nov
04
Dic
Dec
04
EXT
LOC
c) Sensibilidad valor patrimonial
Para la sensibilidad valor, se observa lo mismo que con la sensibilidad margen. La
mayor parte de la sensibilidad es generada por la moneda local que marca la evolución
vista en las tablas anteriores.
c) Equity Value Sensitivity (MVE)
The same applies to MVE sensitivities, most of which are generated by the local
currency, marking the evolution shown in the previous tables.
Evolución de las Sensibilidad Valor por la Moneda
Evolution of MVE Sensitivities by Currency
80
70
60
50
40
30
20
10
0
Ene
Jan
04
Feb
Feb
04
EXT
Mar
Mar
04
Abr
Apr
04
May
May
04
LOC
Jun
June
04
Jul
July
04
TOT
Ago
Aug
04
Ago
Aug
04
Sept
Sept
04
Oct
Oct
04
Nov
Nov
04
Dic
Dec
04
96
Apertura VaR por la Estrategia
Breakdown of VaR by Strategy
37%
Análisis del Riesgos de la Unidad
El área genera informaciones de riesgo para todo el Banco por medio de una
medida de VaR total. En el gráfico siguiente, se observa que, en el total del
riesgo del Banco, la mayor parte, o el 64,0%, se concentra dentro de las
actividades de Gestión de Balance y Tesorería, quedando el resto del riesgo
en los Centros Corporativos.
26%
Riesgos Operativos
37%
26% Centros Corporativos
26% Corporate Centers
37% Total Gestión de Activos y Pasivos
La gestión de riesgos operativos tiene el objetivo de posicionar al Banco entre
las instituciones financieras reconocidas como detentoras de las mejores prácticas
y exigencias en el control de esos riesgos, en forma alineada a las orientaciones
del Grupo Santander y a los requerimientos del Nuevo Acuerdo de Basilea II.
Se mantiene la siguiente estructura organizacional:
37% Total Asset & Liability Management
37% Tesorería
37% Treasury
a) Comité Ejecutivo de Riesgos Operativos: cuenta con autonomía e independencia
y es responsable por la definición de las estrategias y directivas relativas al control
y a la gestión de los riesgos operativos y controles internos del Grupo;
b) Vicepresidencia de Riesgos Operativos: tiene, entre otras responsabilidades,
el compromiso de diseminar la cultura y aplicar las metodologías, normas,
políticas, capacitaciones y procedimientos normales y exigibles para la eficaz
y eficiente gestión y control de los riesgos operativos;
Risk Analysis by Unit
The area of risk analysis generates information for the entire bank expressed as
a total VaR value. In the chart that follows, we can see that 64.0% of the total
risk estimated for the Bank is concentrated in Balance Sheet Management and
Treasury operations, while the rest is spread across different Corporate Centers.
Operating Risks
The management of operating risks is intended to place Santander Banespa
among the financial institutions that are known for adhering to the best practices
and highest standards of risk control, thus aligning it with Grupo Santander's
guidelines and the requirements of the New Basel Covenant II. The organization
structure for this area is as follows:
a) Executive Operating Risk Committee: This is an autonomous and independent body
in charge of defining strategies and guidelines relative to the control and
management of operating risks and to the Group's internal controls.
b) Vice-President for Operating Risks: One of the incumbent's attributions
is to disseminate the Bank's corporate culture as regards operating risks,
and to resort to the required and applicable methodologies, standards,
policies, procedures and training to promote an efficient and effective
management and control of operating risks.
c) Superintendencia de Riesgos
Operativos y Controles Internos:
responsable por garantizar la plena
y efectiva implementación de las
mejores prácticas y los requerimientos
y recursos para el control y la gestión
de los riesgos operativos.
Se adopto el modelo centralizado para
el control y la coordinación corporativa
de los riesgos operativos existentes
e identificados en el Santander Banespa.
Para la gestión de los riesgos operativos,
el modelo es descentralizado y enfatiza
el compromiso y la responsabilidad de
cada gestor de área y negocio con el
efectivo conocimiento y tratamiento de
los riesgos operativos a los cuales están
expuestos. Esta gestión es reforzada
por la presencia de los representantes
de Riesgos Operativos y de Controles
Internos en las áreas clave del Banco.
Amplitud del Enfoque
La administración de los riesgos operativos
en el Banco Santander Banespa posee
un alcance más amplío de que la alocación
y el cálculo del capital regulador. Es
considerado estratégico por el Grupo,
sirviendo como instrumento de gestión
esencial para la identificación, captura,
medición, control, prevención y reducción
de los riesgos y pérdidas operativas.
Dentro de esta amplitud, los principales
resultados son materializados por la:
Mejor eficiencia operacional;
Optimización del uso y del capital exigido;
Fortalecimiento de la reputación;
Mejor relación del riesgo versus retorno
para los accionistas;
Monitoreo y atención a los requerimientos
de los órganos reguladores;
Mantenimiento y preservación de la confiabilidad
de los clientes.
c) Superintendent of Operating Risks
and Internal Controls: The incumbent
is responsible for seeing to the full
and effective implementation of
the best practices and requirements,
and the application of resources to
operating risk control and management.
A centralized model has been adopted
for the corporate control and coordination
of the operating risks existing in and
identified at Santander Banespa. However,
when in comes to managing such operating
risks, the model is decentralized and
it emphasizes the level of commitment
and responsibility of each area and
business manager to a good understanding
and treatment of the operating risks to
which their respective areas and business
segments are exposed. This management
is reinforced by the presence of
representatives from the Operating
Risk and Internal Control Unit in the
Bank's key areas.
Scope of Approach
Operating risk management at Santander
Banespa goes beyond the mere calculation
and allocation of regulatory capital. It is
regarded by the Group as a strategic
function, serving as a vital management
tool for identifying, capturing, measuring,
controlling, preventing and reducing
operating risks and losses. Because of its
extended scope, the main results achieved
in this area contribute to:
Enhance the Bank's operating efficiency;
Optimize the use of capital and
capital requirements;
Strengthen the Bank's reputation;
Improve the risk/return rate for stockholders;
Monitor the Bank's compliance with the
requirements imposed by regulatory agencies;
Maintain and preserve customer loyalty.
97
98
Enfoques
Se adoptaron dos enfoques: cualitativo
y cuantitativo. De esta forma consistente
con la amplitud y capacidad en
administración, los eventos de riesgo
operacional son definidos como derivados
de fallas o deficiencias en los procesos
internos, de personas, de sistemas
o a la exposición a eventos externos,
que pueden o no causar pérdidas
financieras o de impacto negativo
a los accionistas.
El enfoque cualitativo es el de prevención
a los riesgos operativos potenciales,
y se fundamenta en el fortalecimiento
de la estructura de controles internos
del Banco. Las principales herramientas
metodológicas son:
Matrices de Riesgos Operativos y Controles
Internos – Utilizadas para formalizar y constituir la
Approaches
The Bank adopts two approaches to
operating risk management: qualitative
and quantitative. In keeping with their
scope and managemental significance,
operating risks are defined as events
resulting from failures or deficiencies
in internal processes, people and systems
or due to the Bank's exposure to external
circumstances, which may or may not
translate into financial losses or a negative
impact on the stakeholders.
The qualitative approach is basically
concerned with the prevention of potential
operating risks and it advocates the need
to strengthen the structure of the Bank's
internal controls. The most important
tools used for this purpose are:
base de datos de los riesgos y controles identificados
en las actividades de áreas, procesos y productos. Se
Operating Risk and Internal Controls Matrices –
utilizan metodologías de auto-evaluación de los riesgos
Matrices are used to formalize and build
y controles, por medio de workshops y cuestionarios
a data base about the risks and controls
de auto-evaluación. En esas matrices, se registran
identified in the activities of each area,
y evalúan riesgos potenciales, controles existentes,
processes and products. Methods based on
tratamiento del riesgo, riesgos residuales potenciales
workshops and self-evaluation questionnaires
con relación a su frecuencia de ocurrencia y severidad
are then employed to assess such risks and
o al impacto financiero estimado en el período de
controls. In these matrices, users can record
un año, además de los respectivos planes de acción
and evaluate potential risks, existing controls,
mitigadores de los riesgos residuales. El objetivo
risk treatment and possible residual risks as
es el fortalecimiento del sistema de controles internos
regards their frequency and severity or estimated
y de los indicadores clave de riesgos. El proceso
financial impact over the year, in addition to
y sus resultados son actualizados periódicamente.
the plans designed to mitigate such residual
risks. The ultimate purpose here is to strengthen
Trabajos de Quality Assurance – Buscan validar
y comprobar la eficacia de los controles internos
existentes y formalizados en las Matrices de Riesgos
the system of internal controls and key risk
indicators. Both the process and its results
are updated periodically.
Operativos y Controles Internos.
Quality Assurance – The work done in Quality
Assurance is intended to validate and attest
the effectiveness of existing internal controls
that have been formalized in the Operating
Risk and Internal Control Matrices.
El enfoque cuantitativo busca la oportuna
identificación y captura de los eventos
de riesgos y pérdidas operativas,
identificación y análisis de las causas
de los eventos y seguimiento del
desarrollo de planes de acción par
la corrección y prevención de las
ocurrencias registradas. Utiliza como
principales herramientas metodológicas:
Base de Datos Interna Histórica de los Eventos
de Pérdidas y Riesgos Operativos – Iniciada en 2001,
actualmente es utilizada para la toma de decisiones
The quantitative approach, on the other
hand, seeks to identify and register, in
a timely manner, any actual operating risks
and losses, to analyze and understand the
causes behind such events, and to follow
up on the development of actions plans
to address and prevent the said risks and
losses. The most important tools used
for this purpose are:
con relación a las prioridades en los planes de acción
Internal Historical Data Base of Losses and
para la prevención y reducción de los riesgos y pérdidas
Operating Risks – First compiled in 2001, this
operativas. Sostendrá, también, el futuro abordaje
data base is now used to support decisions
de medición avanzada para el cálculo de exigencia
regarding the priority of action plans designed
de capital, por medio de la construcción de las
to prevent and reduce operating risks and
distribuciones de frecuencia y severidad de las pérdidas
losses. It will also be used to support a future
operativas y su consecuente cálculo del VaR Operativo.
and advanced measurement method for
calculating capital requirements, based on
Elaboración de Previsiones – Proceso para elaborar
y obtener el compromiso de las principales áreas
con relación a las previsiones de pérdidas para cada
the construction of charts showing the frequency
distribution and severity of operating losses,
followed by an Operational VaR calculation.
ejercicio, con periódico seguimiento y análisis de
oscilaciones observadas con relación a lo realizado
Forecasting – This process involves preparing
versus lo previsto, con la recomendación de planes
loss forecasts for every fiscal year and getting
de acción, cuando fuera necesario.
key areas to observe them. It also includes
periodical follow-ups and analyses of the
Elaboración de Escenarios y Simulaciones – Ejercicios
de exigencia de capital regulador por los abordajes
básicos, estandarizado y personalizado alternativo,
variances between the forecasts and actual
risks incurred, plus the recommendation
of action plans, as required.
definidos por el Acuerdo de Basilea II. Actualmente,
son alocados los eventos de riesgos y pérdidas
Scenarios and Simulations – These are exercises
operativas por unidades y categorías de riesgo, según
to determine the regulatory capital requirements
Basilea II, permitiendo dirigir y optimizar planes
under the basic, standard and alternative
de acción correctivos y preventivos.
standard approaches prescribed by Basel
El principal resultado esperado es la
prevención y reducción de los eventos
de riesgos y pérdidas operativas, como
forma de garantizar la seguridad, la
integridad, la eficacia y la calidad en las
actividades, en los procesos, productos
y servicios ofrecidos a los clientes,
además de preservar y fortalecer la
reputación del Banco, contribuyendo
para un mejor retorno a los accionistas.
Covenant II. Actual operating risks and losses
are already allocated today by unit and risk
category, pursuant to Basel Covenant II,
allowing the Bank to direct and optimize
its corrective and preventive action plans.
The main result expected from such
measures is the prevention and reduction
of operating risks and losses so as to
ensure the safety, integrity, effectiveness
and quality of the Bank's activities and
processes as well as the products and
services offered to its customers. In addition,
they help to preserve and strengthen
the Bank's reputation, thus generating
more value for its stockholders.
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Social Responsability with a Focus on Education
Responsabilidad Social
con Foco en la Educación
Social Responsibility with
a Focus on Education
Como parte de su compromiso con Brasil, el Banco Santander Banespa entiende
que debe promover iniciativas para el desarrollo socioeconómico y ambiental,
favoreciendo la mejoría de la calidad de vida de las comunidades con las que
se relaciona y de la sociedad como un todo.
En ese sentido, dirige sus actividades hacia proyectos de educación, por la
capacidad de transformación que puede proporcionar. A pesar de que la mayor
parte de las inversiones del área sea concentrada en este sector – prioritariamente
educación universitaria –, también promueve o apoya programas de salud, como
proyectos de humanización hospitalaria; generación de ingresos, con panaderías
artesanales y Cozinha Brasil; y con el medio ambiente, con el programa Consumo
Consciente, entre otros. En estos proyectos, se invirtieron R$ 42 millones
en 2004, el equivalente al 1,7% del resultado líquido.
En 2004 se lanzó el Programa Gestión Socialmente Responsable, que tiene el
objetivo de fortalecer el concepto, introducir prácticas y promover la integración
de responsabilidad social en la cultura del Banco. El programa está compuesto
por un ciclo de workshops, a lo largo de 2005, con los ejecutivos de las
principales áreas de la Organización.
As part of its commitment to Brazil, Santander Banespa understands that it is its
duty to undertake initiatives capable of promoting the country's socioeconomic
development and environmental protection, as a means to improve the quality
of life of the local communities with which it interacts and of society as a whole.
Thus, the Bank has opted for sponsoring educational projects due to their
transforming power. Although most of the investments are concentrated in this
area – more specifically in higher education – Santander Banespa also promotes
or supports initiatives in health care, such as a program designed to humanize
the environment in hospitals; income generation, through the home bakeries
and Cozinha Brazil projects; and environmental protection, by means of a Conscious
Consumption program, among others. These projects received R$ 42 million
worth of investments from the Bank in 2004, which is equivalent to 1.7%
of its net profit.
It was also in 2004 that Santander Banespa launched a program named Socially
Responsible Management, the purpose of which is to strengthen the concept,
introduce practices and foster socially responsible attitudes within its own corporate
culture. This program consists of a cycle of workshops to be delivered by executives
from the Bank's key areas throughout the year 2005.
Educación
Las acciones de educación se concentran
en el Programa Universidades, en el Portal
Universia, en la concesión de becas
de estudios y transporte de material
de apoyo a instituciones educacionales.
Programa Universidades
La relación que el Banco Santander
Banespa establece con las universidades
brasileñas es un modelo que nace
de la plena conciencia de que invertir
en educación es la forma más directa
y eficaz de apostar al progreso
y desarrollo económico de un país.
Es una muestra del compromiso
y posicionamiento del Grupo frente
a la sociedad en la que está presente.
En Brasil, los convenios firmados hasta
2004 con las universidades representan
una relación con 1,015 millones de
personas, representado por el colectivo
de profesores, técnicos-administrativos
y alumnos, con un total de 86
universidades asociadas.
Para el trienio 2005 a 2007 el Banco
Santander Banespa invertirá, por medio
del Programa Universidades, en 1.050
becas de estudios e instalará más de 70
Salas Santander para la inclusión digital
en las universidades asociadas.
Education
All the educational initiatives center
around the Universities Program and
Portal Universia, but they may also
take the form of scholarships, aids
for transportation and the donation
of material to educational institutions.
Universities Program
The relationship that Santander Banespa
has established with Brazilian universities
is a model that stems from its full
awareness that investing in education
is the most effective way to promote
the progress and economic development
of a country. It is a token of the Group's
commitment to and position vis-à-vis
the societies where it does business.
The covenants signed with Brazilian
universities until 2004 represent a
relationship with 1.015 million people,
namely students, faculty members and
technical-administrative personnel, under
a total of 86 partnerships.
For the years 2005-2007, Santander
Banespa plans to grant, through the
Universities Program, 1,050 scholarships
and install more than 70 Santander
Rooms for digital inclusion in the
partner universities.
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Universia Brasil
El Universia es un portal de educación
enfocado en la educación superior, que
reúne noticias y orientaciones sobre el
medio académico, carrera, becas de
estudio, publicaciones científicas, cultura,
agenda de eventos de las instituciones
de educación, Tercer Sector, educación
a distancia, deportes y entretenimiento,
entre otros. Uno de los más destacados
es el canal Universia Empleos, que tiene
como prioridad proporcionar el acceso
a una pasantía o al primer empleo.
Cuenta con casi 80 mil currículos
registrados y, a fines de 2004, mantenía
12 mil ofertas de trabajo.
Al comienzo de 2004, el Universia fue
elegido el mejor portal de educación
del País, por el Premio iBEST 2004, por
medio del voto popular. El Universia
fue el gran vencedor de la categoría
Educación y Entrenamiento, destacándose
entre las 590 páginas Web inscritas
en esa modalidad. El portal recibió un
certificado y un trofeo en reconocimiento
a la excelencia en contenido, diseño
y navegabilidad presentados.
En noviembre de 2004, el Universia
realizó el 1º Encuentro de Rectores
en Brasil. Durante el evento, se anunció
el Programa de Apoyo a la Educación
Superior en Brasil, por medio del cual
el Banco Santander Banespa invertirá
R$ 100 millones en tres años (2005
a 2007) para tres importantes proyectos:
1. Premios Santander Banespa que
serán divulgados y administrados
por el portal Universia.
a) Premio Santander Banespa de Emprendedores:
serán entregados cinco premios de R$ 50 mil
para el mejor proyecto de cada categoría
(industria, comercio, tecnología, servicios
y responsabilidad social) y un premio más
de R$ 50 mil para el mejor de los cinco,
totalizando R$ 300 mil en premios.
Universia Brasil
Universia is an educational portal
focused on higher education that
offers news and guidance regarding
academic life, careers, grants, scientific
publications, arts & culture, calendars
of events promoted by educational
institutions, the Third Sector, long-distance
education, sports & entertainment, etc.
One of the portal's features is a channel
named Universia Empregos, the ultimate
purpose of which is to provide access
to internships and the first job. It has
80 thousand registered CVs and it had
12 thousand job offers posted on the
web site at the end of 2004.
In early 2004, Universia was elected
the best educational portal in Brazil by
popular vote and won the iBest Award
2004. It was considered the best portal
in the category of Education and Training
among the 590 web sites that entered
the contest. The portal received
a certificate and a trophy as a token
of recognition for its excellence in terms
of content, design and navigability.
In November 2004, Universia organized
the 1st Meeting of University Presidents
in Brazil. During this event, Santander
Banespa announced the introduction
of a Higher Education Sponsorship
Program for Brazil, where it intends
to invest R$ 100 million in three major
projects over the next three years
(2005 – 2007):
1. Santander Banespa Awards to be
promoted and managed by Universia:
a) Santander Banespa Entrepreneurship
Award: This consists of five cash prizes
of R$ 50 thousand each for the best
projects under each category (industry,
trade, technology, services and social
responsibility), plus one R$ 50 thousand
prize for the best of these five winners,
b) Premio Santander Banespa de Ciencia
e Innovación: serán entregados cuatro premios
de R$ 50 mil para el mejor proyecto de cada
categoría (industria, comercio, tecnología
y responsabilidad social), totalizando R$ 200 mil.
totaling R$ 300 thousand in cash.
b) Santander Banespa Science & Innovation
Award: Here, the Bank will grant four
R$ 50 thousand cash prizes for the best
projects under each category (industry,
trade, technology and social responsibility),
totaling R$ 200 thousand.
2. Bolsas de estudio para alumnos con
dificultades socioeconómicas y buen
desempeño escolar. Serán 500 becas
de graduación, por un valor anual
de US$ 1,5 mil (valor-referencia), y
100 de pos-graduación, con subsidio
anual de US$ 3,5 mil (valor-referencia).
Las inscripciones para las becas serán
hechas por medio del portal Universia.
3. Salas Universia-Santander Banespa:
aulas con recursos tecnológicos
de última generación y contenido
dirigido y desarrollado junto con
las universidades, cuyo objetivo
es de promover la inclusión digital
e informática de los diversos públicos
de las instituciones de educación.
Serán entregadas más de 70 salas
en los próximos tres años.
Becas de Estudio para Salamanca
Un acuerdo de tres años se firmó en abril
de 2004 con el gobierno del Estado
de São Paulo para conceder 92 becas
de estudio a profesores de enseñanza
media de la red estatal.
2. Scholarships for students with
socioeconomic difficulties and
a good record of school performance.
There will be 500 grants for
undergraduates, in the amount
of US$ 1,500 per year (reference
value), and 100 grants for graduate
students, in the amount of US$ 3,500
per year (reference value). Applications
are to be submitted through Universia.
3. Universia-Santander Banespa Rooms:
These are classrooms equipped with
the latest technology and offering
tailor-designed content developed
by the Bank in partnership with
universities for the purpose of
promoting digital inclusion and
facilitating the access to information
for the various groups that exist in
educational institutions. More than
70 thousand rooms will be installed
over the next three years.
Scholarships at Salamanca
A three-year agreement was signed
in April 2004 with the São Paulo State
Government to provide 92 grants to
secondary education teachers working
in state schools.
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Los participantes tienen la oportunidad de estudiar lengua y cultura españolas por
un mes en la Universidad de Salamanca, en España. En 2004 se concedieron 31
becas, que incluyeron alojamiento en la universidad y tres comidas diarias, además
de una ayuda de 200 euros. La Secretaría de Educación del Estado es la responsable
por la selección de los profesores y acompaña el desarrollo del programa.
Orientación Jurídica
El Banco Santander Banespa apoyó la instalación de una unidad de atención
jurídica en la Universidad del Vale de Paraíba (Univap), con seis salas equipadas
con computadores y dos salas de espera. El objetivo es facilitar el acceso
de la comunidad a la orientación jurídica, que es prestada por alumnos
de los últimos años del curso de Derecho.
Telecentros
En asociación con la Universidad de São Paulo, se inauguraron 18 telecentros,
beneficiando a las comunidades con menor Índice de Desarrollo Humano (IDH)
del municipio. El objetivo es promover la inclusión digital y prevé, además de la
enseñanza de la informática, acciones de ciudadanía y buen uso de las herramientas
de la red mundial de computadores.
Las instalaciones fueron equipadascon servidores, impresoras, materiales de consumo
(como cartuchos), material de oficina y otros ítems, como bebederos y muebles.
El Banco es responsable por el pago de los monitores hasta fines de 2004.
Además de eso, de los 112 telecentros existentes, 69 fueron mantenidos
por el Banco Santander Banespa a lo largo del año.
The participants will be given an opportunity to study Spanish language and culture
for one month at the University of Salamanca, in Spain. Thirty-one (31) such
scholarships were granted in 2004, including accommodation in the university
campus, three meals per day and an allowance of 200 euros. The State Department
of Education is responsible for selecting the teachers and monitoring the development
of this program.
Legal Guidance
In 2004, Santander Banespa sponsored the installation of a legal service unit at
the University of Vale do Paraíba (Univap), which consists of six rooms equipped
with computers and two waiting rooms. The purpose here is to allow the local
community access to legal advisory provided by senior students of the Law School.
Telecenters
Acting in partnership with the São Paulo City Government, Santander Banespa
opened 18 telecenters in 2004 for the benefit of communities with low Human
Development Index (HDI) values. This program is intended to promote digital
inclusion and, in addition to teaching computer skills, it contemplates actions
for citizenship and the proper use of World Wide Web tools. The installations
are equipped with servers, printers, supplies (including printer cartridges), office
materials and other items such as furniture and drinking fountains. The Bank
is responsible for paying the monitors until the end of 2004. Furthermore, 69
out of the 112 telecenters in existence today are maintained by Santander
Banespa throughout the year.
Cultura
Las más destacadas iniciativas de la área
cultural fueron el proyecto Todos los Cantos
y las exposiciones Provocando o Olhar,
realizada en el Museo de Arte de São
Paulo (Masp), y Relaciones Electro//Digitales,
en el Santander Cultural, en Porto Alegre.
El Todos os Cantos está dirigido a 67
municipios con los menores Índices de
Desarrollo Humano (IDH) del Estado de
São Paulo, con el objetivo de ofrecerle
a la población acceso a actividades
culturales. Desarrollado por la Secretaría
de Estado da Cultura de São Paulo
y apoyado por el Banco Santander
Banespa, promueve talleres de teatro
y literatura, presentaciones musicales
y proyecciones de cine. En 2004,
alcanzó a cerca de 77 mil personas en
los municipios en donde fue realizado.
La exposición Provocando o Olhar trajo
la colección de la Fundación Santander
de España, formada por 25 obras, entre
pinturas y esculturas, de artistas como
Picasso, Miró, El Greco, Tintoretto, Zurbarán,
Van Dick y Rubens. Durante la muestra,
el Banco promovió visitas guiadas con
clientes preferenciales, acciones especiales
para empleados y otros clientes, con la
distribución de 20 mil entradas gratuitas.
En total, la exposición fue visitada por
200 mil personas.
En Porto Alegre, la muestra nacional
e internacional presentó medios
electrodigitales desde las primeras
experiencias, hace 50 años, hasta
los más revolucionarios, utilizados hoy.
Abierta en mayo de 2004, la exposición
fue visitada por 95 mil personas hasta
su cierre, en septiembre.
Culture
Important initiatives in the area of arts
& culture included a project named
Todos os Cantos and two exhibitions
titled Provocando o Olhar and Relações
Eletro/Digitais, held at the São Paulo
Art Museum (Masp) and at Santander
Cultural in Porto Alegre, respectively.
Todos os Cantos is a project designed
for 67 townships with low HDI values
in the State of São Paulo. The purpose
is to offer cultural activities to their
populations. Developed by the São
Paulo State Department of Culture
and supported by Santander Banespa,
it promotes theater and literature
workshops with musical performances
and movie shows. In 2004, it benefited
approximately 77 thousand people in
the townships where it was implemented.
Provocando o Olhar brought from
Fundación Santander in Spain
a collection of 25 paintings and
sculptures by artists such as Picasso,
Miró, El Greco, Tintoretto, Zurbarán,
Van Dyck and Rubens. The Bank
organized guided tours for preferential
clients as well as special activities for
employees and other customers, and
distributed 20 thousand free tickets to
the exhibition. This collection was seen
by a total of 200 thousand people.
Relações Eletro/Digitais, held in Porto
Alegre, was a national and international
exhibition of works based on electrodigital
media, ranging from the first experiments
50 years ago to the most revolutionary
pieces produced today. Opened in May
2004, this exhibition was patronized
by 95 thousand visitors until its closing
in September.
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Medio Ambiente
El Banco Santander Banespa invirtió
R$ 3,7 millones en las obras de recuperación
del Centro de Esparcimiento del Parque
Ecológico de Tietê, en São Paulo, un
área con cerca de 1,8 millón de metros
cuadrados. Reabierto en noviembre, el
parque es el mayor espacio de esparcimiento
de la zona este y beneficia a los 4,5 millones
de habitantes de la región. Son cerca
de 40 mil visitantes semanales.
El proyecto de reforma, firmado por el
arquitecto Ruy Ohtake, contempló las
siguientes áreas de esparcimiento: Museo
de Tietê, Plaza de Recreación, Centro
de Recepción de Animales Silvestres,
canchas polideportivas, canchas de fútbol,
conjunto acuático, parrillas, circuitos de
gimnasia, juegos infantiles y bicicletas.
Informaciones más detalladas se pueden encontrar en
la memoria de Responsabilidad Social.
The Environment
Santander Banespa invested R$ 3.7 million
in efforts to recover the Leisure Center
of the Tietê Ecological Park in São Paulo,
an area of approximately 1.8 million
square meters. Reopened in November,
this park is the largest leisure area available
on the east side of the city, and it
benefits the 4.5 million people that
inhabit this region. About 40 thousand
people visit the park every week.
The remodeling project design, signed
by architect Ruy Ohtake, contemplated
the following leisure areas: the Tietê
Museum, the Recreation Square, the
Wild Animal Shelter, sports courts, soccer
fields, bowls and casarão pitches, swimming
pools, barbecue facilities, circuits for
gym, playgrounds and a bicycle rental
and repair shop.
Detailed information about these actions can be
found in our Corporate Social Responsibility Report.
Estados Financieros
Estados Financieros
1.
2.
3.
4.
Análisis Gerencial de Resultados (MD&A)
Estados Financieros Pro forma
Resumen del Informe del Comité de Auditoria
Parecer de los Auditores Independientes
1.
2.
3.
4.
Management Discussion and Analysis (MD&A)
Pro Forma Financial Statements
Summary of Auditing Committee Report
Independent Auditor’s Opinion
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Estados Financieros
Análisis Gerencial de Resultados
(MD&A)
Management Discussion
and Analysis (MD&A)
Evolución de los Negocios
En 2004, el Banco Santander Banespa se consolidó como uno de los conglomerados
financieros de mayor crecimiento en el mercado brasileño. Los ingresos de la intermediación
financiera, sumados a los ingresos por prestación de servicios, evolucionaron 13,2%,
para R$ 12.156 millones, como reflejo del aumento del volumen de negocios.
El Banco Santander Banespa avanzó en su cuota de negocio, de acuerdo con datos
del Banco Central, de la Asociación Nacional de los Bancos de Inversión (Anbid) y de
la Superintendencia de Seguros Privados (Susep). Alcanzó el 5,6% del volumen total
de crédito concedido en el País durante el año, un aumento del 0,7 punto porcentual
en la comparación con el año anterior. En el crédito para el financiamiento de vehículos,
la participación de mercado llegó al 6,2% (más del 0,4 punto porcentual). Fue expresivo
también el crecimiento del crédito inmobiliario (2,4 puntos porcentuales), para alcanzar
una participación en el mercado del 3,2% en los financiamientos concedidos en 2004.
Respondió también por la administración del 4,5% de los fondos de inversión, con una
evolución de 0,3 punto porcentual, y por 3,6% de los fondos de pensiones privados,
o 1,0 punto porcentual más en comparación con 2003.
El año fue marcado por un intenso trabajo de segmentación de los clientes. El esfuerzo
de las encuestas sobre los negocios de Indivíduos, Pequeñas y Medianas Empresas
y Corporate resultó en un salto cualitativo y cuantitativo sobre el conocimiento de los
clientes. Este proceso permitió la identificación de oportunidades para la oferta de
productos y servicios adecuados a cada perfil, utilización de canales y abordaje preferido
para fortalecer la relación con el Banco, con relación a la confianza y la calidad de atención.
Business Evolution
In 2004, Santander Banespa consolidated its position as one of the financial conglomerates
with the highest growth rates in the Brazilian market. Revenues from financial intermediation
and services provided rose 13.2% to R$ 12,156 million as a result of a larger business volume.
Santander Banespa also gained further market share as per data published by the Central
Bank, the National Association of Investment Banks (Anbid) and the Superintendence
of Private Insurers (Susep). Its credit operations accounted for 5.6% of the total volume
of loans granted in Brazil in 2004, up 0.7 percentage point from the previous year,
while its share of the market for vehicle financing grew 0.4 percentage point to 6.2%.
As for real estate loans, the Bank saw its market share expand by 2.4 percentage points
to 3.2%. Finally, it managed 4.5% of all the investment funds available in the country,
up 0.3 percentage point from 2003, and 3.6% of all the resources invested in private
pension funds, a market share that is 1.0 percentage point higher than the mark
attained last year.
The year of 2004 was marked by intensive customer portfolio segmentation efforts.
By referring to the findings of a market research on its business dealings with Private
Individuals, Small & Medium Businesses and Corporations, Santander Banespa was able
to take a quantitative and qualitative leap in terms of the knowledge that it had about
its clients. This process allowed the Bank to identify opportunities to offer products and
services suited to each profile, and to use preferred channels and approaches to strengthen
its customer relationships, based on trust and quality of service.
Estados Financieros
Fue un período de fuertes inversiones en los negocios y en la renovación tecnológica,
con el objetivo de ampliar la eficiencia del Banco y la calidad de la atención. Este movimiento
fue acompañado por el refuerzo en las áreas de marketing, productos y canales, con
reestructuración de los equipos y atracción de profesionales destacados en sus áreas de
actuación, fortaleciendo una organización comercial dirigida hacia el crecimiento.
Se mantuvo el objetivo en la calidad y en la dinamización de los volúmenes de negocios
con clientes, con el apoyo de una red de distribución que cuenta con 1.888 agencias
y PABs (Puntos Atención Bancaria) y 7.334 cajeros automáticos, lo que lo convierte
en uno de los conglomerados financieros líderes en las Regiones Sur y Sudeste del País,
reflejando el objetivo de actuación del Banco Santander Banespa.
Como reflejo de ese desempeño, los activos totales consolidados crecieron 18,1% al año,
alcanzando R$ 69.614 millones. De ese monto, R$ 26.934 millones son representados
por títulos y valores mobiliarios e instrumentos financieros derivados, substancialmente
títulos públicos federales; R$ 21.593 millones por la cartera de crédito; y R$ 7.384 millones
por aplicaciones interfinancieras de liquidez. Las operaciones de crédito aumentaron 30,1%
en comparación con 2003, destacándose el crecimiento del 35,6% de las operaciones
con indivíduos (financiamiento de vehículos, crédito personal, tarjeta de crédito, etc.).
La captación total, sumada a los fondos de inversión administrados, alcanzó R$ 70.544
millones, con una evolución del 19,2% con relación al 31 de diciembre de 2003.
Los depósitos al contado totalizaron R$ 3.973 millones, con un incremento del 8,1%,
y los depósitos de ahorro, por un monto de R$ 4.631 millones, crecieron el 10,4%.
Los fondos de inversión administrados alcanzaron R$ 26.174 millones, 13,7% mayores
que el volumen al 31 de diciembre de 2003.
It was also a period of heavy investments in business operations and technology renewal
for greater efficiency and higher levels of service. This movement was accompanied by
efforts to reinforce the areas of marketing, products and channels. Teams were restructured
and outstanding professionals in their respective fields of expertise were invited to join
the Bank, thus strengthening it as growth-oriented organization.
Meanwhile, Santander Banespa continued to work towards a higher level of service and
to boost its business volume with existing customers with the support of a distribution
network that includes 1,888 branches and banking service outlets plus 7,334 ATMs,
thus becoming one of the leading financial conglomerates in the south and southeast
regions of Brazil, the two focus areas chosen by the Bank.
As a result of this performance, total consolidated assets grew 18.1% to R$ 69,614 million
in 2004. Of this amount, R$ 26,934 million refer to bonds, securities and derivative
instruments, but mostly to federal government bonds; R$ 21,593 million to credit
operations; and R$ 7,384 million to interbank liquidity applications. Credit operations
expanded by 30.1% when compared to 2003. The volume of loans granted to private
individual customers (vehicle financing, personal credit, credit cards, etc.) increased 35.6%.
Total deposits plus managed investment funds amounted to R$ 70,544 million, up 19.2%
in relation to the volume registered on December 31, 2003. Cash deposits grew 8.1%
to R$ 3,973 million while savings deposits increased 10.4% to R$ 4,631 million. Managed
investment funds totaled R$ 26,174 million, up 13.7% against the volume observed
on December 31, 2003.
109
110
Estados Financieros
Se captaron US$ 400 millones en el mercado internacional por medio de la securitización
de órdenes de pago a recibir de bancos correspondientes en el exterior. Los recursos se
destinaron al financiamiento del comercio exterior. Los papeles fueron emitidos con cupón
de 5,5% al año y una tasa de retorno para el inversor del 5,7% al año. Como la tasa es
fija, la estructura no prevé cobertura de seguro. La emisión fue clasificada en nivel Baa1
por Moody´s y BBB+ por las agencias Standard & Poor´s y Fitch – tres niveles arriba del
piso considerado investment grade (aplicación de menor riesgo). Esta operación fue
considerada la mejor securitización internacional de 2004, por Latin Finance.
El buen desempeño comercial fue reconocido por las agencias de rating y por el mercado.
La Fitch elevó el rating del Banco Santander Banespa para BB+, arriba del rating soberano.
El Banco Santander Banespa fue elegido el mejor banco minorista de Brasil, por la Fundación
Getúlio Vargas, y el mejor banco en América Latina, por la Global Finance. En el área
de Gestión de Activos, recibió de la Standard & Poor's la clasificación más alta en fondos
de inversión en Brasil y fue reconocido por los mayores especialistas del mercado – Guia
Exame y Valor Econômico – como uno de los mejores gestores de fondos en Brasil.
Patrimonio Neto
El patrimonio neto del Banco Santander Banespa aumentó 10,4% con relación al año
anterior, alcanzando R$ 8.630 millones. El índice de Basilea alcanzó un 17,0%, superior
al mínimo exigido por el Banco Central de Brasil, que es del 11,0%. El Banco Santander
Banespa no posee Patrimonio de Referencia del Nivel II.
Resultados del Ejercicio
- Resultado de la Intermediación Financiera (R$ millones)
El Banco Santander Banespa cerró el ejercicio 2004 con un resultado de la intermediación
financiera de R$ 5.433 millones, un crecimiento del 25,6% en comparación al año
anterior, positivamente afectado por el crecimiento de las carteras de crédito y de
títulos y valores mobiliarios. El margen de intermediación financiera aumentó 0,6%,
alcanzando 9,5% – ante el 8,9% en 2003.
Santander Banespa raised US$ 400 million in the market through the securitization
of payment orders receivable from correspondent banks abroad. These funds were used
to finance international trade. The debt securities were issued with a coupon of 5.5%
per year and the return rate for investors will be 5.7% per year. Because the interest
rate in fixed, the structure of this operation does not contemplate insurance coverage.
The issue received a Baa1 rating from Moody´s and BBB+ from Standard & Poor´s and
Fitch – three levels above the investment grade limit (lower risk assets). This deal was
considered the best international securitization operation in 2004 by Latin Finance.
The Bank's satisfactory commercial performance was acknowledged by the rating firms
and the market. Fitch raised the rating for Santander Banespa to BB+, which is superior
to Brazil's sovereign risk rating. Also, Santander Banespa was elected the best retail
bank in Brazil by Fundação Getúlio Vargas, and the best bank in Latin America by
Global Finance. With regard to Fund Management, it received the highest rating for
investment funds in Brazil, and it gained recognition from the top market specialists –
Guia Exame e Valor Econômico – as one of the best fund managers in the country.
Stockholder’s Equity and Financial Leverage
The stockholder’s equity of Santander Banespa rose 10.4% to R$ 8,630 million in 2004
when compared to 2003. Its Basel Index reached 17.0%, exceeding the minimum ratio
required by the Central Bank of Brazil, namely 11.0%. Santander Banespa has no Tier II capital.
Results of 2004
- Result of Financial Intermediation (R$ million)
Santander Banespa ended FY 2004 with a financial intermediation income of R$ 5,433 million,
up 25.6% from 2003, thanks to a growing portfolio of loans, bonds and securities. The
financial intermediation margin expanded by 0.6% to 9.5% versus 8.9% in 2003.
111
Estados Financieros
Resultado de la Intermediación Financeira
(R$ millones)
2004
2003
Variación %
10.088
9.092
11,0%
Operaciones de Crédito y de Arrendamiento Mercantil
4.231
3.891
8,7%
Resultado de Operaciones con Títulos y Valores
Mobiliarios y con Instrumentos Financieros Derivados
5.479
4.389
24,8%
378
812
-53,4%
Ingresos por Intermediación Financiera
Otras
Gastos por Intermediación Financiera
(4.180)
(4.129)
1,3%
Operaciones de Captación en el Mercado
(3.730)
(3.882)
-3,9%
Otras
(450)
(247)
83,1%
Resultado por Intermediación Financiera antes de la
Provisión para Insolvencias (1)
5.908
4.963
19,0%
Provisión para Insolvencias
(475)
(638)
-25,6%
Resultado Bruto de la Intermediación Financiera
5.433
4.325
25,6%
62.310
55.479
12,3%
9,5%
8,9%
-
Activo Promedio Total (-) Activo Permanente Promedio (2)
Margen de la Intermediación Financiera (1 / 2)
1.Índice de Eficiencia: (Gastos con Personal – Participaciones en los Resultados + Otros Gastos Administrativos) / (Resultado Bruto de la Intermediación
Financiera + Gastos de Provisión para Insolvencias + Ingresos por Prestación de Servicios + Resultado de Seguros, Fondos de Pensiones Privados y Capitalización +
Otros Ingresos/ Gastos Operacionales).
2. Índice de Recurrencia: Ingresos por Prestación de Servicios / (Gastos con Personal – Participaciones en los Resultados + Otros Gastos Administrativos)
Result of Financial Intermediation
(R$ million)
2004
2003
Variation %
10,088
9,092
11.0%
Credit & Leasing Operations
4,231
3,891
8.7%
Result of Operations with Bonds, Securities
and Derivative Instruments
5,479
4,389
24.8%
378
812
-53.4%
(4,180)
(4,129)
1.3%
(3,730)
(3,882)
-3.9%
(450)
(247)
83.1%
5,908
4,963
19.0%
(475)
(638)
-25.6%
5,433
4,325
25.6%
62,310
55,479
12.3%
9.5%
8.9%
-
Revenues from Financial Intermediation
Other
Expenses with Financial Intermediation
Fund Raising Operations
Other
Result of Financial Intermediation before
Allowances for Doubtful Loans (1)
Allowance for Doubtful Loans
Gross Income from Financial Intermediation
Average Total Assets (-) Average Permanent Assets (2)
Financial Intermediation Margin (1 / 2)
1. Efficiency rate: (Payroll Expenses – Share of Profits + Other Administrative Expenses) / (Gross Income from Financial Intermediation + Expenses with
Allowances for Doubtful Loans + Revenues from Services Provided + Result of Insurance, Private Pension and Capitalization Operations + Other Operating
Revenues/Expenses).
2. Recurrence rate: Revenues from Services Provided / (Payroll Expenses – Share of Profits + Other Administrative Expenses)
112
Estados Financieros
- Operaciones de Crédito y de Arrendamiento Mercantil
Los ingresos de operaciones de crédito y arrendamiento mercantil se ampliaron el 8,7%,
positivamente afectadas por dos factores:
1) Crecimiento del 30,1% de la cartera de crédito – que alcanzó R$ 21.593 millones,
destacándose el aumento del 35,6% en las operaciones con indivíduos (financiamiento
de vehículos, crédito personal, tarjeta de crédito, etc.).
2) Variación cambial negativa del 8,1% en el ejercicio 2004 – comparada al 18,2% en
2003 – sobre la cartera denominada y/o indexada en moneda extranjera. Al 31 de
diciembre de 2004, esos valores representaban 29,2% de la cartera total.
Estos dos aspectos fueron compensados, en parte, por la caída de las tasas promedio
de interés, que variaron del 23,3% en 2003 para 16,2% en 2004 (variación del CDI –
Certificado de Deposito Interbancario).
- Resultado de Operaciones con Títulos y Valores Mobiliarios y con Instrumentos
Financieros Derivados
El resultado de operaciones con títulos y valores mobiliarios y con instrumentos financieros
derivados (incluyendo las carteras de la Aseguradora vinculadas al PGBL y VGBL – Plano
Garantizador del Beneficio Libre y Valor Garantizador del Beneficio Libre) aumentó
24,8%, influenciado por:
1) El crecimiento del 18,8% de la cartera de títulos y valores mobiliarios y de instrumentos
financieros derivados, que alcanzó R$ 26.197 millones;
2) Una menor variación cambial en 2004 sobre la cartera denominada y/o indexada
en moneda extranjera, que representaba 17,3% de la cartera al final del año;
- Credit and Leasing Operations
Revenues from credit and leasing operations rose 8.7% basically on account of two factors:
1) a 30.1% growth in the credit portfolio, totaling R$ 21,593 million, with a significant
contribution from the private individual customer segment (vehicle financing, personal
credit, credit cards, etc.), which expanded by 35.6%.
2) the effect of a negative currency variation of 8.1% in FY 2004 – versus 18.2% in
2003 – on contracts denominated in and/or indexed to foreign currencies. On
December 31, 2004, such amounts represented 29.2% of the total portfolio.
These two factors were partly offset by a decline in interest rates, which fell from
23.3% in 2003 to 16.2% in 2004 (CDI variation).
- Result of Operations with Bonds, Securities and Derivative Instruments
The result of operations with bonds, securities and derivative instruments (including
the Insurer's PGBL and VGBL portfolios) grew 24.8% due to:
1) an increase of 18.8% in the portfolio of bonds, securities and derivative instruments,
totaling R$ 26,197 million;
2) the effect of a smaller currency variation in 2004 on contracts denominated in
and/or indexed to foreign currencies, which accounted for 17.3% of the portfolio
at the end of 2004;
113
Estados Financieros
3) La elevación del IGP-M – del 8,7% en 2003 para el 12,4% en 2004 – sobre la
cartera indexada al IGP-M, que el 31 de diciembre de 2004 representaba el 32,1%
de la cartera total.
Estos factores que tuvieron impacto positivo sobre el resultado fueron compensados
parcialmente por la caída en las tasas de interés promedio de 2004 comparadas a 2003.
Los gastos con captación en el mercado – que abarcan el costo de los depósitos a plazo
y de ahorro, de las captaciones en el mercado abierto y de los recursos captados en el
exterior vía emisión de eurobonds – cayeron 3,9% en 2004, como consecuencia de la
reducción de las tasas de interés promedio. Este factor fue compensado, en parte, por
el crecimiento de los depósitos a plazo y de ahorro – que, juntos, aumentaron 29,4%
en el año – y por la valorización del real en el período, superior a la verificada en 2003.
- Provisión para Insolvencias (R$ millones)
Provisión para Insolvencias
(R$ millones)
Saldos al 1º de enero
Gastos de provisión constituidos en el año
Transferencias para perjuicios en el año
2004
2003
Variación %
1.037
-2,7%
1.009
638
-25,6%
475
(641)
-11,5%
(567)
(25)
-96,0%
(1)
1.009
-9,2%
916
403
-22,6%
312
91,7%
-
Otros movimientos
Saldo al 31 de diciembre
Créditos recuperados en el año
Créditos con rating AA-C sobre el total
de la cartera
94,0%
3) the impact of rising inflation – with IGP-M jumping from 8.7% in 2003 to 12.4% in
2004 – on contracts tied to IGP-M variations, which represented 32.1% of the total
portfolio as at December 31, 2004.
These factors, which had a positive effect on the Bank's earnings, were partly offset by
a decline in average interest rates between 2003 and 2004.
Fund raising expenses – which include the cost of time and savings deposits, the cost of
raising funds in the open market and off shore through the issue of eurobonds – shrank
3.9% in 2004 as a consequence of lower average interest rates. This factor was partly
counterbalanced by an increase in time and savings deposits – which together grew
29.4% in 2004 – and by the fact that the real appreciated more in 2004 than in 2003.
- Allowance for Doubtful Loans (R$ million)
Allowance for Doubtful Loans
(R$ million)
Balances as at January 1st
Expenses with allowances made in FY
Transfers for losses in FY
Other transactions
2004
2003
Variation %
1,009
1,037
-2.7%
475
638
-25.6%
(567)
(641)
-11.5%
-96.0%
(1)
(25)
Balance as at December 31
916
1,009
-9.2%
Credits recovered in FY
312
403
-22.6%
94.0%
91.7%
-
Loans rated AA-C as a % of total portfolio
114
Estados Financieros
Los gastos de provisión para créditos de liquidación dudosa decrecieron 25,6%. El desempeño
es resultado de la estrategia de promover la evolución de la cartera asociada a la mejoría
de crédito. En esa línea, los créditos bajados contra prejuicios y los créditos recuperados
en el año cayeron 11,5% y 22,6%, respectivamente.
Los créditos clasificados como AA a C representaron 94,0% del total de la cartera de crédito,
en comparación al índice del 91,7% al 31 de diciembre de 2003.
Las dotaciones para insolvencias representaban, al 31 de diciembre de 2004, un 4,2% del
total de los créditos, comparativamente al 6,1% al 31 de diciembre de 2003, reflejando la
evolución de la calidad del crédito concedido por el Banco Santander Banespa durante el año.
El proceso de gestión de riesgos fue beneficiado por los continuos avances y por las mejoras
de los sistemas automatizados de admisión, pre-selección y selección y por el comportamiento
de los diversos productos de financiamiento de indivíduos que el Banco Santander Banespa posee.
Ingresos por Prestación de Servicios
(R$ millones)
2004
2003
Servicios de Cuenta Corriente
476
456
4,4%
Ingresos de Gestión de Fondos
429
326
31,8%
Seguros
309
234
31,9%
Operaciones de Crédito
282
262
7,9%
128
89
44,0%
Ingresos por Cobranza
Variación %
122
89
36,3%
Convenios
77
69
12,4%
Corretajes de Operaciones de Bolsa
58
37
58,1%
Otras
187
86
113,3%
Total
2.068
1.648
25,5%
Expenses with allowances for doubtful loans shrank 25.6% in 2004 as a consequence
of strategic steps taken to increase that part of the portfolio associated with higher
credit quality. Thus credits discharged against losses and credits recovered over the
year decreased by 11.5% and 22.6%, respectively.
Loans rated AA to C accounted for 94.0% of the Bank's total credit portfolio in 2004 versus
91.7% as at December 31, 2003.
Allowances for doubtful loans represented 4.2% of total loans as at December 31, 2004 in
comparison with 6.1% as at December 31, 2003, reflecting an improvement in the quality
of credit granted by Santander Banespa throughout the year. The process of risk management
benefited from continuous advancements and improvements in automated acceptance, preselection and selection systems, as well as from the behavior of several finance products
designed by Santander Banespa for private individual customers.
115
Estados Financieros
Revenues from Services Provided
(R$ million)
2004
2003
Checking Account Services
476
456
4.4%
Revenue from Fund Management
429
326
31.8%
Insurance
309
234
31.9%
Credit Operations
282
262
7.9%
Credit Cards
128
89
44.0%
Revenue from Credit Collection
122
89
36.3%
Covenants
77
69
12.4%
Stockbroking
58
37
58.1%
Other
187
86
113.3%
Total
2,068
1,648
25.5%
Variation %
- Ingresos por Prestación de Servicios
Los ingresos de prestación de servicios aumentaron el 25,5% el año, con una evolución
en todas las modalidades, derivadas del aumento de las operaciones en el período. Se
destaca la evolución del 31,8% de los ingresos de administración de fondos y del 31,9%
de los ingresos con comisiones de seguros. El crecimiento del ingreso de administración
de fondos deriva de la evolución de los fondos administrados por el Banco Santander
Banespa – que alcanzaron R$ 26.174 millones, con un crecimiento del 13,7% en el año –
mientras el aumento de los ingresos con comisiones de seguros retrata la evolución de la
venta de seguros de terceros.
- Gastos con Personal, Otros Gastos Aministrativos e Índices de Eficiencia y de Recurrencia
Los gastos con personal y los otros gastos administrativos crecieron 22,3% en el año,
siendo el 14,9% relativos a gastos con personal y 31,0% a otros gastos administrativos.
El cuadro siguiente detalla la variación de las cuentas más representativas.
Gastos de Personal
(R$ millones)
Remuneración
2004
2003
Variación %
1.357
1.080
25,6%
Cargas Sociales
489
515
-5,0%
Beneficios
255
218
16,8%
30
37
-18,5%
Otros
7
10
-26,8%
Total
2.138
1.860
14,9%
Capacitaciones
- Revenues from Services Provided
Revenues from services provided rose 25.5% in 2004, with improvements observed in all
operations. Highlights included a 31.8% increase in revenues from fund management and
a 31.9% growth in revenues from insurance brokerage activities. The first case owes much
to a 13.7% increase in the volume of funds managed by Santander Banespa, which totaled
R$ 26,174 million, while the second reflects the growth of insurance sales to third parties.
- Payroll, Other Administrative Expenses, and Efficiency & Recurrence Ratios
Payroll and other administrative expenses rose 22.3% on average in 2004, broken
down as follows: 14.9% for payroll expenses and 31.0% for other administrative
expenses. The tables below detail the variation of the most representative accounts:
116
Estados Financieros
Payroll Expenses
(R$ million)
Salaries
2004
2003
Variaton %
25.6%
1,357
1,080
Social Charges
489
515
-5.0%
Benefits
255
218
16.8%
Training
30
37
-18.5%
Other
7
10
-26.8%
Total
2,138
1,860
14.9%
Otros Gastos Administrativos
(R$ millones)
2004
2003
Variación %
Servicios Técnicos Especializados y de Terceros
568
451
26,0%
Depreciaciones y Amortizaciones
360
276
30,5%
Comunicaciones
209
163
28,2%
Propaganda, Promociones y Relaciones Públicas
175
71
147,3%
Procesamiento de Datos
142
117
21,3%
Alquileres
137
107
27,7%
Transportes y Viajes
120
100
19,6%
Seguridad y Vigilancia
78
65
20,3%
Mantenimiento y Conservación de Bienes
75
56
33,9%
Servicios del Sistema Financiero
59
52
14,4%
Agua, Energía y Gas
58
47
23,0%
Otros
89
76
17,7%
Total
2.070
1.581
31,0%
Other Administrative Expenses
(R$ million)
2004
2003
Variation %
Specialized Technical and Third-Party Services
568
451
26.0%
Depreciation & Amortization
360
276
30.5%
Communications
209
163
28.2%
Advertising, Promotions & Public Relations
175
71
147.3%
Data Processing
142
117
21.3%
Rents
137
107
27.7%
Transportation & Travel
120
100
19.6%
Security & Surveillance
78
65
20.3%
Asset Maintenance & Upkeep
75
56
33.9%
Financial System Services
59
52
14.4%
Water, Electricity & Gas
58
47
23.0%
Other
89
76
17.7%
Total
2,070
1,581
31.0%
117
Estados Financieros
El 2004 fue caracterizado por fuertes inversiones en los negocios y en la renovación
tecnológica, con el objetivo de ampliar la eficiencia del Banco y la calidad de la atención.
Este movimiento fue acompañado por el esfuerzo en las áreas de marketing, productos
y canales, con una reestructuración de los equipos y la contratación de profesionales
destacados en sus áreas de actuación, fortaleciendo una organización comercial dirigida
hacia el crecimiento.
Esta continuidad de la política de expansión comercial y mantenimiento de la base
tecnológica tuvo impacto sobre los gastos administrativos. El crecimiento refleja mayores
inversiones en personas, en sistemas operativos y de automatización, gastos con consultorías
para establecer y perfeccionar procesos destinados a garantizar la calidad de los productos
y servicios a los clientes, mayores gastos de depreciaciones y amortizaciones y de servicios
técnicos especializados y de terceros. Los reajustes de las tarifas de energía eléctrica, de
telecomunicaciones y los gastos de marketing también contribuyeron para el aumento
de los gastos.
El crecimiento de los gastos de personal y otros administrativos tuvo impacto sobre el
índice de eficiencia, que aumentó del 55,7% en 2003 para el 61,8% en 2004 . El índice
de recurrencia , que también es utilizado para medir la eficiencia del Banco Santander
Banespa, aumentó del 47,9% en 2003 para el 49,1% en 2004.
- Gastos Tributarios (R$ millones)
Gastos Tributarios
(R$ millones)
2004
2003
Variación %
Cofins
335
244
37,0%
ISS
91
50
81,5%
PIS
53
49
8,5%
Otros
81
109
-25,9%
Total
560
452
23,8%
The year 2004 was marked by heavy investments in business and technology renewal
for greater efficiency and a higher quality of service. This movement was accompanied
by efforts to reinforce the areas of marketing, products and channels. Teams were
restructured and outstanding professionals in their respective fields of expertise were
invited to join the Bank, thus strengthening it as a growth-oriented organization.
This continuous pursuit of a policy of commercial expansion, allied with the maintenance
of Santander Banespa's technology base, had an impact on its administrative expenses,
whose increase reflects heavier investments in human resources, operating and automated
systems, consulting services to establish and streamline processes designed to ensure
the quality of the products and services offered to customers, higher depreciation and
amortization expenses, and disbursements related to specialized technical and thirdparty services. Adjustments in electricity and telecommunications service rates and
in marketing expenses also contributed to this increase.
The higher payroll and other administrative expenses affected the Bank's efficiency
rates, raising them from 55.7% in 2003 to 61.8% in 2004 . The recurrence rates ,
which are also used as a measure of efficiency at Santander Banespa, climbed from
47.9% in 2003 to 49.1% in 2004.
118
Estados Financieros
- Tax Expenses (R$ million)
Tax Expenses
(R$ million)
Cofins (Social Security Contribution)
2004
2003
Variation %
335
244
37.0%
ISS (Service Tax)
91
50
81.5%
PIS (Social Integration Program)
53
49
8.5%
Other
81
109
-25.9%
Total
560
452
23.8%
La variación deriva principalmente del crecimiento de R$ 91 millones de los costos con Cofins
(Contribución Financiera para la Seguridad), derivado del aumento de la alícuota del 3,0%
para el 4,0% en septiembre de 2003, del crecimiento de los ingresos tributables en el año
y del aumento de R$ 41 millones de los costos del ISS, debido a los cambios en la legislación
y al aumento de los ingresos tributables en el ejercicio.
- Otros Ingresos (Gastos) Operativos (R$ millones)
Otros Ingresos (Gastos)
Operativos (R$ millones)
2004
2003
Variación %
Reversión de Provisiones Operativas,
liquidación de las Provisiones Operativas
142
642
-77,92%
Actualización de Depósitos Judiciales
111
159
-30,32%
Interés y Actualización del Pasivo Actuarial
(706)
(483)
46,02%
Descuentos Concedidos
(125)
(132)
-5,04%
(89)
(60)
48,42%
-70,87%
Fondo de Comercio
Variación Cambial – Agencias Externas
(58)
(199)
Otros
(234)
(182)
28,09%
Total
-959
-255
275,54%
The variation observed is primarily due to an increase of R$ 91 million in Cofins expenses –
because the government changed the contribution rate from 3.0% to 4.0% in September
2003 – allied with a R$ 41 million increase in ISS payments that resulted from amendments
to tax laws, and the growth of taxable revenues in FY 2004.
- Other Operating Revenues (Expenses) (R$ million)
Other Operating Revenues
(Expenses) (R$ million)
2004
2003
Variation %
Reversal of Operating Allowances,
net of Operating Allowances
142
642
-77.92%
Updated of Court Deposits
111
159
-30.32%
Interest and Updated Actuarial Liabilities
(706)
(483)
46.02%
Discounts Granted
(125)
(132)
-5.04%
(89)
(60)
48.42%
-70.87%
Amortization of Premiums
Currency Variations – Offshore Branches
(58)
(199)
Other
(234)
(182)
28.09%
Total
-959
-255
275.54%
Estados Financieros
Los otros Ingresos (Gastos) Operativos demuestran una variación de R$ 704 millones
en 2004 comparativamente a 2003, básicamente debido a la reducción de reversiones
de provisiones operativas, líquidas de las provisiones operativas. Estas reversiones son
efectuadas basado en la revisión de la Administración de las estimaciones que sostienen
las provisiones laborales, fiscales y civiles, basado en los eventos ocurridos en el período
y en las evaluaciones técnicas efectuadas por sus consultores legales, mientras que las
provisiones operativas están compuestas por la constitución y actualización de provisiones
de contingencias laborales, civiles y fiscales, constituidas en base en las acciones del
período. Los gastos de interés y actualización del pasivo actuarial aumentaron el 46,0%
y los gastos de variación cambial sobre las agencias externas y sobre otros valores sufrieron
una disminución del 70,9% y de 68,2%, respectivamente, derivado de la menor
desvalorización cambial en 2004 cuando se la compara a 2003.
- Benefício Neto
Los efectos anteriores conjugados resultaron en una benefício neto de R$ 1.665 millones,
2,4% inferior al del ejercicio 2003. Los retornos sobre el patrimonio líquido promedio
y sobre el activo promedio fueron del 20,2% y del 2,6%, respectivamente, comparados
al 24,7% y al 3,0%, respectivamente, en 2003.
Las variaciones de los cuadros expuestos fueron calculadas sobre los valores en miles de reales, de acuerdo con los valores publicados en las
Estados Financieros. De esta forma, las variaciones calculadas sobre los valores en millones de reales son diferentes de las informadas.
Other operating revenues (expenses) showed a variation of R$ 704 million in 2004 against
2003 basically due to the reversal of operating allowances, net of operating allowances.
These reversals were made according to a review by Top Management of the estimates
behind the allowances for labor, tax and civil contingencies arising from events in FY
2004 and based on technical evaluations by legal consultants. The operating allowances,
on the other hand, refer to provisions made and updated for labor, tax and civil
contingencies related to ongoing lawsuits in FY 2004. Expenses with interest and the
updating of actuarial liabilities grew 46.0% while expenses with currency variations in
offshore branches and other amounts shrank 70.9% and 68.2%, respectively, because
the real depreciated less in 2004 than in 2003.
- Net Profit
The combined effect of the variations discussed above resulted in a net profit of R$ 1,665
million, down 2.4% from FY 2003. The returns on average stockholder’s equity and
average assets amounted to 20.2% and 2.6%, respectively, versus 24.7% and 3.0%,
respectively, in 2003.
The variations shown in the tables and charts above were calculated on sums stated in R$ thousand as reported in the Bank's
financial statements. Therefore, the variations calculated on sums stated in R$ million are expressed in a different manner.
119
120
Estados Financieros
Pro forma Financial Statements
Santander Banespa
Pro forma Combined Financial Statements
Balance Sheets as of December 31, 2004 and 2003
(In thousands of Brazilian reais - R$)
ASSETS
CURRENT ASSETS
Cash
Interbank investments
Money market investments
Interbank deposits
Securities and derivative financial instruments
Own portfolio
Subject to resale commitments
Linked to Central Bank of Brazil
Linked to guarantees
Privatization certificates
Derivative financial instruments
Interbank accounts
Payments and receipts pending settlement
Restricted deposits:
Central Bank of Brazil
National Housing System
Correspondents
Interbranch accounts
Third-party funds in transit
Internal transfers of funds
Lending operations
Public sector
Private sector
Allowance for loan losses
Leasing operations
Private sector
Allowance for doubtful lease receivables
Other receivables
Foreign exchange portfolio
Income receivable
Trading account
Receivables from insurance operations
Other
Allowance for other losses
Other assets
Other assets
Allowance for valuation
Prepaid expenses
LONG-TERM ASSETS
Interbank deposits
Allowance for losses
Own portfolio
Subject to resale commitments
Linked to Central Bank of Brazil
Linked to guarantees
Privatization certificates
Caderno Proforma ingles final alterado.pmd
120
29/9/2005, 10:42
2004
2003
43,464,460
889,611
7,277,685
4,748,177
2,529,508
14,976,870
9,199,523
1,109,319
2,404,440
1,526,145
737,443
3,833,906
2,480
33,285,932
871,264
6,024,155
5,139,907
884,248
8,581,076
6,616,348
321,019
88,722
900,573
14,050
640,364
3,302,634
2,996
3,819,456
7,803
4,167
340
9
331
11,716,908
16,307
11,884,944
(184,343)
334,766
337,766
(3,000)
4,244,925
2,302,461
81,981
485,715
25,055
1,366,769
(17,056)
189,450
239,750
(165,663)
115,363
24,111,552
106,683
106,883
(200)
11,957,452
6,041,495
4,450,966
749,713
688,499
26,779
-
3,289,753
5,848
4,037
1,571
61
1,510
8,878,732
12,113
9,173,107
(306,488)
241,680
250,545
(8,865)
5,147,404
3,268,344
63,895
734,386
6,737
1,082,829
(8,787)
237,416
239,107
(157,702)
156,011
23,757,970
28,196
28,396
(200)
14,089,253
8,131,318
2,115,012
1,832,881
1,743,203
156,465
110,374
121
Estados Financieros
ASSETS
Interbank accounts
Restricted deposits:
National Housing System
Lending operations
Public sector
Private sector
Leasing operations
Private sector
Allowance for doubtful lease receivables
Other receivables
Receivables for guarantees honored
Income receivable
Trading account
Other
Allowance for other losses
Other assets
Temporary investments
Other assets
Allowance for valuation
Prepaid expenses
PERMANENT ASSETS
Investments
Investments in subsidiaries and affiliates:
Domestic
Other investments
Property and equipment in use
Real estate
Other
Accumulated depreciation
Deferred charges
Organization and expansion costs
Accumulated amortization
TOTAL ASSETS
The accompanying notes are an integral part of these pro forma combined financial statements
121
29/9/2005, 10:42
2004
2003
29,655
28,531
29,655
6,222,483
80,611
6,731,406
(589,534)
105,288
106,106
(818)
5,384,807
10
262,700
3,714
910
5,238,630
(121,157)
305,183
274,865
(116)
7,448
(6,737)
29,723
2,037,798
92,698
28,531
4,296,250
105,568
4,735,521
(544,839)
151,062
151,934
(872)
4,879,211
42
28,772
3,721
4,985,594
(138,918)
285,467
274,865
(116)
8,066
(4,222)
6,874
1,896,166
82,312
11,968
105,970
(25,240)
614,441
308,952
1,083,428
(777,939)
1,330,659
2,082,424
(751,765)
69,613,810
12,366
97,259
(27,313)
670,041
359,484
991,652
(681,095)
1,143,813
1,645,500
(501,687)
58,940,068
122
Estados Financieros
Santander Banespa
Balance Sheets as of December 31, 2004 and 2003
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Deposits
Demand deposits
Savings deposits
Interbank deposits
Time deposits
Other deposits
Money market funding
Own portfolio
Third parties
Linked to trading portfolio operations
Funds from acceptance and issuance of securities
Securities issued abroad
Interbank accounts
Receipts and payments pending settlement
Correspondents
Interbranch accounts
Third-party funds in transit
Internal transfers of funds
Borrowings
Foreign borrowings
Domestic onlendings - Official institutions
National Treasury
National Economic and Social Development Bank (BNDES)
Federal Savings and Loan Bank (CEF)
National Equipment Financing Authority (FINAME)
Other institutions
Other liabilities
Collected taxes and other
Social and statutory
Taxes and social security
Trading account
Technical reserves for insurance, pension plan and capitalization operations
Supplementary pension plan
Other
122
29/9/2005, 10:42
2004
2003
43,792,681
19,286,031
3,973,168
4,630,594
90,002
10,569,085
23,182
10,734,426
6,451,546
3,278,084
1,004,796
1,465,590
1,465,590
1,621
1
1,620
504,090
502,933
1,157
2,809,900
2,809,900
1,211,718
4,716
551,843
15,091
417,692
222,376
182,328
182,328
7,596,977
21,644
1,255,692
856,499
181,344
324,806
2,656,096
598,751
1,702,145
36,487,445
15,550,303
3,675,794
4,194,538
8,162
7,671,809
7,724,370
2,402,815
5,321,555
869,253
869,253
1,380
121
1,259
311,337
307,565
3,772
5,485,586
5,485,586
508,412
90,495
14,378
292,861
110,678
279,553
279,553
5,757,251
34,046
1,969,998
143,360
247,550
199,450
1,466,337
612,130
1,084,380
123
Estados Financieros
LIABILITIES AND STOCKHOLDERS’ EQUITY
LONG-TERM LIABILITIES
Deposits
Interbank deposits
Time deposits
Funds from acceptance and issuance of securities
Borrowings
Foreign borrowings
Domestic onlendings - Official institutions
National Economic and Social Development Bank (BNDES)
Federal Savings and Loan Bank (CEF)
National Equipment Financing Authority (FINAME)
Other institutions
Other liabilities
Taxes and social security
Trading account
Supplementary pension plan
Other
DEFERRED INCOME
Deferred income
MINORITY INTEREST
STOCKHOLDERS’ EQUITY
Capital:
Brazilian residents
Foreign residents
Capital reserves
Revaluation reserves
Profit reserves
Adjustment to market value - securities and derivative financial instruments
Retained earnings
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
123
29/9/2005, 10:42
2004
2003
16,943,239
3,383,874
3,383,874
215,085
215,085
269,946
269,946
2,686,716
2,686,716
1,238,338
258,340
52,392
903,267
24,339
9,149,280
15,543
2,388,154
114,883
3,723,127
2,907,573
58,723
58,723
189,308
8,629,859
14,403,193
2,498,962
2,399
2,496,563
1,507,395
1,507,395
888,251
888,251
1,114,229
410,206
65,040
599,822
39,161
8,394,356
14,642
2,087,160
386,388
3,566,169
2,339,997
52,310
52,310
180,872
7,816,248
260,744
5,787,867
28,295
1,506
370,064
342,004
1,839,379
69,613,810
290,610
5,111,400
17,528
2,022
234,246
73,640
2,086,802
58,940,068
124
Estados Financieros
Santander Banespa
Statements of Income for the years ended December 31, 2004 and 2003
2004
2003
FINANCIAL INCOME
Lending operations
Leasing operations
Securities transactions
Income from insurance, pension plan and capitalization operations
Foreign exchange operations
Compulsory investments
10,088,076
4,161,709
69,027
4,445,788
310,133
722,846
102,583
275,990
9,091,824
3,858,995
31,555
2,946,172
233,324
1,209,558
457,165
355,055
FINANCIAL EXPENSES
Funding operations
Adjustment of interest on technical reserves for insurance, pension plan and capitalization operations
Borrowings and onlendings
Provision for loan losses
(4,655,339)
(3,729,513)
(146,227)
(304,459)
(475,140)
(4,766,729)
(3,882,228)
(135,000)
(111,205)
(638,296)
5,432,737
4,325,095
(3,608,579)
2,067,743
30,330
(2,137,587)
(2,070,327)
(559,969)
20,067
849,948
(1,808,784)
(2,362,760)
1,648,205
92,009
(1,859,666)
(1,580,547)
(452,399)
44,960
1,559,912
(1,815,234)
1,824,158
1,962,335
GROSS PROFIT FROM FINANCIAL OPERATIONS
OTHER OPERATING (EXPENSES) INCOME
Income from services rendered
Income from insurance, pension plan and capitalization operations
Personnel expenses
Other administrative expenses
Tax expenses
Equity in subsidiaries and affiliates
Other operating income
Other operating expenses
INCOME FROM OPERATIONS
NONOPERATING (EXPENSES) INCOME
(37,766)
INCOME BEFORE TAXES ON INCOME AND MINORITY INTEREST
1,786,392
INCOME AND SOCIAL CONTRIBUTION TAXES
Provision for income tax
Provision for social contribution tax
Deferred tax credits
INCOME BEFORE MINORITY INTEREST
MINORITY INTEREST
NET INCOME
124
29/9/2005, 10:42
32,966
1,995,301
(88,641)
(25,970)
(14,603)
(48,068)
(254,383)
(137,096)
(63,929)
(53,358)
1,697,751
(32,929)
1,664,822
1,740,918
(35,122)
1,705,797
125
Estados Financieros
Santander Banespa - Pro forma Combined Financial Statements
Statements of Changes in Financial Position for the years ended December
31, 2004 and 2003
SOURCES OF FUNDS
Adjusted net income
Net income
Adjustments to net income:
Equity in subsidiaries
Depreciation and amortization
Goodwill amortization
Provision for (reversal of) losses on other assets
Exchange variation on foreign branches
Capital increase
Change in deferred income
Minority interest
Updating of stock exchange memberships
Investment grants
Monetary restatement
Corporate restructuring
Funds from third parties:
Increase in liabilities
Deposits
Interbank and interbranch accounts
Other liabilities
Decrease in assets
Leasing operations
Other receivables
Other assets
Disposal of permanent assets
Assets not in use
Property in use
Investments
USES OF FUNDS
Interest on capital and proposed dividends
Additions
Assets not in use
Property in use
Investments
Deferred charges
Increase in assets
Lending operations
Leasing operations
Other assets
Decrease in liabilities
Deposits
Other liabilities
INCREASE (DECREASE) IN CASH
REPRESENTED BY:
Cash
Beginning of year
End of year
INCREASE (DECREASE) IN CASH
125
2003
14,250,575
2,112,151
1,664,822
9,083,491
1,953,530
1,705,797
(20,067)
359,535
96,256
11,795
(190)
646,601
268,364
6,413
8,436
787
7,900
14,546
11,185,377
10,633,425
4,620,640
3,225,141
192,994
2,594,650
415,428
396,883
18,545
136,524
89,864
19,936
26,724
14,232,228
1,789,409
209,077
59,591
137,836
11,650
506,703
10,938,896
1,332,017
4,263,993
531,165
4,764,409
47,312
788,143
641,112
49,806
97,225
18,347
(44,960)
275,520
63,098
(46,388)
463
32,196
1,406,877
14,874
44,549
394
9,316
646
(16,811)
5,637,920
3,915,082
1,921,905
552,617
1,440,560
1,380,677
127,531
1,253,146
342,163
156,759
126,969
58,435
9,073,037
1,319,051
323,480
59,633
243,731
20,116
565,847
4,549,057
1,955,116
835,332
120,343
1,613,027
25,239
2,315,602
1,108,327
50,499
553,014
603,762
10,454
871,264
889,611
18,347
2004
29/9/2005, 10:42
860,810
871,264
10,454
126
Estados Financieros
Santander Banespa - Pro Forma Combined Financial Statements
Statements of Changes in Stockholders’ Equity for the years ended
December 31, 2004 and 2003
Capital
BALANCES AS OF DECEMBER 31, 2002
Capital increase/(reduction)
Income tax incentives
Monetary restatement
Net income
Dividends
Legal reserve
Statutory reserve
Capital increase
Unpaid capital
Income tax incentives
Net income
Dividends paid
Legal reserve
Statutory reserve
Proposed dividends
Interest on capital
5,337,688
55,523
(46,511)
5,346,700
44,477
5,391,177
Capital
increase
Tax
incentives
75,602
(20,292)
55,310
623,079
(20,955)
657,434
6,046
(2,312)
9,316
13,050
477
7,900
21,427
126
29/9/2005, 10:42
Capital reserves
Stock
Goodwill
exchange
reserve memberships
3,152
646
3,798
1,603
5,401
286
394
680
787
1,467
R
Estados Financieros
erves
Stock
ange
ships
Revaluation
reserve
286
394
680
787
1,467
2,439
(417)
2,022
(516)
1,506
Adjustment to
market valueProfit reserves securities and
derivative
Legal
Statutory
financial
reserve
reserve instruments
138,460
(3,035)
85,954
221,379
379
90,389
312,147
1,637
11,230
12,867
45,050
57,917
127
(1,333,237)
1,406,877
73,640
268,364
342,004
Retained
earnings
Total
1,764,814
32,427
1,705,796
(1,319,051)
(85,954)
(11,230)
2,086,802
12,603
1,664,822
(1,129,365)
(90,389)
(45,050)
(640,248)
(19,796)
1,839,379
5,996,887
32,196
(16,813)
1,406,877
9,316
394
646
1,705,796
(1,319,051)
7,816,248
667,556
(20,955)
14,546
268,364
787
7,900
1,664,822
(1,129,365)
(640,248)
(19,796)
8,629,859
29/9/2005, 10:42
127
128
Estados Financieros
Santander Banespa
Notes to the Pro forma Combined Financial Statements for the years ended
(Amounts in thousands of Brazilian reais - R$, unless otherwise indicated)
1. Operations
Santander Banespa, which has Banco Santander S.A. as the lead institution of the financial and non-financial group with the Central
Bank of Brazil, controlled by Banco Santander Central Hispano, operates through its financial institutions. Its operations include
commercial, foreign exchange, investment, credit and financing, mortgage loan and leasing portfolios. Through related entities it also
operates in insurance, pension plan and capitalization markets. Transactions are conducted within the context of a group of financial
institutions which operate on an integrated basis in the financial markets.
2. Presentation of Financial Statements
The financial statements of the entities included in the combined financial statements Santander Banespa have been prepared in accordance
with Brazilian corporate law, standards and instructions of the Central Bank of Brazil (BACEN), standards established by the CVM (Brazilian
Securities Commission) and standards established by the SUSEP (Superintendence of Private Insurance), as applicable. In the preparation of
these combined financial statements, not only the ownership control was considered, as established by Brazilian corporate law, but also the
actual operating control characterized by common management in Brazil or operation of the Brazilian market under the same brand.
In the preparation of the pro forma combined financial statements, equity in subsidiaries, significant balances of accounts receivable and
payable, income and expenses arising from transactions among domestic branches, foreign branches and subsidiaries, and unrealized
profits between these entities have been eliminated. Minority interest is recorded in a separate caption in shareholders’ equity and in the
statement of income.
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses for the reporting periods. Since management’s judgment involves making estimates concerning the
likelihood of future events, actual results could differ from those estimates.
3. Entities of Santander Banespa included in the Pro Forma Combined Financial Statements
Entities
Financial sector
Banco do Estado de São Paulo S.A. – BANESPA
Santander Brasil S.A Corretora de Títulos e Valores Mobiliários
Banespa S.A. Corretora de Câmbio e Títulos
Santander Distribuidora de Títulos e Valores Mobiliários Ltda.
Santander Brasil Arrendamento Mercantil S.A.
Santander Banespa Companhia de Arrendamento Mercantil
Insurance sector
Santander Seguros S.A
Santander Capitalização S.A.
Banespa S.A. – Serviços Técnicos, Administrativos e de
Corretagem de Seguros – BANESER
Santander Banespa Seguros S.A.
Other sectors
Santander Banespa Administradora de Consórcios Ltda.
Norchem Participações e Consultoria S.A.
Santander Asset Management Ltda.
Santander Brasil Investimentos e Serviços S.A.
Santander Brasil Participações e Empreendimentos S.A.
Santander Companhia Securitizadora de Créditos Financeiros
Universia Brasil S.A.
Bozano, Simonsen Latin American S.A.
Agropecuária Tapirapé S.A.
128
Adjusted
stockholders’
equity
Total
assets
Net
income
(loss)
Ownership
-%
5,529,670
1,548,740
5,692,201
1,606,819
86,350
43,251
9,931
70,893
418,171
7,510,187
35,670,867
35,227,022
4,564,577
159,542
265,803
15,912
281,753
508,412
1,716,897
88,394
1,750,171
(41,109)
13,359
121,736
634
21,553
75,771
99,99
96,03
98,18
96,91
100,00
99,99
99,99
99,99
99,99
248,334
47,940
2,652,224
453,422
62,666
34,166
98,98
99,99
75,479
8,264
283,655
24,594
110,820
1,396
99,99
99,98
3,201
27,891
68,542
78,969
205,703
182,740
4,732
125
5,330
3,270
97,453
97,325
97,126
210,300
183,398
5,371
125
5,249
201
3,629
22,855
5,440
7,801
27,572
(5,940)
(1)
293
99,99
49,99
99,99
100,00
100,00
99,99
99,99
100,00
99,06
29/9/2005, 10:42
Estados Financieros
4. Significant Accounting Practices
a) Results of operations
Determined on the accrual basis of accounting.
For insurance companies, insurance premiums recorded upon issuance of the related policies/invoices are recognized as premiums
written. The respective revenue is deferred on a daily “pro rata” basis over the insurance policy/invoice period, through the recording
of an unearned premium reserve, calculated based on the net retention of premiums written. Commissions and other acquisition costs
are also deferred over the policy/invoice period. Revenues from social security contributions and capitalization certificates are recorded
in income upon receipt.
b) Current and long-term assets and liabilities
Stated at their realizable or settlement amounts, respectively, and include income, charges and monetary or exchange variations
earned or incurred to the balance sheet date, determined on a daily “pro rata” basis. When applicable, allowances for valuation are
recorded to reflect market or realizable values. The allowance for loan losses is based on analyses of outstanding lending operations
(past due and current), past experience, future expectations, and specific portfolio risks, as well as on the risk assessment policy of the
Bank’s management for recognition of allowances, including requirements under BACEN standards and instructions.
Receivables and payables due within 12 months are recorded in current assets and liabilities, respectively, except for trading securities
which are totally classified in current assets, in conformity with BACEN Circular No. 3,068/01.
Securities
Securities are presented in accordance with the following recognition and accounting valuation criteria:
I. Trading securities.
II. Securities available for sale.
III. Held to maturity.
The “Trading securities” category includes securities acquired for the purpose of being actively and frequently traded. The “Securities
available for sale” category includes those which cannot be classified in categories I and III. The “Held to maturity” category includes
those which the Bank intends to maintain in its portfolio to maturity. Securities classified in categories I and II are stated at cost plus
income earned to the balance sheet date, calculated on a daily “pro rata” basis, and adjusted to market value, reflecting the increase
or decrease arising from this adjustment in:
(1) the related income or expense account, in income for the period, when related to securities classified in the “Trading securities”
category, net of tax effects;
(2) separate caption in stockholders’ equity when related to securities classified in the “Securities available for sale” category,
net of tax effects.
Securities classified in the “Held to maturity” category are stated at cost, plus income earned to the balance sheet date, calculated on
a daily “pro rata” basis, and recorded in income for the period; provisions for losses are recognized whenever there are permanent
losses on the realizable value of these securities.
Derivative instruments considered as hedge transactions may be classified as:
I. Market risk hedge.
II. Cash flow hedge.
129
29/9/2005, 10:42
129
130
Estados Financieros
Santander Banespa
Derivative financial instruments for hedge transactions and the respective items subject to hedge are adjusted to market value,
considering the following:
(1) for those classified in category I, the increase or decrease is recorded in income or expense for the period, net of tax effects;
(2) for those classified in category II, the increase or decrease is recorded in a separate caption in stockholders’ equity, net of tax effects.
c) Permanent assets
Stated at cost and include:
c.1. Investments
Adjustments to investments in subsidiaries are determined under the equity method of accounting and recorded as equity in
subsidiaries. Other investments are stated at cost, reduced to market value, when applicable.
c.2. Property and equipment
Depreciation of property and equipment is determined under the straight-line method at the following annual rates: buildings
- 4%, installations, furniture, equipment in use, communication and security systems - 10%, and data processing systems and
vehicles - 20%.
c.3. Deferred charges
Costs classified under deferred charges are amortized over a maximum period of 5 years when applicable to the acquisition and
development of software, and 10 years for other costs, considering the benefit period of the expense and the terms of rental contracts.
Goodwill on acquisition of investment is being amortized over a period of 10 years, based on the expectation of future income.
d) Income and social contribution taxes
Income tax is calculated at the rate of 15% plus a 10% surcharge; social contribution tax is calculated at the rate of 9%, after
adjustments determined by tax legislation. Deferred tax assets and liabilities are computed basically on certain temporary differences
between book and taxable income, on tax losses, and adjustments to market value of securities and derivative financial instruments.
As provided for by BACEN Circular No. 3,171 of December 31, 2002, CVM Resolution No. 273, of August 20, 1998, and CVM
Instruction No. 371, of June 27, 2002, the Bank’s expected realization of tax credits, as shown in note 11, is based on the projection
of future results and is supported by a technical study.
e) Technical reserves related to insurance, pension plan and capitalization activities
e.1. Insurance
I. Unearned premium reserve
The unerned premium reserve is recorded as established by CNSP Resolution No. 89/2002, related to the risk coverage period,
calculated on a daily “pro rata” basis over the individual unelapsed period of the policies or invoices, for all significant insurance lines
in effect in the month of recording, or related to them, except for the lines excluded by SUSEP.
II. Mathematical reserves and benefits
Represent the amount of the obligations assumed in the form of annuity and lump sum plans, determined by means of actuarial
calculations based on the capitalization system.
130
29/9/2005, 10:42
131
Estados Financieros
III. Reserve for unsettled claims
The reserve for unsettled claims is calculated on an estimated basis, considering the notices of claims received according to the
company’s experience for each insurance line, net of recoveries of ceded coinsurance and reinsurance.
IV. Reserve for claims incurred but not reported - IBNR reserve
The reserve for claims incurred but not reported was calculated according to SUSEP (Superintence of Private Insurance) Circular
No. 242/2004. The reserve for DPVAT (mandatory insurance) agreement, included in the balance of reserve for claims incurred but not
reported, is recorded based on information provided by the management of the DPVAT agreement of the FENASEG (Brazilian Federation
of Insurance and Capitalization Companies).
e.2. Capitalization
The technical reserves for capitalization operations are determined by a percentage applied to the amounts received from underwriters,
as established in the technical actuarial note of each product and in the general conditions of each proposal, adjusted monthly by the
basic prime rate applied to savings deposits and capitalized at the rate of 0.5% per month, and may be redeemed under the conditions
described in the respective capitalization certificate. Monetary restatement and interest on the technical reserves are recorded as
monetary expenses.
5. Interbank Investments
Money market investments
Own portfolio
Treasury bills
National Treasury notes
Central Bank notes
Securities issued abroad by the Brazilian government - Brady bonds
Third-party portfolio
Treasury bills
National Treasury bills
Central Bank notes
Sold position
National Treasury notes
Interbank deposits
Foreign-currency investments
131
Up to
3 months
From 3 to
12 months
4,748,177
260,648
93,888
166,760
3,271,235
573
3,175,970
94,692
1,216,294
1,216,294
80,087
2,115,599
6,943,863
333,822
333,822
Over
12 months
29/9/2005, 10:42
106,883
(200)
106,683
2004
4,748,177
260,648
93,888
166,760
3,271,235
573
3,175,970
94,692
1,216,294
1,216,294
520,792
2,115,599
(200)
7,384,368
2003
5,139,907
372,787
94,413
8,800
34,735
234,838
4,767,121
2,275,257
1,926,359
565,505
839,987
72,657
(200)
6,052,351
132
Estados Financieros
Santander Banespa
6. Securities
Adjustment to
Cost market value
Categories
Government Securities
National Treasury bonds
Brady bonds
Treasury certificates
Securitized credit
Treasury bills
Central Bank notes
National Treasury notes NTN A
National Treasury notes NTN C
National Treasury notes NTN D
National Treasury notes NTN F
National Treasury notes NTN P
Samurai bonds
Agricultural debt securities
Private Securities
Shares
Rural product notes
Bank deposit certificates
Investment fund quotas
Investment fund quotas for guarantee of
PGBL benefit plans
Investment fund quotas for guarantee of
VGBL benefit plans
Debentures
Eurobonds
Real estate bonds
Mortgage notes
Certificate of real estate receivables - CRI
Other
Total
Derivatives (Assets)
Call option premiums
Swap differential receivable
Forward purchases receivable
Total
Derivatives (Liabilities)
Put option premiums
Swap differential payable
Forward purchases payable
132
20,591,116
8,318
85,399
1,587,629
78,116
4,640,866
961,657
3,358,913
175,543
8,090,648
554,568
1,030,029
74
19,176
180
4,795,349
1,068,070
297,207
52,453
635,500
1,300,259
741,200
260,752
258,199
73,813
56,760
51,136
25,386,465
796,778
19,258
777,514
6
26,183,243
(196,501)
(45,743)
(148,743)
(2,015)
477,406
2,306
(2,799)
32,721
(8,996)
(3,847)
798
108,166
10,862
271,597
57,343
9,420
(31)
(143)
9
333,008
324,956
338
-
5,755
1,959
810,414
(59,335)
(11,732)
(47,603)
751,079
14,173
(2,372)
16,545
-
Effect of adjustment
to market value on:
Income
Equity
5,863
(2,799)
447
167
9,505
(3,318)
1,861
213,894
212,258
-
471,543
2,306
32,721
(8,996)
(4,294)
631
98,661
10,862
274,915
55,482
9,420
(31)
(143)
9
119,114
112,698
338
-
(323)
1,959
219,757
(59,334)
(11,731)
(47,603)
160,423
29,676
(2,372)
32,048
-
6,078
590,657
590,657
(15,503)
(15,503)
-
29/9/2005, 10:42
2004
2003
Book
value
Book
value
21,068,522
10,624
82,600
1,620,350
69,120
4,637,019
962,455
3,467,079
186,405
8,362,245
611,911
1,039,449
43
19,033
189
5,128,357
1,393,026
297,545
52,453
635,500
17,057,823
13,983
39,508
1,784,178
207,428
2,216,184
1,362,817
4,189,699
6,500,020
725,106
46
18,651
203
4,861,768
1,140,771
53,120
1,536,484
1,300,259
750,099
741,200
266,507
260,158
73,813
56,760
51,136
26,196,879
737,443
7,526
729,911
6
26,934,322
(182,328)
(48,115)
(132,198)
(2,015)
297,104
466,829
154,433
67,003
321,851
74,074
21,919,591
750,738
58,774
690,616
1,348
22,670,329
(279,553)
(73,284)
(197,133)
(9,136)
133
Estados Financieros
Composition by maturity
Brady bonds
Securitized credit
Treasury bills
Central Bank notes
National Treasury notes NTN A
National Treasury notes NTN F
National Treasury notes NTN P
Samurai bonds
Private Securities
Shares
Rural product notes
Investment fund quotas for guarantee of PGBL benefit plans
Investment fund quotas for guarantee of VGBL benefit plans
Debentures
Eurobonds
Real estate bonds
Mortgage notes
Certificate of real estate receivables - CRI
Total
Categories
Trading securities
Securities available for sale
Held to maturity
Total
133
Without
maturity
Up to
3 months
From 3 to
12 months
Over
12 months
Total
4,069,985
1,393,026
635,500
1,300,259
741,200
4,069,985
1,647,217
1,531
134,811
1,077,761
339,420
93,467
227
113,120
81,676
31,444
1,760,337
6,829,397
1,467
348,787
2,636
3,320,769
393,513
1,879,884
882,329
12
257,602
215,869
15,632
627
25,474
7,086,999
12,591,908
7,626
82,600
1,136,752
66,484
238,489
229,522
1,587,195
186,405
7,479,916
518,444
1,039,449
43
18,806
177
687,650
21,009
250,875
259,531
48,339
56,760
51,136
13,279,558
21,068,522
10,624
82,600
1,620,350
69,120
4,637,019
962,455
3,467,079
186,405
8,362,245
611,911
1,039,449
43
19,033
189
5,128,357
1,393,026
297,545
52,453
635,500
1,300,259
741,200
266,507
260,158
73,813
56,760
51,136
26,196,879
2004
2003
Book
value
Book
value
8,351,312
12,293,865
5,551,702
26,196,879
5,094,207
10,524,999
6,300,385
21,919,591
Cost
Adjustment to
market value
8,131,555
11,703,208
5,551,702
25,386,465
219,757
590,657
810,414
Effect ofadjustment
to market value on:
Income
Equity
219,757
219,757
29/9/2005, 10:42
590,657
590,657
134
Estados Financieros
Santander Banespa
Adjustment to
market value
Cost
Income
Trading securities
Brady bonds
Treasury bills
Central Bank notes
Private Securities
Shares
Investment fund quotas for
guarantee of PGBL benefit plans
Investment fund quotas for
guarantee of VGBL benefit plans
Debentures
Eurobonds
Total
Securities available for sale
Treasury certificates (3)
Securitized credit
Treasury bills
Central Bank notes
National Treasury notes NTN
Samurai Bonds
Private Securities
Shares (2)
Rural product notes
Debentures
Real estate bonds
Mortgage notes
Certificate of real estate
receivables - CRI
Total
A
C
D
F
P
Held to maturity (1)
National Treasury notes NTN C (4)
Private Securities
Total
134
Book
value
Without
maturity
Up to
3 months
From 3 to
12 months
Over
12 months
4,883,531
82,600
2,739,631
740,572
707,280
582,520
30,928
3,467,781
504,564
635,500
3,181,523
504,564
635,500
289,796
29,144
260,652
-
3,557,260
2,539,754
391,596
193,644
432,266
627
-
1,036,475
82,600
170,733
88,324
513,636
150,254
30,928
285,631
-
1,300,259
1,300,259
-
-
-
(323)
1,959
219,757
741,200
26,100
260,158
8,351,312
741,200
3,181,523
289,796
627
3,557,887
26,100
259,531
1,322,106
Adjustment
to market
Cost value equity
Book
value
Without
maturity
Up to
3 months
From 3 to
12 months
Over
12 months
4,877,668
85,399
2,739,184
740,405
697,775
585,838
29,067
3,253,887
292,306
635,500
1,300,259
741,200
26,423
258,199
8,131,555
5,863
(2,799)
447
167
9,505
(3,318)
1,861
213,894
212,258
-
-
10,214,199
8,318
764,622
78,116
1,901,682
221,252
2,661,138
175,543
2,828,568
525,501
1,030,029
74
19,176
180
1,489,009
775,764
297,207
234,329
73,813
56,760
471,543
2,306
32,721
(8,996)
(4,294)
631
98,661
10,862
274,915
55,482
9,420
(31)
(143)
9
119,114
112,698
338
6,078
-
10,685,742
10,624
797,343
69,120
1,897,388
221,883
2,759,799
186,405
3,103,483
580,983
1,039,449
43
19,033
189
1,608,123
888,462
297,545
240,407
73,813
56,760
888,462
888,462
-
1,352,463
1,531
129,853
1,048,617
78,768
93,467
227
81,677
81,677
-
3,113,275
1,467
189,925
2,636
781,015
1,917
1,686,240
450,063
12
256,974
215,868
15,632
25,474
-
6,220,004
7,626
477,565
66,484
67,756
141,198
1,073,559
186,405
2,653,420
487,516
1,039,449
43
18,806
177
381,010
224,775
48,339
56,760
51,136
11,703,208
590,657
51,136
12,293,865
888,462
1,434,140
3,370,249
51,136
6,601,014
Cost
Up to
3 months
From 3 to
12 months
Over
12 months
5,499,249
823,007
4,676,242
52,453
52,453
5,551,702
4,958
4,958
31,444
31,444
36,402
158,862
158,862
158,862
5,335,429
659,187
4,676,242
21,009
21,009
5,356,438
29/9/2005, 10:42
135
Estados Financieros
(1)The market value of Held to Maturity securities as of December 31, 2004 is R$6,560,474. Due to a new evaluation as to the
classification of securities, the amount of R$1,424,142 (cost) referring to National Treasury notes - NTN C was transferred from
the category “Held to Maturity” to the category “Available for Sale”, and unrealized gains in the amount of R$281,522 were
recognized in a separate caption of stockholders’ equity.
In accordance with BACEN Circular No. 3,068, article 8, of November 8, 2001, Santander Banespa declares to have financial capacity
and intention to hold to maturity the securities classified in the held to maturity category.
(2)Refers principally to shares of CESP - Cia. Energética de São Paulo - R$223,044 (2003 - R$253,779) and AES Tietê S.A. R$657,622 (2003 - R$265,592).
(3)The treasury certificates are held in custody of the Clearinghouse for the Custody and Financial Settlement of Securities (CETIP) and
are restated based on the domestic general price index (IGP-DI) plus interest of 12% per year.
(4)Restated based on the general market price index (IGP-M) plus interest of 12% per year, paid semiannually, maturing to January 1, 2031.
The market value of securities is computed based on the average quotation on organized markets and their estimated cash
flows, discounted to present value using the applicable interest rate curves which are considered representative of the market
conditions at the balance sheet date.
The principal interest rate curves are obtained from futures and swap contracts traded on the Commodities and Futures Exchange
(BM&F). Adjustments to these curves are made whenever certain points are considered illiquid or when due to unusual reasons they
do not fairly represent market conditions.
7. Interbank Accounts
Composed of “Payments and receipts pending settlement”, represented basically by checks and other documents sent to clearinghouses
(assets and liabilities) and by restricted deposits with BACEN to cover compulsory obligations for demand deposits, savings deposits,
time deposits and foreign exchange transactions.
8. Credit Portfolio and Allowance for Losses
a) Composition of credit portfolio
Lending operations
Loans and discounted receivables
Financing
Rural, agricultural and industrial financing
Real estate financing
Securities financing
Infrastructure and development financing
Leasing operations
Advances on foreign exchange contracts (1)
Other receivables (2)
2004
2003
21,592,727
18,713,268
8,768,469
7,041,009
2,017,666
841,723
5,991
38,410
443,872
1,438,028
997,559
16,601,730
14,026,309
6,480,880
5,168,586
1,586,177
725,281
19,856
45,529
402,479
1,322,032
850,910
(1) Classified as a reduction of “Other liabilities”;
(2) Include receivables for guarantees honored, debtors for purchase of assets, notes and credits receivable, and income receivable from advances
on foreign exchange contracts.
135
29/9/2005, 10:42
136
Estados Financieros
Santander Banespa
b) Composition by business sector
Private sector
Industrial
Commercial
Financial institutions
Services and other
Individuals
Housing
Rural
Public sector
Federal
State
Municipal
c) Changes in allowance for loan losses
Balances as of January 1
Allowances recognized
Transfer due to merger
Write-offs
Exchange variations/Other changes
Balances as of December 31
Recoveries (1)
2004
2003
21,592,727
21,405,005
5,976,701
2,718,700
6,811
3,102,782
6,732,071
842,847
2,025,093
187,722
58,495
129,227
16,601,730
16,337,406
3,989,545
1,671,089
355,364
3,072,787
4,963,525
725,695
1,559,401
264,324
72,127
1
192,196
2004
2003
1,008,769
475,140
(567,008)
(993)
915,908
312,224
1,036,536
638,296
(25,376)
(640,967)
280
1,008,769
403,296
(1)Recoveries are recorded in Income from Lending and Leasing Operations.
d) Classification of credit portfolio by risk level and respective allowance for loan losses (CMN Resolution No. 2682/99)
Minimum
allowance
required -%
Risk level
AA
A
B
C
D
E
F
G
H
Total
Additional allowance
Allowance
0,5%
1%
3%
10%
30%
50%
70%
100%
136
Current
Past due
Balance
2004
Total
10,205,228
9,105,328
466,865
98,626
191,204
26,778
13,006
39,970
191,818
20,338,823
246,348
169,805
158,805
70,689
71,710
43,928
492,619
1,253,904
10,205,228
9,105,328
713,213
268,431
350,009
97,467
84,716
83,898
684,437
21,592,727
Allowance required
2003
Total
7,615,711
6,693,792
638,027
278,567
309,961
116,517
67,757
74,399
806,999
16,601,730
29/9/2005, 10:42
2004
2003
45,526
7,132
8,052
35,001
29,240
42,358
58,728
684,437
910,474
5,434
915,908
33,469
6,380
8,357
30,996
34,955
33,879
52,079
806,999
1,007,114
1,655
1,008,769
137
Estados Financieros
9. Foreign Exchange Portfolio
Assets
Exchange purchased pending settlement
Rights to foreign exchange sold
Advances in local currency
Term bills in foreign currency
Income receivable from advances
Income receivable from import financing
Liabilities
Exchange sold pending settlement
Foreign exchange purchased
Import financing
Liabilities for sales made
Advances on foreign exchange contracts
Payables in foreign currencies
Income receivable from advances
Memorandum accounts
Open import credits
Confirmed export credits
2004
2,565,161
1,828,890
792,855
(80,728)
7,179
16,965
1,271,235
768,298
1,937,545
(229)
1,353
(1,438,028)
2,237
59
2003
3,297,116
2,278,325
1,027,313
(37,861)
2,886
26,091
362
1,984,640
1,026,523
2,289,863
1,329
(1,336,472)
3,397
-
159,022
1,243
155,001
35,599
2004
486,625
223,772
20,129
76,606
165,423
695
439,689
24,087
3,198
64,947
155,268
192,189
-
2003
738,107
503,825
6,504
54,864
172,429
485
585,838
13,552
2,486
51,185
124,267
394,244
104
2004
6,605,399
3,381,127
237,656
21,973
7,871
69,577
147,316
1,682,049
804,308
719,048
158,693
78,046
134,785
775,260
11,475
58,264
2003
6,068,423
3,263,512
381,933
21,871
26,111
62,921
165,491
1,377,638
762,059
490,720
124,859
33,168
35,870
606,289
7,776
85,843
10. Trading Account
Assets
Stock exchanges - escrow deposits
Clearinghouse transactions
Debtors pending settlement (1)
Transactions pending settlement
Other
Liabilities
Clearinghouse transactions
Commissions and brokerage fees payable
Creditors pending settlement (1)
Transactions pending settlement
Creditors for loan of shares
Other
(1) Receivables/payables arising from the sale/purchase of financial assets
11. Other Receivables
Other Receivables - Other
Tax credits (1)
Recoverable income and social contribution taxes
Salary advances/other
Sundry advances/Other
Receivables from export contracts
Debtors for purchase of assets
Escrow deposits for:
Tax appeals
Labor claim appeals
Other
Tax incentive options
Reimbursable payments
Notes and credits receivable
Other foreign debtors
Other local debtors
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138
Estados Financieros
Santander Banespa
Detailed information on tax credits:
I. Nature and origin of recorded tax credits
Nature and origin of deferred tax credits
Reserve for civil contingencies
Reserve for tax contingencies
Reserve for labor contingencies
Reserve for maintenance of stockholders’ equity
Adjustment to market value of trading securities and derivative financial instruments
Accrual for supplementary pension plan
Other temporary differences
Total tax credits on temporary differences
Tax loss carryforwards
Social contribution tax - Executive Act No. 2158-35 (08/24/2001)
Subtotal tax credits
Insufficient depreciation of leased assets
Adjustment to market value of securities available for sale and derivative financial
instruments classified as hedge
Total tax credits
Deferred tax credits not recorded
Tax credits, net
Balance as of
12.31.2003
Recognition
649,664
177,398
385,696
525,513
1,756,803
132,935
859,465
247,561
4,735,035
256,624
796,216
5,787,875
-
74,077
20,530
53,376
5,770
35
48,780
59,059
261,627
107,456
369,083
126
(138,554)
(47,299)
(31,979)
(55,741)
(514,211)
(78,476)
(69,432)
(935,692)
(968)
(12,916)
(949,576)
-
585,187
150,629
407,093
475,542
1,242,592
54,494
908,245
237,188
4,060,970
363,112
783,300
5,207,382
126
163,817
5,951,692
(2,688,180)
3,263,512
19,390
388,599
(38,236)
350,363
(949,576)
716,828
(232,748)
183,207
5,390,715
(2,009,588)
3,381,127
Realization
Balance as of
12.31.2004
Tax credits are recorded in accordance with standards of the Central Bank of Brazil and adjusted according to their expected realization
and present value, as follows:
II. Expected realization of recorded tax credits
Temporary
differences
IRPJ
Year
2005
2006
2007
2008
2009
2010 to 2012
2013 to 2014
2015 to 2017
2018 to 2019
After 2019
Total
IRPJ - Corporate income tax
Temporary
differences
Tax loss
CSLL carryforwards
730,482
626,954
369,552
367,615
145,122
129,707
120,256
80,171
601,279
3,171,138
CSLL - Social contribution tax
252,345
211,486
122,102
121,627
45,654
30,078
15,981
10,654
79,905
889,832
42,500
30,673
29,161
25,448
42,467
127,061
63,941
1,025
557
279
363,112
CSLL 18%
Total
Recorded
20,545
7,264
43,145
23,480
40,375
173,303
134,842
247,254
93,092
783,300
1,045,872
876,377
563,960
538,170
273,618
460,149
198,783
384,516
184,474
681,463
5,207,382
415,732
372,090
242,358
323,451
201,532
303,280
142,757
383,491
183,917
629,186
3,197,794
Due to differences between accounting, tax and corporate criteria, expected realization of tax credits should not be taken as indicative
of future net income.
The expected realization does not consider the tax credit of the adjustment to market value of securities available for sale and
insufficient depreciation of leased assets.
III. Present value of deferred tax credits
The present value of total tax credits is R$3,545,077 (2003 - R$3,925,505) and the present value of recorded tax credits is R$1,941,241
(2003 - R$1,877,172). The present value was calculated taking into account the expected realization of temporary differences, tax loss
carryforwards, and social contribution tax at the rate of 18% (Executive Act No. 2,158/01) and the average funding rate projected for the
corresponding periods.
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Estados Financieros
IV. Nature and origin of deferred tax liabilities
Adjustment to market value of trading securities and derivative financial instruments
Adjustment to market value of securities available for sale and derivative financial
instruments classified as hedge
Deferred income and social contribution taxes
Excess depreciation of leased assets
Total
Balance as of
12.31.2003
Recognition
Realization
Balance as of
12.31.2004
149,651
65,016
(93,518)
121,149
141,005
17,245
14,817
322,718
316,783
381,799
(59,085)
(17,245)
(12,349)
(182,197)
398,703
2,468
522,320
12. Other Assets
Refers principally to assets not in use, composed of real estate and vehicles received in settlement of liabilities in the amount of
R$70,747 (2003 - R$80,452), net of allowance for valuation, and prepaid expenses in the amount of R$145,086 (2003 - R$162,885).
Temporary investments refers to the equity investment in Bozano, Simonsen Centros Comerciais S.A. carried at cost, in the
amount of R$274,748 (2003 - R$274,748), transferred from permanent assets - investments, due to a contractual commitment
for realization at cost.
13. Deferred Charges
Cost Amortization
Goodwill
Leasehold improvements
Acquisition and development of software
Other deferred charges
Total
505,434
335,928
1,170,302
70,760
2,082,424
(288,666)
(102,531)
(344,546)
(16,022)
(751,765)
2004
Net
2003
Net
216,768
233,397
825,756
54,738
1,330,659
267,291
188,318
641,565
46,639
1,143,813
For Banco Santander Brasil S.A., the goodwill on investment acquisition, net of amortization, totaled R$162,975 (2003 - R$252,043),
and the amount of R$89,068 related to amortization (2003 - R$60,011) was recorded as expenses. For Banco Santander Meridional
S.A. and Banco do Estado de São Paulo S.A., the goodwill related to the merger and the reserve for maintenance of the merging
company’s stockholders’ equity amounted to R$558,505 and R$3,096,179 (2003 - R$643,960 and R$4,523,109), respectively,
and the amounts of R$85,455 and R$1,426,930 (2003 - R$85,445 and R$895,943), respectively, were recorded in the income of
Banco Santander Meridional S.A. and Banco do Estado de São Paulo S.A.
14. Funding and Borrowings and Onlendings
Deposits
Total
139
2004
2003
Without
maturity
Up to
3 months
From 3 to
12 months
Over
12 months
Total
Total
9,619,529
9,619,529
4,917,250
10,733,377
12
1,440,303
17,090,942
4,749,252
1,049
1,465,578
2,581,315
8,797,194
3,383,874
215,085
269,946
3,925,054
7,793,959
22,669,905
10,949,511
1,735,536
7,946,672
43,301,624
18,049,265
7,724,370
2,376,648
7,996,478
36,146,761
29/9/2005, 10:42
140
Estados Financieros
Santander Banespa
a) Deposits
Demand deposits
Savings deposits
Interbank deposits
Time deposits
Other deposits
Total
b) Money market funding
Own portfolio
Third parties
Total
2004
2003
Without
maturity
Up to
3 months
From 3 to
12 months
Over
12 months
Total
Total
3,973,168
4,630,594
992,585
23,182
9,619,529
89,195
4,828,055
4,917,250
807
4,748,445
4,749,252
3,383,874
3,383,874
3,973,168
4,630,594
90,002
13,952,959
23,182
22,669,905
3,675,794
4,194,538
10,561
10,168,372
18,049,265
2004
2003
Up to
3 months
From 3 to
12 months
Over
12 months
Total
Total
6,450,497
3,278,084
1,004,796
10,733,377
1,049
1,049
215,085
215,085
6,451,546
3,278,084
1,219,881
10,949,511
2,402,815
5,321,555
7,724,370
c) Securities issued abroad
Represented by funds obtained from the placement of securities (Eurobonds) abroad, for local investment in the amount of R$1,721,144
(2003 - R$2,191,946), with maturities through 2006 and subject to financial charges ranging from 2.67% to 9.12% per year (2003
- maturities through 2005 and financial charges from 5.25 % to 10.73% per year), and certificates of deposits, for local investment,
in the amount of R$14,392 (2003 - R$184,702) with maturities through October 2005 and subject to financial charges of 2.67% per
year (2003 - maturities through 2004 and financial charges from 1.63% to 7.25% per year).
d) Borrowings and onlendings
Foreign borrowings
Domestic onlendings
Total
2004
2003
Up to
3 months
From 3 to
12 months
Over
12 months
Total
Total
1,055,900
384,403
1,440,303
1,754,000
827,315
2,581,315
2,686,716
1,238,338
3,925,054
5,496,616
2,450,056
7,946,672
6,373,837
1,622,641
7,996,478
2004
2003
5,496,616
1,225,124
1,102,992
156,670
65,300
2,946,530
6,373,837
1,190,690
1,543,184
110,934
161,393
3,367,636
Foreign borrowings
Export
Import
Other credit lines
Other liabilities - floating rates
Foreign loans
Foreign borrowings are represented by funds obtained from foreign banks for application in foreign exchange operations for the
purchase and sale of foreign currencies, related to the discount of export invoices, prefinancing of exports and imports, and other
loans, maturing up to 2017 (2003 - maturing up to 2007) and subject to financial charges, equivalent to exchange variation plus
interest ranging from 1.00 % to 10.01% per year (2003 - 1.00% to 9.70% per year).
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Estados Financieros
15. Other Liabilities
Taxes and social security liabilities comprise taxes payable and amounts being challenged in the courts.
Reserves for tax, civil and labor contingencies are determined based on an analysis of each pending issue and on the opinion of legal
counsel and specialized technical advisors; the reserves are considered sufficient to cover possible losses arising from judicial decisions.
a) Taxes and social security
Taxes payable
Accrued taxes on income
Reserve for tax contingencies (1)
Deferred income tax
b) Other Liabilities - Reserves for insurance, pension and capitalization operations
Unearned premium
Unexpired risks
Risk fluctuation
Unvested benefits
Vested benefits
Unsettled claims
Social security contributions
Insurance
Retrocession
Capitalization certificates
c) Other liabilities - other
Cashiers’ checks
Creditors for unreleased funds
Liability assumption agreements
Sale of right to receipt of future flow of payment orders from abroad (2)
Payables for acquisition of assets and rights
Liabilities under government agreements
Payables for collection of services rendered
Accruals (vacation and other)
Reserve for other contingent liabilities (3)
Reserve for labor contingencies (4)
FGTS for amortization
Credit cards
Other foreign creditors
Other local creditors
2004
2003
2,569,498
163,006
18,338
1,865,834
522,320
2,334,710
209,419
38,131
1,764,442
322,718
2004
2003
2,656,096
34,101
1,125
6,917
2,171,316
2,274
28,843
2,456
39,346
2,183
367,535
1,466,337
12,311
416
531
1,155,427
907
29,678
1,801
28,747
389
236,130
2004
2003
4,609,718
6,821
19,827
2,321
1,067,992
194,221
2,950
1,798
473,707
485,982
1,434,330
8,337
634,867
1,155
275,410
3,424,377
4,840
16,039
16,679
182,943
34,874
4,634
400,658
585,724
1,583,325
3,382
177,153
32
414,094
(1) Refers mainly to the deductibility of social contribution tax in the corporate income tax basis, difference in the social contribution tax rate, and
questioning of the tax impacts of the economic plan (“Summer Plan”).
(2) Liability for sale of right to receipt of future flow of payment orders receivable from foreign correspondent banks, in the amount of US$402
million, with charges equivalent to 5.5% p.a., payable semiannually starting March 2005. Principal will be paid in 9 semiannual installments from
September 2007 to September 2011.
(3) Refer basically to civil contingencies. Most lawsuits in which the Bank is a defendant refer to the review of contracts involving bank transactions
and indemnities for property damages and pain and suffering.
(4) The most recurring claims refer to overtime and the respective effects, and differences in supplementary pension benefits.
141
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142
Estados Financieros
Santander Banespa
16. Stockholders’ Equity
Capital is represented mainly by registed shares without par value, stated as follows by the main financial institutions:
Common
Shares in thousands
Preferred
Total
Brazilian residents
Foreign residents
Total
54,575
1,789,120
1,843,695
106,278
1,478,827
1,585,105
Common
Shares in thousands
Preferred
Total
Brazilian residents
Foreign residents
Total
81,389
2,397,243
2,478,632
81,389
2,397,243
2,478,632
Common
Shares in thousands
Preferred
Total
Brazilian residents
Foreign residents
Total
17,112,821
17,112,821
Banco do Estado de São Paulo S.A.
Brazilian residents
Foreign residents
Total
Common
19,372,698
1,223
19,373,921
483,277
9,271,289
9,754,566
160,853
3,267,947
3,428,800
162,778
4,794,486
4,957,264
483,277
26,384,110
26,867,387
Shares in thousands
Preferred
Total
19,373,220
701
19,373,921
38,745,918
1,924
38,747,842
Dividends
The Annual Stockholdes’ Meeting held on March 31, 2004 approved the payment, by Santander Seguros, of dividends from the
retained earnings account, in the amount of R$30,000 (R$0.13 per share ), and also opted, as provided for in article 9 of Law
No. 9249/95, for the recording of interest on capital, in the amount of R$19,796 (R$0.08 per share) attributable to minimum
dividends, using the TJLP (long-term interest rate), calculated on stockholders’ equity, which resulted in a total payment of R$49,463
for the parent company.
As of December 31, 2004, Banco Santander Brasil S.A. paid mandatory minimum dividends of R$20,994, which resulted in a total
payment of R$20,493.
The Extraordinary Stockholders’ Meeting held on April 30, 2004 approved the payment of additional dividends, by Banco Santander
S.A., from the retained earnings balance as of December 31, 2003, in the amount of R$400,000, corresponding to R$80.69
(in Brazilian reais) per thousand shares.
As approved in the Directors’ Meetings held on October 15, 2004 and December 14, 2004, Banco Santander S.A. paid interim
dividends in the amounts of R$150,000 and R$586,961, respectively, based on the income stated in the balance sheet as of June 30,
2004. These dividends will be attributable to the mandatory minimum dividend for 2004, corresponding to R$30.26 and R$118.40
(in Brazilian reais) per thousand shares, respectively.
The Directors’ Meeting held on December 30, 2004 approved the payment, by Banco Santander S.A., of interim dividends in the
amount of R$640,000, based on the income stated in the balance sheet as of November 30, 2004 prepared specifically for this
purpose. These dividends will be attributable to the mandatory minimum dividend for 2004, corresponding to R$129.10 (in Brazilian
reais) per thousand shares, resulting in a total payment of R$1,719,453.
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143
Estados Financieros
17. Operating Ratios
a) Basel Agreement (Operating Limit)
Brazilian financial institutions are required to maintain stockholders’ equity commensurate with their asset exposure risk, weighted
by factors varying from 0 to 300%, and an equity-weighted asset ratio of at least 11%, in accordance with CMN Resolution No. 2,099/94
and supplementary instructions. This ratio is determined on a consolidated basis. As of December 31, 2004, Santander Banespa in
Brazil, represented by Banco Santander S.A. as the lead institution, is in compliance with the aforementioned limit, with an
equity-weighted asset ratio of 16.96 % (2003 - 18.08%).
Operating assets (1)
2004
2003
Risk-weighted assets
Reduced risk: 20%
Reduced risk: 50%
Normal risk: 100%
Risk: 300%
Total risk-weighted assets
Basel Agreement rate
516,460
1,903,931
30,369,117
9,013,834
41,803,342
11,00%
4,598,368
175,719
219,287
296,489
5,289,863
8,157,334
2,867,471
16,96
Credit risk - swaps
Foreign exchange risk
Fixed interest rate risk
Required stockholders’ equity
Adjusted stockholders’ equity
Margin
Ratio
112,297
2,749,897
23,701,751
9,599,765
36,163,710
11,00%
3,978,008
101,171
264,675
338,688
4,682,542
7,695,466
3,012,924
18,08
(1)Index calculated based on the consolidated financial statements of the financial institutions.
b) Fixed Assets to Equity Ratio
Brazilian financial institutions are required to maintain stockholders’ equity commensurate with their investments in permanent
assets. The fixed assets to equity ratio cannot exceed 50% of stockholders’ equity, adjusted pursuant to prevailing regulations.
As of December 31, 2004, Santander Banespa in Brazil is in compliance with the aforementioned ratio, with a fixed assets to equity
ratio of 28.78% (2003 - 29.23%).
18. Related-Party Transactions
Transactions among the entities of Santander Banespa are carried out under usual market rates and terms, comparable to those
applied in transactions with unrelated parties.
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144
Estados Financieros
Santander Banespa
The principal transactions and balances are as follows:
Assets
(Liabilities)
Cash
Santander Central Hispano
Santander de Negócios
Banco Santander Mexicano
Santander Financial Products Limited
Receivables from affiliates
Other receivables - other
Other assets
Santander Overseas Bank
Dividends payable
Grupo Empresarial Santander, S.L.
3,315
3,300
15
1,134,609
1,134,609
9,686
9,686
3,624
3,624
4,551
4,551
(1,116,593)
(324,879)
(791,714)
(758)
(758)
(655,749)
(655,749)
2004
Income
(Expenses)
18,256
18,256
(610)
(610)
(88,618)
(68,552)
(20,066)
(20)
(20)
-
Assets
(Liabilities)
12,724
11,015
15
1,694
642,606
642,606
1,549
1,457
92
457
457
5,672
5,672
(1,740,769)
(1,093,270)
(647,499)
(44,306)
(44,306)
2003
Income
(Expenses)
9,080
9,080
(42,006)
(34,238)
(7,768)
-
19. Income from Services Rendered
Income from services rendered
Fund management income
Collection charges
Checking account services
Agreements
Lending operations
Insurance
Credit cards
Brokerage on stock exchange transactions
Income from guarantees provided
Other
2004
2003
2,067,743
428,949
121,669
475,662
77,464
282,145
308,582
128,359
57,837
29,839
157,237
1,648,205
325,552
89,265
455,522
68,928
261,514
233,975
89,156
36,577
34,501
53,215
2004
2003
2,137,587
1,356,520
489,400
254,852
29,795
7,020
1,859,666
1,080,456
515,172
218,173
36,573
9,292
20. Personnel Expenses
Personnel expenses
Compensation
Payroll charges
Benefits
Training
Other
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Estados Financieros
21. Other Administrative Expenses
Other Administrative Expenses
Depreciation and amortization
Financial system services
Outside and specialized services
Rentals
Communications
Transportation and travel
Data processing
Utilities
Supplies
Security services
Asset maintenance
Promotion and public relations
Other
2004
2003
2,070,327
359,535
58,927
568,459
137,134
209,190
119,833
142,137
58,051
20,482
77,736
75,019
174,946
68,878
1,580,547
275,520
51,504
451,059
107,366
163,203
100,181
117,205
47,184
18,702
64,632
56,046
70,756
57,189
2004
2003
870,015
110,748
125,020
2,049
52,058
54,132
434,794
57,252
33,962
1,604,872
158,943
15,585
3,467
129,061
141,823
1,019,352
34,253
102,388
22. Other Operating Income
Other operating income
Restatement of escrow deposits
Restatement of recoverable taxes
Dividends and bonuses
Interest received
Recovery of charges and expenses
Reversal of operating accruals (1)
Monetary variations on assets
Other
(1) The Bank’s management changed the estimates of reserves for labor, civil and tax contingencies, based on events occurred during the period
and technical evaluations made by legal counsel.
23. Other Operating Expenses
Other Operating Expenses
Commissions
Brokerage fees
CPMF/IOF (taxes on bank account transactions)
Discounts granted
Credit cards
Serasa (credit reporting agency)
Updating of taxes
Legal fees and costs
Goodwill amortization
Fees on issuance of commercial paper
Financing of privatization certificates
Updating of pension plan
Operating accruals (1)
Exchange variation
Monetary variations on liabilities
Exchange variation - foreign branches
Other
2004
2003
1,808,784
18,301
21,895
21,928
125,164
33,238
8,214
124,204
14,772
89,068
655
6,855
705,578
293,092
39,210
7,013
57,833
241,764
1,815,234
13,307
20,058
20,761
131,808
26,238
4,028
9,921
10,756
60,011
6,078
12,402
483,200
377,639
123,425
147,267
198,557
169,778
(1) Operating accruals are comprised basically by restatement/recognition of reserves for civil, tax and labor contingencies.
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146
Estados Financieros
Santander Banespa
24. Nonoperating (expenses) Income
2004
Nonoperating income (expenses)
Capital gains
Income from rentals
Loss on sale of investments
Gain on sale of assets (1)
Loss on sale of ownership interest
Reversal of nonoperating accruals
Capital losses
Provision for losses on other assets
Provision for losses on tax incentives
Provision for other losses
Other, net
(37,766)
4,105
1,026
(2,150)
9,312
103,962
(67,600)
(69,139)
(16,746)
(8,949)
8,413
2003
32,966
3,529
6,739
(34,696)
55,714
(4,333)
163,860
(47,761)
(70,199)
(28,866)
(8,399)
(2,622)
(1) In 2003, derived mainly from sale of real estate.
25. Derivative Financial Instruments
Santander Banespa follows the policy of reducing market risks arising from its operations through derivative financial instruments.
Market risk management is performed by an independent area, whose practices include the measurement and monitoring of limits
formally established by internal committees, portfolio risks, sensitivity to interest rate fluctuations, exchange risk exposure and
liquidity gaps, among other practices, providing for the monitoring of risks related to fluctuations in asset prices and interest rates
and other factors which may affect Santander Banespa’s portfolio position in the different markets in which it operates. Derivative
financial instruments used as hedges have credit risks equal to or less than the related financial instrument risk.
Market value for swaps is computed based on the estimated cash flow, discounted to present value according to the applicable
interest rate curves, representative of the market conditions at the balance sheet date. For options, Santander Banespa adopts
statistical models which consider the volatility of the asset price and interest rates representative of the market conditions at the
balance sheet date.
The principal interest rate curves are obtained from futures and swap contracts traded on the BM&F. Adjustments to these curves are
made whenever certain points are considered illiquid or when due to unusual reasons, they do not fairly represent market conditions.
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147
Estados Financieros
As of December 31, derivative financial instruments were as follows:
Swap
CDI (interbank deposit rates)
Fixed interest rate - R$
Fixed interest rate - foreign currency
Indexed to referential rate (TR)
Indexed to euro
Indexed to dollar - PTAX
Indexed to IGPM
Indexed to Ibovespa
Indexed to LIBOR
Indexed to Yen
Other indices
Total
Market value
Composition by counterparty:
Customers
Related parties
Composition by maturity:
Up to 3 months
From 3 to 12 months
Over 12 months
Composition by market
BMF
Over the counter
Hedge
Asset
Liability
7,793,241
1,006,891
10,844
39,273
538,800
2,805,862
49,064
70,299
155,290
12,469,564
3,553,157
525,606
206,994
85,508
90,378
3,824,059
3,421,244
1,486
10,437
228,639
65,067
12,012,575
6,730,825
5,619,214
119,525
12,469,564
2003
Trades
Net
Asset
Liability
4,240,084
481,285
(206,994)
(74,664)
(51,105)
(3,285,259)
(615,382)
(1,486)
38,627
(158,340)
90,223
456,989
441,434
11,135,586
1,188,932
76,168
18,537
2,432,259
2,284,659
460,261
36,692
17,633,094
4,813,215
1,023,005
464,870
70,406
143,428
7,764,995
2,536,437
387
122,828
202,985
17,142,556
6,322,371
165,927
(388,702)
(70,406)
(124,891)
(5,332,736)
(251,778)
(387)
337,433
(166,293)
490,538
419,810
6,247,261
5,652,343
112,971
12,012,575
483,564
(33,129)
6,554
456,989
12,253,259
5,379,835
17,633,094
11,729,052
5,413,504
17,142,556
524,207
(33,669)
490,538
3,286,042
6,026,307
3,157,215
12,469,564
3,211,797
5,823,878
2,976,900
12,012,575
74,245
202,429
180,315
456,989
5,385,199
9,441,005
2,806,890
17,633,094
5,185,053
9,252,433
2,705,070
17,142,556
200,146
188,572
101,820
490,538
7,184,073
5,285,491
12,469,564
7,226,599
4,785,976
12,012,575
(42,526)
499,515
456,989
9,074,645
8,558,449
17,633,094
9,103,010
8,039,546
17,142,556
(28,365)
518,903
490,538
Asset
Fixed interest rate - foreign currency
Indexed to dollar - PTAX
Indexed to LIBOR
Total
Market value
2004
Trades
Net
937,328
322,424
1,259,752
2004
Cash flow hedge (a)/(b)
Liability
Net
327,744
760,226
1,087,970
609,584
(760,226)
322,424
171,782
156,279
Asset
937,848
465,021
1,402,869
2003
Cash flow hedge (a)/(b)
Liability
Net
475,574
827,473
1,303,047
462,274
(827,473)
465,021
99,822
73,673
(a) Swap operations classified as cash flow hedges refer to operations over the counter.
(b) Financial instruments designated for cash flow hedges consist of:
2004
Foreign borrowings
147
Book
value
Market
value
Maturity
Counterparty
937,328
320,328
937,116
326,000
Through Nov, 2005
Through June 2007
Affiliated financial
institutions
29/9/2005, 10:42
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Estados Financieros
Santander Banespa
2003
Foreign borrowings
Options - dollar
Nominal
Call option purchased position
Call option sold position
Put option purchased position
Put option sold position
1,007,937
14,500
(1,107,562)
(534,250)
(619,375)
Book
value
Market
value
Maturity
Counterparty
937,848
465,022
937,848
461,855
Through Nov, 2005
Through June 2007
Affiliated financial
institutions
Cost
15,214
240
(27,265)
(3,480)
(15,291)
2004
Premium
market
value
1,994
1,228
(7,075)
(29,238)
(33,091)
Nominal
5,300,575
323,500
(5,369,400)
(305,000)
(50,325)
116,383
2,446
(175,123)
(4,726)
(61,020)
2004
Up to 3 months
From 3 to 12 months
(408,375)
(211,000)
(619,375)
Options - Other (1)
Nominal
Call option purchased position
Call option sold position
Put option purchased position
Put option sold position
264,954
57,658
(5,047,990)
(444,622)
(5,170,000)
Cost
3,761
43
(14,231)
(767)
(11,194)
2004
Premium
market
value
4,280
25
(11,800)
(3)
(7,498)
Nominal
2,355,278
1,040,928
(5,923,031)
(1,531,529)
(4,058,354)
(1) Includes shares, indexes and Brady bonds.
Cost
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Cost
11,787
5,692
(16,886)
(17,948)
(17,355)
2003
Premium
market
value
23,261
2,032
(30,437)
(2,961)
(8,105)
2003
(611,175)
560,850
(50,325)
2003
Premium
market
value
27,350
6,131
(19,645)
(20,241)
(6,405)
149
Estados Financieros
Futures Contracts
Exchange coupon - DDI
Asset position
Liability position
Interest rates (DI1 and DIA)
Asset position
Liability position
Dollar (Dol)
Asset position
Liability position
C Bond (BCB)
Asset position
Liability position
Index
Asset position
Liability position
Treasury Bonds
Asset position
Liability position
Up to 3 months
From 3 to 12 months
Over 12 months
Total
Assets
Swap differentials receivable
Forward purchases receivable
Exercisable option premiums - shares
Exercisable option premiums - transactions pending settlement
Liabilities
Swap differentials payable
Forward purchases payable
Option premiums - shares
Option premiums - transactions pending settlement
149
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2004
Nominal
2003
Nominal
7,472,932
(10,399,637)
8,172,532
(5,010,104)
19,822,297
(5,912,809)
16,300,950
(2,276,109)
178,701
(4,316,961)
480,469
(785,064)
66,549
(13,945)
160,036
-
44,025
(8,054)
143,210
(51,687)
41,867
(387,454)
6,587,511
(179,636)
16,954,597
2004
2003
3,271,393
(2,643,577)
5,959,695
6,587,511
8,657,297
6,406,704
1,890,596
16,954,597
2004
2003
737,443
729,911
6
1,362
6,164
182,328
132,198
2,015
1,217
46,898
750,738
690,616
1,348
2,242
56,532
279,553
197,133
9,136
10,198
63,086
150
Estados Financieros
Santander Banespa
26. Supplementary Pension Plan
a) Santander Brasil
Effective July 16, 1998, Santander Brasil became a sponsor of a pension benefit plan for its employees, administered by SANPREV - Santander
Associação de Previdência, a private pension foundation for the purpose of granting pension benefits supplementary to those
granted by Social Security, in conformity with Supplementary Law No. 109/2001. The plan has the following characteristics:
Sponsors: Banco Santander Brasil S.A., SANPREV - Santander Associação de Previdência, Santander Brasil Arrendamento Mercantil
S.A., Santander Brasil S.A. - Corretora de Títulos e Valores Mobiliários, Santander Seguros S.A. (in process of corporate name change),
Santander de Negócios S.A. (in process of withdrawal from sponsorship), Santander Brasil Participações e Empreendimentos S.A.,
Santander Banespa Asset Management Ltda, Universia Brasil S.A., Banco Santander Meridional S.A and Banco Santander S.A.
Types of Plans: Plan II, which provide a programmed risk coverage and covers 6 vested participants, 10 retirees and 4,374 active participants,
is funded exclusively by the sponsors through monthly contributions equivalent to 1.04% (2003 - 1.06%) of payroll, and is structured as
a defined benefit plan; Plans I and III, which provide a programmed term coverage and monthly retirement income for life, structured as a
defined contribution plan covering 152 vested participants and 4,455 active participants for Plan III and defined benefit plan covering
129 vested participants, 16 retirees and 9 active participant for Plan I. The contributions are established by the participants, starting at a 2%
rate for Plan III. Plan I, in the process of discontinuance, is no longer receiving contributions from the sponsors.
Financial and Actuarial Methods: Plan II - capitalization (supplementary benefits for disability), capital coverage method (supplementary
benefits for temporary pension and death) and simple coverage method (supplementary benefits for sickness and birth grants); Plan
III - capitalization (monthly retirement income for life). The percentage of sponsors’ contributions in relation to the total is 24.59%
(2003 - 24.57%) and 75.41% (2003 - 75.43%) for the participants.
In conformity with CVM (Brazilian Securities Commission) Resolution No. 371, which established new criteria for the recognition
of employee benefits and the results of benefit plans, and based on the independent actuary’s report, the position of the benefit plans
as of December 31, as follows:
Fair value of plan assets
Present value of actuarial obligations, by plan:
- Defined benefit
Plan I
Plan II
Plan III
- Defined contribution
Plan III
- Fluctuation reserve
Net assets
Expense recognized in the statement of income
2004
2003
472,473
380,275
134,206
54,109
8,323
71,774
246,069
246,069
92,198
2,319
413,832
306,837
77,915
39,436
1,957
36,522
215,987
215,987
12,935
106,995
2,040
Pursuant to article 49, item “g”, of CVM Resolution No. 371, no actuarial asset was recorded in the sponsors’ financial statements as
a result of the plan surplus.
Actuarial assumptions adopted in the calculations
Discount rate for actuarial liabilities
Estimated rate of return on assets
Inflation estimated for the year
Benefit increase rate
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29/9/2005, 10:42
2004
2003
6%
6%
5%
5%
10%
10% + INPC
INPC
INPC
151
Estados Financieros
b) Banespa and subsidiaries
a) Since 1962, Banespa has maintained a supplementary pension plan, granted to employees hired through May 22, 1975. The plan covers
426 active participants and 13,096 retirees. For recognition of the accounting effects, the charges arising from this plan are calculated based
on an actuarial valuation performed by an independent actuary, in accordance with the provisions set forth in CVM Resolution No. 371.
b) For employees hired starting May 23, 1975, Banespa and its subsidiaries sponsor other plans through BANESPREV - Fundo Banespa
de Seguridade Social, for the purpose of granting pension benefits supplementary to those granted by Social Security, as defined in
the basic regulations of each plan.
Plan I, fully defrayed by the Bank, covers employees hired after May 22, 1975 (317 active participants and 636 retirees), and those
hired up to May 22, 1975 who are also entitled to death benefits.
Effective July 27, 1994, when the new text of the Statutes and Basic Regulations of Plan II came into effect, Plan I participants
who opted for the new plan (9,114 active participants and 4,412 retirees) began contributing 44.94% of the funding rate
established by the actuary for each year.
Due to the privatization process, the Banespa Pension Plan was created, which is managed by BANESPREV and granted only to employees hired
up to May 22, 1975, with the participation of 825 employees (743 vested employees) previously covered by the in-house pension fund.
Banespa also sponsors Plan III, a defined contribution plan, offered to employees of BANESPA hired after May 23, 1975, previously
enrolled in Plans I and II (1,232 active participants). In this plan, the contributions are made both by the sponsor and the participants
.
Results of the independent actuary’s valuation in accordance with CVM Resolution No. 371 are as follows:
Nominal discount rate for actuarial liabilities
Estimated nominal rate of return on assets
Estimated long-term inflation rate
Estimated nominal salary increase
Estimated nominal benefit increase
General mortality table
Disability entry table
Estimated turnover rate
Retirement entry probability
BANESPA
17.6% (12% actual and 5%for inflation)
5%
5%
5%
UP84 rated up one year
Mercer disability entry table
0.15/(Employment time + 1)up to 50 years old
100% when first eligible
BANESPREV
15.5% (10% + 5% for inflation)
15.5% (10% + 5% for inflation)
5%
5%
5%
Mercer disability entry table
2%
Reconciliation of assets and liabilities
Present value of actuarial liabilities
Adjustments for allowed deferrals Unrecognized actuarial gain (loss)
Actuarial liabilities reserved
Payments made in the year
Expenses recognized in the year
Cost of current service (with interest)
Interest on actuarial liabilities
Expense to be recognized in 2005
Cost of current service (with interest)
151
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2004
3,972,798
BANESPA
2003
4,101,560
133,092
4,105,890
543,066
680,145
1,321
678,824
448,510
2,239
446,271
(132,749)
3,968,811
563,095
457,191
3,754
453,437
-
152
Estados Financieros
Santander Banespa
Present value of actuarial liabilities including coverage
Fair value of plan assets
Difference between present value of liabilities and fair value of assets
Adjustments for allowed deferrals:
Unrecognized actuarial gain
Net actuarial assets (1)
Contributions for the year
Sponsor’s estimated contributions for subsequent year
2004
BANESPREV
2003
(2,375,060)
3,175,756
800,696
(1,929,474)
2,554,588
625,114
(422,663)
378,033
82,308
39,463
(425,538)
199,576
67,448
-
1) Pursuant to article 49, item “g”, of CVM Resolution No. 371, the aforementioned asset was not recorded in the financial statements of BANESPA.
c) Banco Santander Meridional S.A.
Banco Santander Meridional S.A., as successor to predecessor financial institutions, is the sponsor of pension plans for employees,
established as defined benefit plans. The balance of this accrual is equivalent to 100% of the actuarial liabilities, computed based on
valuations made by an independent actuary, under the provisions established by CVM (Brazilian Securities Commission) Resolution
No. 371. 1 active participant and 1,492 retirees are beneficiaries of these plans. As of December 31, the plan’s position was as follows:
Supplementary Pension Plan
Nominal discount rate for actuarial liabilities
Estimated nominal rate of return on assets
Estimated long-term inflation rate
Estimated nominal salary increase
Estimated nominal benefit increase
General mortality biometric table
Retirement probability
17.6% (12% actual and 5% for inflation)
17.6% (12% actual and 5% for inflation)
5%
5%
5%
Reconciliation of assets and liabilities
Present value of actuarial liabilities
Adjustments for allowed deferrals - Unrecognized actuarial losses
Actuarial liabilities accrued
Payments made in the year
Expenses recognized in the year - Interest on actuarial liabilities
Expense to be recognized in 2005
Amortization of unrecognized actuarial loss
152
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2004
2003
163,431
(50,090)
113,341
25,298
25,433
50,544
24,105
26,439
156,024
(45,750)
110,274
22,141
26,009
-
153
Estados Financieros
27. Income and Social Contribution Taxes
2004
CSLL
IRPJ
Income before taxes (IRPJ/CSLL) and interest on capital
Interest on capital
Unrealized gains (losses)
Income before taxes on income
Total IRPJ and CSLL at the rates of 25% and 9%, respectively
Additions to and exclusions from CSLL and IRPJ
Temporarily nondeductible provisions
Reserve for maintenance of stockholders’ equity
Adjustment to market value
Nondeductible expenses and provisions
Tax loss carryforwards
Other additions/(deductions)
Tax expense - current
Provision for deferred IRPJ/CSLL
Excess depreciation of leased assets
Deferred tax liability
Provision for deferred IRPJ/CSLL
Tax credits - IRPJ/CSLL
Income tax expense - foreign countries
Total tax recognized
1,786,392
(19,796)
101,139
1,867,735
(466,934)
395,674
47,017
378,096
17,577
(36,589)
(57,638)
47,211
(71,260)
45,986
20,957
12,349
12,680
(33,595)
4,085
(37,680)
(696)
(59,565)
1,786,392
(19,796)
101,139
1,867,735
(168,096)
141,383
9,265
136,115
6,327
(10,795)
(21,115)
21,586
(26,713)
12,110
7,545
4,565
(14,473)
(910)
(13,563)
(29,076)
2003
CSLL
IRPJ
1,995,301
1,995,301
(498,825)
291,130
90,281
245,350
53,901
(79,995)
32,270
(50,677)
(207,695)
70,971
35,817
34,121
1,033
(28,494)
58,602
(87,096)
(372)
(165,590)
1,995,301
1,995,301
(179,577)
102,755
31,404
88,326
19,404
(16,252)
500
(20,627)
(76,822)
12,893
12,893
(24,864)
6,491
(31,355)
(88,793)
28. Other Information
a) Co-responsibility and risks on guarantees provided on behalf of customers, recorded in memorandum accounts, amounted to
R$4,195,740 (2003 - R$3,185,210).
b) The total net book value of investment funds managed by Santander Banespa is R$26,173,906 (2003 - R$23,016,874).
c) The insurance coverage in effect as of December 31, 2004 covering global bank risks, fire, vehicle and other risks, amounts to
R$1,344,749 (2003 - R$857,675).
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Estados Financieros
Summary of the Audit Committee
Report for Santander Banespa
The establishment of the Audit Committee for Santander Banespa (Banco Santander S.A.,
Banco Santander Brasil S.A., Banco Santander Meridional S.A. and Banco do Estado de São
Paulo S.A. – Banespa, and their subsidiaries) was approved in the Extraordinary Shareholders'
Meeting of Banco Santander S.A. held on April 30, 2004, to comply with a National Monetary
Council resolution.
To form the Audit Committee, three members, who are independent in respect to the executive
board, and three executive directors of the Santander Banespa were appointed. The executive
directors have an undetermined term of office, whereas the independent members have
a one-year term of office, renewable for up to four consecutive terms.
Under prevailing legislation, management is responsible for the preparation, disclosure and
integrity of the financial statements, as well as for the adoption of the best practices in internal
control systems and procedures, in order to ensure compliance with Brazilian accounting
practices and rules and regulations of the Central Bank of Brazil (BACEN).
The independent auditors are responsible for planning and performing a full audit, including
the audit of the individual and consolidated financial statements of the Santander Banespa.
The Audit Committee is primarily responsible for assisting Santander Banespa's management in
the oversight of the financial reports, evaluation of the effectiveness of the system of internal
controls, the independence of the auditors, and the performance of the internal and independent
audits. The Audit Committee is also responsible for recommending, when applicable, corrections
and improvements of policies, practices and priorities identified in the course of its work.
On September 2, 2004, the first meeting of the Audit Committee was held, in which its Charter
was approved.
Subsequently, a process was started for gaining knowledge of the Santander Banespa's
organizational structure, and of the scope of the work performed by the internal and
independent auditors and by the internal control area, in order to identify conflicts of
independence, objectiveness, and compliance with Resolution No. 2554/98, observing that:
1 – At Santander Banespa, the internal control areat is responsible for implementing and
disseminating, the culture and infrastructure for effective management of the system
of internal controls, for prevention and reduction of operating risks and losses. To accomplish
its responsibilities, representatives are appointed in all areas to act on its behalf.
2 – Based on the review of the work performed by the internal control area and in light of
BACEN Resolution No. 2554/98, the Audit Committee has concluded on the adequacy of the
work performed and on the strengthening of the management of operating and business
inherent risks, as well as on the compliance with legal and regulatory requirements.
Estados Financieros
3 – The evaluation of the internal audit work has been constant. For this purpose, the Audit
Committee periodically receives reports on the work performed with the findings, recommendations
and monitoring of adoption of recommendations included in prior reports.
4 – Regarding the work by the independent auditing firm, Deloitte Touche Tohmatsu Auditores
Independentes, the Audit Committee formally held four meetings, and on various other occasions,
through its coordinator, when various issues were discussed, especially the professional structure
used to meet the Santander Banespa's needs, the expertise areas involved in the work, the firm's
independence policies, the methodology and approach for the auditing of risks, and the issues
addressed in the detailed internal control reports.
5 – The Audit Committee has devoted special attention to reviewing the individual and consolidated
financial statements of the financial institutions of the Santander Banespa, to confirm their quality.
In this respect, it monitored the financial statement closings, prior to disclosure, and met with
the independent auditors and the Santander Banespa's professionals directly responsible for the
accounting area and the preparation of the financial statements.
For the Santander Banespa, the establishment of the Audit Committee confirms its commitment
to the principles of Corporate Governance and, from the viewpoint of Banco Santander Central
Hispano, S.A. (BSCH), the Parent Company, it is in line with the policy created in 1986, when
BSCH established its Audit Committee.
The Audit Committee has concluded that the work performed by the internal and independent
auditors and by the internal controls area is effective, efficient and provides transparency and
quality to the financial statements of Santander Banespa for the semester and year ended
December 31, 2004.
Audit Committee
São Paulo, February 21, 2005
Ana Isabel Pérez Pérez
Arnaldo Bonoldi Dutra
Carlos Alberto Racca
José Tomás Otero Ubago
Maria Elena Cardoso Figueira
Taiki Hirashima
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156
Estados Financieros
Independent Auditor’s Opinion
DELOITTE TOUCHE TOHMATSU AUDITORES INDEPENDENTES
Santander Banespa
Financial Statements for the Year Ended December 31, 2004 and 2003 Independent Auditors' Report
Deloitte Touche Tohmatsu Auditores Independentes
INDEPENDENT AUDITORS' REPORT
To the Management of the Entities of
Santander Banespa (see note 3 to the pro forma combined financial statements)
São Paulo – SP
1. We have audited the accompanying pro forma combined balance sheets of Santander Banespa
as of December 31, 2004 and 2003, and the related pro forma combined statements of income,
changes in stockholder’s equity, and changes in financial position for the years then ended, all
expressed in Brazilian reais and prepared under th--e responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements.
2. Our audits were conducted in accordance with auditing standards in Brazil and comprised:
(a) planning of the work, taking into consideration the significance of the balances, volume
of transactions, and the accounting and internal control systems of the Entities, (b) checking,
on a test basis, the evidence and records that support the amounts and accounting information
disclosed, and (c) evaluating the significant accounting practices and estimates adopted by
management, as well as the presentation of the financial statements taken as a whole.
3. In our opinion, the pro forma combined financial statements referred to in paragraph 1 present
fairly, in all material respects, the financial positions of Santander Banespa as of December 31,
2004 and 2003, and the results of their operations, the changes in stockholder’s equity, and the
changes in their financial positions for the years then ended in conformity with Brazilian
accounting practices.
4. The pro forma combined financial statements referred to in paragraph 1 include the individual
financial statements of the Santander Banespa entities that operate under a common management,
as mentioned in notes 2 and 3 to the pro forma combined financial statements, and are presented
for purposes of disclosing additional non-mandatory information on Santander Banespa.
5. The accompanying pro forma combined financial statements have been translated into
English for the convenience of readers outside Brazil.
São Paulo, February 14, 2005
DELOITTE TOUCHE TOHMATSU Auditores Independentes
José Barbosa da Silva Júnior Engagement Partner
CRC nº. 2 SP 011609/O-8 CRC nº. 1 SP 128132/O-0
Informaciones Corporativas
Relaciones con Inversores
Ramón Sánchez – Director Ejecutivo
Marco Aurélio da Silva Telles
Duílio Augusto Zulini da Costa
Andrea Campos Mello de Andrade
Rua Amador Bueno, 474 – 4º andar
04752 000 – São Paulo – SP – Brasil
Tel.: (55 11) 5538 8383
Fax.: (55 11) 5538 8453
E-mail: [email protected]
Bolsas de Valores
Códigos de negociación en Bovespa:
Banespa ON – BESP3
Banespa PN – BESP4
Corporate Information
Investor Relations
Ramón Sánchez – Executive Director
Marco Aurélio da Silva Telles
Duilio Augusto Zulini da Costa
Andrea Campos Mello de Andrade
Rua Amador Bueno, 474 – 4º andar
04752 000 – São Paulo – SP – Brasil
Tel.: (55 11) 5538 8383
Fax.: (55 11) 5538 8453
E-mail: [email protected]
Auditores independientes
Stock Exchanges
Stock symbols at Bovespa:
Pagina Web
Se encuentran disponibles en las páginas www.santander.com.br
y www.banespa.com.br informaciones detalladas sobre la historia
del Grupo en Brasil, su evolución, misión, principales indicadores,
informes, balances, entre otros.
Banespa ON – BESP3
Banespa PN – BESP4
En la página Web www.gruposantander.com, en el Ítem del menú
principal, Información Legal para el Accionista, se encuentran datos
relacionados al Grupo Santander Central Hispano en el mundo,
destacando, en lo que se refiere a gobierno corporativo, para:
Web Site
Detailed information about the history of the Group in Brazil, its
evolution, mission statement, key performance indicators, reports,
balance sheets and other data can be found at: www.santander.com.br
and www.banespa.com.br.
-
Estatutos Sociales;
Reglamento de la Asamblea General;
Reglamento del Consejo;
Informe Anual del Gobierno Corporativo;
Informe de la Comisión de Auditoria y Cumplimiento;
Código de Conducta de los Mercados de Valores; y
Código General de Conducta.
Independent Auditors
At www.gruposantander.com, under Legal Information for
Stockholders on the main menu, are data related to Grupo
Santander Central Hispano in the world, particularly as regards
corporate governance, including:
Coordinación
Dirección de Planificación Estratégica y Relaciones con Inversores
-
Revisión
Editora Contadino
Credits
Traducción
Arabera
Project Coordination
Director for Strategic Planning and Investor Relations
Proyecto Gráfico
fmcom
Revision
Editora Contadino
Proyecto Gráfico Español
Álvaro Reyero – See the Change
Translation
Betty Chin
Fotos
João Luiz Musa
Emanuelle Bernard – Página 55
Project Design
fmcom
Créditos
Impresión
Pancrom
Company Bylaws
Regulations for Shareholder Meetings
Regulations for the Board of Directors
Annual Report on Corporate Governance
Auditing & Compliance Committee Report
Capital Market Code of Conduct
General Code of Conduct
Graphic Design for Spanish Version
Álvaro Reyero – See the Change
Agradecimientos
Photos
João Luiz Musa
Emanuelle Bernard – photo on page 51
Agradecemos a todos los profesionales del Banco que
colaboraron en la ejecución de esta memoria
Printing
Pancrom
Acknowledgements
We should like to thank all the Bank's professionals who helped
to prepare this report.Agradecimentos

Corporate Banking

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