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JOINT MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER

The entry of the new shareholder, Haitong Securities, into the capital of Haitong Bank, marked a new beginning for the Bank. The two institutions share a common ambition: to become one of the world's main investment banks within the next decade.

Currently the second largest investment bank in China, Haitong Securities is set to expand its presence in the EMEA (Europe, Middle East and Africa) region, as well as in India and the Americas.

The entry of the new shareholder brought immediate gains for the development of Haitong Bank's activity, namely:

  • Reinstatement of Haitong Bank’s rating to BB- with positive outlook, the best rating level within the Portuguese banking sector, as a result of S&P considering Haitong Bank as a "strategically important" subsidiary of Haitong Securities;
  • the reopening of funding lines.

Recently, Haitong Securities reinforced Haitong Bank's financial strength through a EUR 100 million capital increase, which clearly shows its engagement in and commitment to the Bank's development.  

During 2015 Haitong Bank maintained its focus on growing its fee-generating activities and on the implementation of the new 'Originate to Distribute' model, channelling its efforts into the expansion of its distribution capacity in the world's most important financial markets (London and New York).

In order to face up to the new challenges and align itself to the Shareholder's business structure, Haitong Bank reshaped its business model, following international best practices.

The business model is now based on four main areas: Investment Banking, Markets, Structured Finance and Wealth and Fund Management.

Moreover, the Bank started a process of identifying and developing potential synergies with the new Shareholder, which involves a very close level of cooperation amongst the various teams.

The outlook for 2016 is positive but strewn with challenges. Our Shareholder maintains its ambition to grow outside the Asian market, a strategy where Haitong Bank is set to play a prominent role. This represents a unique opportunity to reinforce our franchise in the Investment Banking, Markets and Structured Finance activities, mainly in the EMEA, India and Americas regions, and to expand our activity in the Wealth and Fund Management business.

Our first words of recognition go to our shareholder Haitong Securities, which we thank for the trust placed in this institution and the support received during 2015. It is with a sense of pride that we reaffirm our commitment to make this Bank resume the levels of growth and profitability that were always its hallmark.

To our Employees, we thank them not only for their contribution and professionalism during the long period of transition of shareholder, but also for the trust and commitment which they continue to demonstrate in this new stage of Haitong Bank.

To our Clients, we reiterate our commitment to continue to provide a service of excellence. Today, Haitong Bank is the only bank with a truly Portuguese-Chinese origin, and this allows us to offer a differentiating and innovative service.

We also express our appreciation to our Supervisory Board and our Auditors for their contribution to the continuous improvement of the quality levels of the Bank's financial reporting and management.

To the Bank of Portugal, the Portuguese Securities Market Commission and the supervision authorities in the countries where we are present, we thank them for their constant cooperation and trust.