Invest in Australia Edition 2023

Editor’sNote

Australia is often viewed as a haven of white sands and incredibly diverse natural beauty. It is both that and a land of potential investment opportunities.

In this issue we zoom in on the Australian Tourism industry and the opportunities it offers as well as hearing from the Australian Financial Services Council which is a peak body which sets mandatory Standards and develops policy for more than 100 member companies in one of Australia’s largest industry sectors, financial services.

TakafulMalaysiatellsusallabouttheneedfora Shariah-compliantalternativeto conventional insurance and their strategic growth trajectory.

UK Based Victory Hill Capital Partners LLP explains their work in energy transition which helps create a more sustainable global energy system. As well as this, we find out about Banque MISR, Egypt’s lucky charm, and CIAN, the French investment in Africa Association showcase their work.

Happy reading!

BanqueMisr OveraCenturyof Achievements

Banque Misr (BM) was established in 1920 by the pioneer economist and financial expert Mohamed Talaat Harb Pasha,whospearheadedtheconceptofinvestinginnational savings and directing them toward economic and social development. Thus, Banque Misr was established as the first wholly Egyptian-owned bank.

Banque Misr has funded many businesses spanning across multiple domestic sectors, such as: textiles, insurance, transportation, aviation, entertainment, and filmmaking. Currently, BM owns shares in 157 companies across different fields,rangingfromfinance,tourism,housing,agricultureand food, and communication and information technology.

Banque Misr has also established major investment funds in Egypt, as part of a diversified portfolio. Banque Misr was granted an award by the Global Finance Magazine as the Best Provider of Money Market Funds in Africa and the Middle East for the years 2009 and 2010; Best Provider of Money Market Funds in the Middle East for 2008, 2012, 2013, 2014, and 2015; and Best Provider of Short-Term Investments/Money Market Funds in the Middle East for the years 2015, 2016, 2017, 2018, 2020, 2021, 2022 and 2023 in Africa and the middle east for 2019.

A true pioneer in the region, Banque Misr became the first bank in Egypt and North Africa to comply with PCI data security standards, upon obtaining the latest version of the global Payment Card Industry Data Security Standard (PCI DSS 3.2.1) certification. Utilizing the latest technology in the banking sector, Banque Misr is constantly looking to expand customer access to banking services. Today, Banque Misr is proud to offer one of Egypt’s largest ATM networks, located across all areas of Egypt.

Banque Misr’s role is visible in all economic fields due to its geographic outreach. The bank has more than 20,000 employees, serving a large base of more than 13 million clients in Egypt, with a total paid-up capital amounting to

EGP 15 billion.

The bank has more than 800 electronically integrated local branches located nationwide to provide the best and most accessible services to customers. Banque Misr also values its regional and international presence, which includes its five branches in the United Arab Emirates and one in France. In addition, the bank’s international presence includes subsidiaries in Lebanon and Germany, as well as representative offices in China, Russia, South Korea, and Italy and a global network of correspondents.

Banque Misr’s corporate social responsibility (CSR) policy delineatesabetterfutureforall;throughresponsiblebusiness, it aims to create value for society and strives for economic achievement. For over a century, the bank succeeded in creating a balance between attaining business growth and integrating social, ecological, and economic efforts. Banque Misr’s CSR priorities are interconnected, the bank’s strategy brings along institutional resilience and a wide civil-society network to foster economic development and community wellbeing.

The bank’s strategic efforts are adequately executed against thebackdropofmulti-stakeholderengagementanddifferent partnerships to foster climate action, healthcare, education, housing, decent working conditions, responsible supply chains, resource optimization, food security, and equity. For Banque Misr, stimulating national development by reaching vulnerable community segments has proved indispensable. The bank continues to build trust and bridge the gap with unbanked individuals, contributing to job creation and poverty eradication. It also strives for financial inclusion by facilitating secure access to payment methods and allinclusive banking facilities, as well as incentivizing more sustainable living and production ecosystems.

The Corporate Banking and Syndicated Loans division offers conventional and Islamic short, medium, and long-term

facilities,structuredtradefinancesolutions,andbilateraland syndicated financing facilities. The comprehensive range of tailored corporate banking products, services, and financial solutions fulfill the business requirements of its diversified client base. Our offerings harness the banking experience of the bank’s corporate clients with leading positions in the Egyptian public and private sectors, along with regional and global markets.

In line with its continuous efforts to meet and exceed its clients’ expectations, Banque Misr offers state-of-theart products and services that include: a wide range of loans, including personal, auto, mortgage, durable goods, etc. , all types of cards (debit, prepaid, and credit) ,various liabilities products (deposits, certificates of deposits, and accounts) , the largest POS network , E-banking services (BM Wallet, phone banking, internet and mobile banking, and e-commerce) , the BMVIP program ,financially-inclusive options (Amman El Masryeen certificate of deposit). Banque Misr provides different financing schemes and non-financial services to micro,small& medium enterprises (MSMEs) for example EL-BATAL, MASHROU’IE, EL-RABEH).

Banque Misr’s Capital Markets Group primarily aims to maintainthebank’sleadingpositioninEgypt’scapitalmarket and ensure that its financial management and specialized investment services are the product of choice in the retail and corporate banking industry. Simultaneously, it also adds value for the bank’s stakeholders.

Banque Misr’s Correspondent Banking and Relationship Management; FI Cash Management and Cross Borders Remittance; Wholesale and Development Funding; and NonBanking Financial Institutions ensures smooth operations for its corporate and retail clients. Simultaneously, they

can leverage the bank’s commitment to the Sustainable Development Goals (SDGs ) via development financing, in partnership with development institutions, supranational entities, regional and international banks, and governmental agencies. The Treasury Department plays a crucial role in achieving the bank’s main goals, and maintaining sufficient liquidity through various tools, in order to meet the retail and corporate customers’ financing needs. It also invests liquidity surplustoachievemaximumreturnswhilemaintainingrisksat a very low level. Moreover, the Treasury Department provides solutions through different financial and engineering tools, and it helps finance the public debt by playing an active role in the primary and secondary markets and diversified types of mutual funds.

The Global Transaction Banking (GTB) division ensures cash management excellence for strategic corporate customers, and understands the importance of unleashing the full potential of the trade finance ecosystem internationally. In this light, GTB offers a host of high-quality trade finance services through efficient financial instruments, including letters of credit, documentary collections, and letters of guarantee. It also streamlines working capital management through its treasury services.

BM supports digitization efforts through offering online solutions to facilitate ease of use for clients and offers accessible and advanced banking and financial solutions. The bank further enhances its success and effective participation in offering services and through joining initiatives and protocols to fulfill a variety of client segments’ needs. BM’s working values and strategies continue to reflect its dedication to sustainable development and prosperity in Egypt.

FrenchCouncilof InvestorsinAfrica.

French Investment in Africa

1. WHO IS THE CIAN AND WHAT DO YOU DO?

Created in 1979, Cian is the oldest French business association dedicated to companies invested in Africa. Open to businesses of all sizes and sectors, it currently has 170 members who carry out 80% of French business in Africa, i.e. an estimated 60 billion euros in turnover.

The Cian has three major roles. First, it leads a network of more than 1500 professional who meet in thematic meeting and conferences but also through personalized exchanges. It also offers expertise to its members, either by experience sharing, or through our geographical experts and our 7 technical committees (European Institutions, Compliance, CSR&SDG, Digital, Health, Human Resources, Legal&Tax and Safety).Andfinally,Ciandevelopsitsinfluencewiththepublic and private stakeholders in France, Africa, and Europe to improvebusinessclimateandpromotetheimpactofprivate sector and its contribution for the countries development.

2. WHY INVEST IN AFRICA?

Africa is one of the world’s last major pools of growth. It has largereservesofnaturalandstrategicresources(agriculture, mining, and energy) that are not yet sufficiently processed domestically. It also has a booming demographic that fuels

demand and the development of middle-class markets. These two elements partly explain the economic growth rates of the last 10 years and put Africa at the heart of the reorganization of global value chains. In this context, if you don’t invest today, you will miss out on the markets of tomorrow.

3. WHAT ARE THE PARTICULAR ADVANTAGES FOR FRENCH INVESTORS?

The particularity of French companies in Africa, and more broadly of French investors, is that they have often been establishedforalongtimeandinmorethanjustonecountry which makes them more resilient. They also conceive of their investmentsinthelongrun.Asaresult,theyhavelargestocks of FDI and a good understanding of the local contexts. This occursinalmostallAfricancountrieswithaspecificinfluence in French-speaking Africa, which happens to be the area where we find the most dynamic African countries in terms of growth (DRCongo, Senegal, Ivory Coast, Niger, Benin >6%). However, it would be wrong to assume that they are only in French-speaking countries, since their three main countries of implementation for French investors are the three biggest economies of the continent: South Africa, Nigeria, and Egypt. They are also well represented in Portuguese-speaking countries such as Angola and Mozambique.

4. WHAT ARE THE REASONS THAT GIVE INVESTORS EASE IN AFRICA?

According to Cian’s annual barometer, the business environment in Africa is slowly but noticeably improving, especially in terms of infrastructures and banking systems. African governments are recognizing the role of the private sector in development and are moving toward the implementation of PPPs in their national development and investmentplans.Asaresultofthismomentum,nearlythreequarters of the continent’s established businesses can say they are profitable.

5. HOW CAN CIAN ADVISE INVESTORS IN AFRICA?

Cianorganizesdifferenttypesofmeetings,eitherrestrictedto our members or open so that they can exchange with other spheres. Our thematic committees gather experts from the privatesectorbysectorofactivity,professionalfield,orsubject of expertise. Our lunch debates bring together private sector leaders and political decision-makers to discuss specific topics, and our country meetings allows private stakeholders to meet with country’s official delegations. Finally, the Cian Africa Forum is a meeting that brings together more than 1,000 business and official representatives each year in Paris.

6. WHAT REGULATION REGIMES CAN YOU TELL OUR READERS ABOUT?

Regulation regimes are very heterogeneous in Africa, but it is important to be informed on regimes that are implemented and applied in targeted countries, as well as its regional organizations.TheAfCFTAprocesswillhaveanimportantrole intryingtoharmonizetraderegulationsacrossthecontinent.

Cian is tackling these issues in its Legal&Tax committee,

with an annual reunion to discuss the evolutions in fiscal environments for each region and countries for example. Furthermore, with some of our experts being founding members and writers of OHADA, this committee also has a specific interest in the reforms of the OHADA uniform acts which represent another opportunity for the harmonization of regulations.

7. HOW DOES THE CIAN INNOVATE?

Cian innovates to maintain its relevance and help French companies and their African and international partners. It closely monitors the latest trends and frequently updates its services, such as its thematic committees whose core themes are regularly updated, like the Anti-corruption committee which became the Compliance committee. Cian also updates its productions like its publications, which are reissued and always address key and contemporary issues fortheprivatesectorinAfrica,thelastonebeingaHandbook titled “Using intermediaries in Africa”. During the covid-19 pandemic, Cian also adapted to expand its digital services and webinars.

8. HOW DOES THE CIAN DEAL WITH DIVERSITY, SUSTAINABILITY AND ESG?

Cian has a long-standing commitment to these issues, as demonstrated by its CSR and anti-corruption charters dating respectively from 2004 and 2005, and which have since been updated. Cian is also committed to the fight against chronic diseases and to the promotion of vocational training and quality employment in Africa. In addition to its charters, Cian promotes best practices among its members through the CSR & SDO, Compliance and Health committees, and advocates for compliance and ESG principles.

Etienne Giros - CEO of CIAN

1. CAN YOU TELL US ABOUT YOUR TRAJECTORY AND HOW IT LED YOU TO THE ROLE OF DIRECTOR OF CIAN?

A graduate of Sciences Po (Political Sciences) in Paris and of Economics,IstartedworkingwithAfricain1986asDeputyCEO ofTranscapatCFAO.In1991,IjoinedtheBolloréGroupasCEO Finance for Africa, before becoming in 2000 the CEO of the AfricaDivisionwhichincludedalltheBolloréGroup‘sactivities on the continent. In 2006, I was appointed Vice President Media for Bolloré and directly in charge of the polling and research institute CSA. But it is my interest in Africa that led me to put my experience on the continent at the service of theFrenchprivatesectorasExecutiveChairmanofCiansince 2014, and as its Chairman since 2022. Since 2018 I have also been President of EBCAM, which is the European equivalent of Cian.

2. WHAT DO YOU THINK IS CRUCIAL FOR FRENCH INVESTORS WHEN THINKING OF INVESTING IN AFRICA?

There are a few things that must be kept in mind when it comes to investing in Africa, and they are related to the knowledge of the local economic, social, and cultural environment in which you invest.

Indeed, investors often fail because they did not take in consideration many specificities of the African markets, especially those that are not explicit and related to informal sectors. That’s why I would recommend that your first investment should be made with a partner company that has experience in the markets you are targeting.

You also need to have an accurate perception of risks in Africa. This perception is often too pessimistic. Africa is not moreorlessriskythananyothercontinent.Whatisimportant is to assess your own risks and not take into consideration those unrelated to your activities.

3. WHAT DO YOU PREDICT FOR THE FUTURE OF INVESTMENTS IN AFRICA?

In the near future, country-investments will greatly benefit fromthedevelopmentoflocalmarketsinAfrica.Indeed,more and more African countries insist on transforming their raw materials locally and by themselves. They strive to structure local supply chains and seek technological transfers and support to vocational training. In a similar way, regional and continental-investmentswillbenefitfromtheAfCFTAprocess of continental integration, and the multiple infrastructure projects that are attached to it and will multiply the value of trade by many folds.

On a negative note, however, investors should be worried of the impact of climate change in Africa, and the need to reinvent global trade and international value chains.

4. WHICH AREAS / COUNTRIES DO YOU PREDICT WILL GROW?

Thecontinentishometomanyofthemostdynamiccountries in the world in terms of economic growth. Recently, this is especially true in West-Africa (Nigeria, Senegal, Ivory Coast, Benin, Togo), but there are also huge opportunities in Central Africa. Countries like Gabon and especially DRCongo could rapidly grow on an industrial level thanks to their resources, but other trajectories like that of Rwanda are possible with a focus on developing business, tech, and financial environments. In North Africa, Egypt has the strongest growth perspective. In East Africa, Ethiopia and Kenya are promising markets.

It would also be important to underline the sectors of interest fortheyearstocome.TheInfrastructures,Digital,Technologic and Telecommunication sectors are already known for their dynamics and impact on other sectors. At Cian, we have recently seen the boom of the retail industry, as well as the multiplication of projects related to water, agro-industrial and agribusiness sectors. City-oriented and urban planning services, as well as vocational training and education, are also promising sectors to invest in.

NETWORK

Strengthen business and institutional networks

EXPERTISE

Inform and advise on business environment run thematic commite

INFLUENCE

Promote and defend private sector invested in Africa

INVESTMENTIN AUSTRALIANTOURISM SECTOR

Australia, renowned for its exceptional safety and stability, holds a prominent position as one of the world’s most secure nations. In recent years it has captivated significant international attention, consistently ranking as a top choice for foreign direct investment and attracting highly skilled individuals from around the globe1. With a robust currency, political stability, and a secure and thriving business environment, Australia offers a reliable haven for lowrisk investments. 2023 has seen a rise in domestic and foreign investors exploring exciting and reliable avenues for engaging with the Australian economy.

With its breathtaking landscapes, vibrant cities, and rich cultural heritage, one of Australia’s most appealing investment opportunities has emerged in the global tourism sector.Boastingastrongandresilientindustry,theAustralian tourism sector has long been recognized for its potential to deliver substantial returns to foreign investors. In this article, we will delve into the thriving Australian tourism landscape, highlighting its key strengths and exploring the lucrative opportunities that await investors seeking to capitalise on this dynamic market.

Australiastandsoutasapremierinvestmentdestinationlong renowned for its stability and low-risk profile. For investors seekingsecuregrowthandgeo-politicalsimplicitythetourism sector presents accessible and favourable investment avenues within the Australian economy, with government initiatives specifically catered to increasing international investor-friendly policies. According to the World Economic Forum (WEF) the nation boasts a robust banking system that ranks among the most reliable globally2. Transparent markets coupled with effective regulatory measures create an ideal environment for preserving and expanding wealth. Furthermore, Australia anticipates substantial population growth throughout the coming decades, complemented by a prosperous and highly educated workforce. As a result, the Australian economy is poised to thrive, offering abundant opportunities for economic success.

According to Tourism Australia, the official tourism organisation of the country

“Australia offers a stable investment climate, supported by strong regulatory frameworks and pro-business policies, making it an attractive destination for foreign investors looking to capitalise on the potential of the tourism sector.”

Echoing this sentiment, the Department of Foreign Affairs and Trade emphasises the government’s commitment to promoting industry growth and creating an investmentfriendly environment. Their message to foreign investors is clear:

“We welcome foreign investors to explore the vast opportunities in our thriving tourism sector.”

The Australian tourism sector benefits from a strong regulatory framework backed by the Australian government, placingitinauniquepositionwithintheindustry.Notably,the sector contributes significantly to the economy, generating substantial employment opportunities and fostering economic growth. The government’s dedication to fostering sustainable tourism practices and investing in infrastructure development further establishes a solid foundation for longterm investment prospects, offering a safe and conducive climate for international investment.

Tourism Australia is dedicated to bolstering and advancing the tourism sector by prioritising sustainable practices and the restoration of Australia’s remarkable natural beauty.

With a strong focus on environmental stewardship, Tourism Australia aims to foster the growth of both international and domestic tourism, showcasing the abundance of natural wonders that the country has to offer.

Australia’s position as a leader in renewable energy goes hand in hand with its commitment to sustainable tourism. As energy prices continue to rise, Australia has emerged as a frontrunner in renewable energy, poised to become a global superpower in this sector. The country boasts an abundance of solar and wind resources, making it an ideal location for harnessing clean energy. Moreover, Australia is blessed with significant deposits of critical minerals like lithium, which further enhance its potential for sustainable energy production.

The nation’s innovative capabilities extend across the entire renewable energy supply chain, encompassing research, development, manufacturing, and deployment. According to statistical websites, Australia currently holds the impressive title of being the world’s largest solar producer per capita. This achievement is a testament to the country’s strong commitment to embracing clean and sustainable energy solutions.

Australia’sfocusonrenewableenergynotonlycontributesto mitigating climate change but also serves as a catalyst for scalable energy stability as the tourism sector experiences continued growth and expansion. With substantial investments in renewable energy infrastructure and a robust patent portfolio, Australia is well-positioned to ensure a reliable and sustainable energy supply that supports the

increasingdemandsofthetourismindustrywhileminimising its environmental footprint.

Byleveragingitsnaturalresourcesandinvestinginrenewable energy technologies, Australia demonstrates its dedication toeco-tourismandtheresponsiblestewardshipofitspristine landscapes. This sustainable energy landscape further enhances Australia’s appeal as a destination that prioritises environmental preservation and aligns with the expectations of conscientious travellers seeking eco-friendly experiences.

In response to the thriving sustainable tourism market in Australia,TourismAustraliaandQantas,thecountry’spremier airline, have joined forces to launch the next phase of their ambitious Come and Say G’day campaign. With a strategic focus on ten key international markets, including the UK, US, Canada, Italy, Japan, South Korea, and New Zealand, this collaborationunderscorestheirconfidenceintheremarkable growth potential of the Australian tourism sector. Investing a substantial $125 million into the campaign, Tourism Australia andQantasarecommittedtomaximisingreturnsandfurther establishing Australia as a top global destination.

As the largest private investor in Australian tourism, Qantas takes great pride in promoting Australia on the global stage. Recognizing the pivotal role of tourism in the country’s economy, Qantas Domestic CEO Andrew David highlighted the significance of partnerships in driving the tourism industry forward. “As the national carrier, we know the importance of tourism in Australia and the value of partnerships to the tourism industry and the economy,” said David. This collaboration between Tourism Australia and

Qantas exemplifies their shared commitment to leveraging the country’s natural beauty, diverse attractions, and unparalleled experiences to attract and welcome visitors from around the world, contributing to the continued growth and prosperity of the Australian tourism sector.

In May, Tourism Australia, alongside Tourism and Events Queensland and Destination Gold Coast, orchestrated a remarkable event that captured the attention of the global tourism industry—the Australian Tourism Exchange 2023 (ATE23). Set against the vibrant backdrop of the Gold Coast, this prestigious gathering united more than 2,300 delegates from Australia and 30 countries worldwide, facilitating a staggering 38,000 one-on-one business appointments.

ATE23 proved instrumental in showcasing lucrative business prospects, further bolstered by Tourism Research Australia’s promisingprojections.Accordingtotheforecast,international visitor expenditure is set to exceed pre-pandemic levels by 2024,withvisitorarrivalssurpassingthoselevelsby2025.With a robust pipeline of 225 projects valued at a jaw-dropping $42.8 billion, the investment landscape in the Australian tourism sector brims with excitement and potential. This vast portfolioencompassesdiversesectors,withaviationboasting 13 projects worth $16.7 billion, arts, recreation, and business services featuring 79 projects valued at $15.7 billion, and the accommodation sector leading the way with 133 projects worth$10.5billion.ThesignificanceofATE23wasunderscored by Federal Tourism Minister Don Farrell, who emphasised its roleinsupportingtheindustryandthelivelihoodsofcountless Australians and communities reliant on tourism. Queensland Premier Annastacia Palaszczuk expressed her enthusiasm for showcasing the unique attractions of Queensland,

including the Great Barrier Reef and the rich Aboriginal and Torres Strait Islander cultures, to the global tourism trade market. The event’s host, the Gold Coast, renowned as one of Australia’s premier destinations, proved ideal for connecting international wholesale holiday buyers with industry leaders. ATE23’s impact extended beyond the event itself, as buyers and overseas travel media embarked on comprehensive tours of Queensland’s must-visit destinations. Aligned with the Towards Tourism 2032 roadmap and complemented by Queensland’sglobalmarketingeffortsandasubstantial$200 million aviation investment in the region, ATE23 exemplified Queensland’ssteadfastcommitmenttointernationaltourism. Serving as a catalyst for attracting foreign investments, this landmark event signalled rapid financial growth and remarkablereturnsintheAustraliantourismindustry,making it a compelling prospect for discerning investors.

Australia stands proudly among the exclusive group of countries holding the highest AAA credit rating from all three major credit rating agencies: Moody’s, S&P, and Fitch. With a recent surge in commodity prices fueling its recovery from theCovid-19pandemic,Australiahasclimbedtobecomethe

world’s12thlargesteconomybynominalGDP3.Thenationnot only boasts a substantial economy but also claims the title of the wealthiest nation in terms of median wealth per adult, with an impressive figure of $273,9004

Tourism Research Australia (TRA) has published their latest forecasts on domestic and international travel, providing valuable insights for the industry. According to TRA’s projections, total visitor expenditure is expected to reach an impressive $227.7 billion by 2027. Domestic travel is experiencing significant growth, with overnight and day trip expenditure surpassing previous levels. By 2027, domestic visitor nights are forecasted to reach 465.8 million, domestic overnight trips are projected to reach 126.2 million, and domestic day trips are expected to amount to 244.4 million. On the international front, visitor expenditure is anticipated to exceed pre-pandemic levels by 2024 and reach $48.8 billion by 2027. TRA’s insights provide valuable information for stakeholders and industry players to make informed decisions and capitalise on the opportunities within the tourism sector.

Australia’s stability, low-risk profile, and AAA credit rating frommajorcreditagenciesmakeitanappealinginvestment destination.Thecountry’srobustbankingsystem,transparent markets, and effective regulatory measures provide a secure environment for preserving and expanding wealth. Furthermore, Australia’s strong economic ties with rapidly growing Asian economies, coupled with its abundant natural resources, contribute to its economic prosperity and long term stability.

For foreign investors seeking a secure and lucrative investment avenue, the Australian tourism sector offers an attractive proposition. With its strong economic prospects, commitmenttosustainability,androbustpipelineofprojects, Australia presents an ideal investment landscape. By capitalizingonthecountry’sthrivingtourismsector,investors can not only contribute to Australia’s economic growth but also reap substantial returns in this dynamic market.

To facilitate investment in Australia, the Australian Trade and InvestmentCommission(Austrade)providescomprehensive support and guidance. Austrade’s network of investment

specialistsaroundtheworldcanassistinvestorsinidentifying potential projects, strategic partners, and navigating the investment approval process, ensuring a streamlined and efficient investment experience.

Australia’s stable economy, skilled workforce, leadership in renewable energy, commitment to open trade, and robust tourism sector make it an appealing destination for foreign investors. With ample opportunities for growth and a supportive investment environment, now is the time for investors to explore the exciting potential of the Australian tourism sector.

1. United Nations Conference on Trade and Development (UNCTAD): “World Investment Report 2022”

2. World Economic Forum (WEF): “Global Competitiveness Report 2020”

3. Financial Review: “Australia’s economy overtakes Brazil, nears Russia’s”

4. Credit Suisse: “Global Wealth Report 2022”

Australia’sFinancial ServicesCouncilSettingStandardsfor theFinancialServices Industry

WHO IS THE FSC AND WHAT DO YOU DO?

The Financial Services Council (FSC) is a peak body which sets mandatory Standards and develops policy for more than 100 membercompaniesinAustralia’slargestindustrysector,financial services.

Our Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers and financial advisory networks.

The financial services industry is responsible for investing more than $3 trillion on behalf of more than 15.6 million Australians. The pool of funds under management is larger than Australia’s GDP andthecapitalisationoftheAustralianSecuritiesExchangeandis the fourth largest pool of managed funds in the world.

WHY INVEST IN AUSTRALIA?

Australia is a stable and low-risk destination for investment, thanks to our resilient economy, dynamic industries, stable legal andpoliticalframework,andstrongtradeandcapitaltieswiththe world.

Australia has a diverse and highly skilled funds management industry, that invests both domestically and into global markets. The industry’s growth has been underpinned by the growth in domestic superannuation (pension) investment, with $AUD4.31 trillion in funds under management, up from $AUD3.81 trillion in June 2020.

WHAT ARE THE REASONS THAT GIVE INVESTORS EASE IN AUSTRALIA?

Australia offers a wealth of investment opportunities in resources and energy, defence, advanced manufacturing and space; digital technologies, agribusiness and food, health, and infrastructure. Our stable political situation and legal system, and resilient economy (Australia performed relatively better than most G20 economies coming out of the global financial crisis and COVID-19 pandemic) make Australia an attractive, low risk destination for investment.

WHAT ARE SOME CURRENT POLICY SETTINGS CAN YOU TELL OUR READERS ABOUT?

The FSC supports policy setting principles that enhance market integrity and efficiency, promote sound corporate governance practices and maintain and increase consumer confidence in the funds management industry.

Asanexample,in2022theAustralianGovernmentestablished the Corporate Collective Investment Vehicle (CCIV) regime. A CCIV is a new type of company for investment managers, which is limited by shares. A CCIV is an umbrella investment vehicle that is comprised of one or more sub-funds (with segregated assets and liabilities referable to each sub-fund) and is operated by its single corporate director.

The CCIV framework offers an opportunity to showcase Australia’s investment expertise and grow the funds

management sector, as a key contributor to Australia’s GDP and as an export industry.

WHAT WEALTH MANAGEMENT EXPERIENCE DOES THE FSC OFFER?

In the wealth management sector, the FSC’s mission is to assist our members achieve policy setting principles that:

• Enhance the effectiveness, efficiency and adequacy of the superannuation system

• Maintain and increase consumer confidence in superannuation and fund managers

• Improve levels of engagement and financial literacy

• Promote competitive neutrality and competition in the industry

• Engender trust and confidence in the financial advice profession

• Place the interests of consumers first.

Wedothisbycontinuouslyengaginginadvocacyconcerning the development of the social, economic and regulatory framework in which our members operate, thereby helping them to better serve their clients and customers.

The FSC also focuses on assisting members with regulatory

compliance, by bringing together industry experts to resolve common regulatory issues and reduce the cost of implementing regulation.

HOW DOES THE FSC INNOVATE?

The FSC’s focus is to lead public policy debate for the benefit offinancialservicesconsumersandsupportourmembersas they innovate and grow their business to better serve their customers.

In the funds management space, the FSC is developing new artefacts to help the industry innovate and strengthen its compliance processes, including preparing a CCIV Constitution template for industry to use in preparing documentationfornewCCIVstructures.Providingatemplate CCIV Constitution for use by both new market entrants and established funds will allow our members to save on legal and transactional costs.

The FSC also developed Target Market Determination templates to help members comply with the Design and Distribution Obligations reforms. These templates have become the industry standard and have reduced costs for membersbycreatingindustryconsistencyandacompliance baseline.

HOW DOES THE FSC DEAL WITH DIVERSITY, SUSTAINABILITY AND ESG? DIVERSITY

In 2021, the FSC developed the FSC Women in Investment Management Charter (WIM Charter). The WIM Charter was developed to provide members with practical tools and guidance to support greater gender balance within investment management teams. The FSC WIM Charter introduces accountability and transparency mechanisms to enable organisations to achieve their desired, selfnominated, gender diversity target within their investment management teams.

SUSTAINABILITY

TheFSChasadvocatedfortheneedforamandatoryclimate risk disclosure regime to enhance funds management members ability to manage climate risk in their portfolio and efficiently allocate capital when accounting for climaterelated risks and opportunities. The Australian government is currently undertaking a consultation process to implement a climate reporting regime for corporate Australia.

In 2022, the FSC released a guidance note on climate risk disclosure in investment management, which provides guidance to members on claiming net zero in portfolios, disclosing climate-related features in investment products and climate risk reporting.

The FSC believes that consistent sustainability disclosure obligations across corporate Australia will provide investors will confidence that Australian companies are properly considering the risk that climate change poses to their business and operations.

ESG

GiventheneedforgreaterindustrycertaintyinESGpractices, the FSC is developing industry guidance on product labelling andgreenwashing,whichwillbenefitconsumersinpromoting greater understanding and more efficient capital flows.

Greaterconsumerunderstandingandinvestorconfidencewill mean Australia is better placed to attract climate risk aware capital, take advantage of the technological and energy transition, and meet its emissions reduction commitments.

Sustainabilityasa strategicenabler

The recent turbulences in world affairs and finance have demonstrated the urgency of today’s major challenges. This has strengthened Julius Baer’s ambition to empower clients, employees, and broader stakeholder groups to have a positive impact.

The past 18 months have been challenging for the wealth management industry and its clients. In early 2022, war broke out in Europe for the first time in decades, geopolitical tensions rose, and inflation spiralled in economies across the world, contributing to increasing cost of living for most. While the effects of Covid-19 on our daily lives have significantly abated, the pandemic has left its mark in different sectors and across global supply chains. At the same time, extreme weather conditions are becoming increasingly frequent, illustrating existential issues for humanity such as climate change and inequalities, which have vital impacts not only on the environment but also on society.

To contribute to tackling these issues, Julius Baer follows a holistic approach to sustainability, which we continue to embed across our business. To understand current sustainability issues that may inform financial risks as well as our possible impact on society and the environment, we conducted a new materiality assessment in 2022. The

16 issues identified as most material to our company, with ‘climate change and low carbon’ as the most important issue in particular, broadly confirmed our sustainability strategy and provided insights into how we can further develop it. Addressing the overuse of natural resources and the underuse of human resources, our global sustainability strategy is a key enabler of our strategy for the new 2023–2025 cycle. As we aim to create value beyond wealth for our clients through responsible wealth management, we want to fulfilourobligationsasaresponsiblecitizenatthesametime.

As a wealth manager, it is crucial that Julius Baer provides its clients with all the credible information they need to make their own educated decisions and align their financial choiceswiththeirpersonalvalues.Notonlyhaveweidentified sustainability as a growth and business opportunity, but it is also an excellent conversation starter, particularly as we aim to build bridges across generations. When our clients begin their sustainability journey, the starting point for us is always

to identify what matters to them personally. Empowering our clients for positive impact goes through responsible wealth management. In this area, we offer an ecosystem that starts with products and solutions but reaches beyond to incorporate our proprietary ESG investment rating methodology and sustainability portfolio reporting, our thematic research, and our activities in building up and fostering our client community and sharing knowledge on ESG matters.

2022 saw a significant expansion of the ESG investment rating methodology, whose rigorous scoring system covers bonds, equities and funds, and generates theme scores to classify them according to their ESG performance. To create connections, we bring together like-minded clients particularly interested in sustainability with thought leaders, entrepreneurs and innovators. Hence, we built up our Sustainability Circle client community, organising events based on our Next Generation research themes, such as the circular economy or low-carbon in 2022. In the first half of 2023, we took the community to the global stage through events in São Paulo and Singapore, which focused on the crucial topic of future mobility.

Tosupportalltheseactivitiesandtoprovidethebestservices to our clients, we give our employees access to education opportunities. As a part of these efforts, we created the Sustainability Ambassador community. The community consistsofover200seniorrelationshipmanagers,investment advisors and portfolio managers, and is being further expanded. Prospective Ambassadors enrol in a two-day specialist sustainability training. We also recently conducted education sessions for client-facing employees dedicated

to regulatory developments in sustainable finance, and we continue to offer education opportunities to all staff through an e-learning module on sustainability, as well as dedicated sessions on the topic in the context of our broader efforts to promote knowledge on ESG topics.

These training activities are just one example of how responsible wealth management is intertwined with our activities as a corporate citizen. While ethical business conduct and risk management lay the foundation for our business activities, we aim to be an employer of choice to attract the best talents and provide services to our clients with care, passion and excellence – our corporate values. A particular focus over the past 18 months has been on our climate strategy. As part of this strategy, we have defined net-zero emissions targets for our own operations as well as for our treasury, lending and mortgage books. Putting our wordsintoaction,wehaveconsiderablyreducedgreenhouse gas emissions from our own operations in comparison to our base year 2019. Additionally, we defined a stewardship strategy, encompassing voting and engagement, to enter a structured dialogue on climate actions with companies that we and our clients are invested in.

It is more important than ever to focus on proposing true responsible wealth management to our clients and act accordingly as a responsible citizen. The implementation of sustainability and ESG across business, citizenship and reporting activities is complex. Nevertheless, by working together with our key stakeholders – be it clients, employees, investors, peers, legislators or NGOs – we are convinced that we can contribute to achieving our common goal of tackling climate change and inequalities.

AboutJuliusBaer

Julius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients. In all we do, we are inspired by our purpose: creating value beyond wealth. At the end of 2022, assets under management amounted to CHF 424 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Leader Index (SLI), comprising the 30 largest and most liquid Swiss stocks.

Julius Baer is present in over 25 countries and around 60 locations. Headquartered in Zurich, we have offices in key locations including Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv and Tokyo. Our clientcentric approach, our objective advice based on the Julius Baer open product platform, our solid financial base and our entrepreneurial management culture make us the international reference in wealth management.

For more information visit our website at www.juliusbaer.com

ESG is more than ticking boxes. It’s about making a differencefor your business and our world. Creating sustained outcomes that drive value and fuel growth, whilst strengthening our environment and societies.

NormanVilaltaBespoke Shoemakers

In the age of mass production and fast fashion, there are very few designers in the world of shoes who go against the grain and find a happy medium between old-world artisanal craft and modern-day machinery. In sunny Barcelona, shoe aficionados seek out Norman Vilalta, a hidden gem known for his savant level design, quality craftsmanship and quirky personality.

Norman’s background is a unique one. Born and raised in a working-class family in the Patagonia region of Argentina, he initially followed a more traditional route of success, achieving higher education in Buenos Aires and landing a cushy position as a corporate lawyer.

It wasn’t until the age of 31 that Norman realised that there was something more meaningful missing from his life. He desired a creative component to his career. He had an

interest in shoes, but unlike the world of law, there was no clear route to get there.

In 2002, Norman made the bold decision to move halfway across the world to Florence, Italy, to pursue shoemaking the traditional way by hand. It was here in Florence that Norman learned the art of shoemaking under a couple of well-known bespoke shoemakers including the late Stefano Bemer. Here he learned every step in making a shoe, from hand-lasting to hand-welting to outsole stitching by hand to design, patternmaking, and hand-finishing.

It was Bemer who told Norman that “artisans have to be ortolani”, meaning artisans have to be farmers who work outside the castle walls. In other words, you must remove yourself from your comfort zones to add something new to thetrade.NormantookBemer’sadvicetoheartandhechose

the cosmopolitan city of Barcelona as his headquarters. While Barcelona wasn’t known for shoemaking like some of the more mature markets in London, Paris, or Florence, Spain has a deep history of shoemaking and speaking the local language helped Norman navigate a new country.

In Barcelona, Norman perfected his craft, developed his own sense of style which balanced the elegance and design lines of French and Italian with the durability of the English. It was this special blend that caught the attention of the shoe aficionados from around the world. Soon enough Norman found himself approached by celebrity chefs, film directors, members of the royal families of Europe and other members of the elite for his bespoke shoes.

After 10 years of working exclusively in Bespoke, Norman decided that it was time to reach a larger audience. Norman took a year off to apply the knowledge that he gained from working with clients on bespoke shoes to engineer his own ready-to-wear lasts. Understanding the peculiarities of feet, he was able to develop shoe lasts that were able to fit a wide

range of people well.

In 2015, Norman launched the Condal Collection, his Goodyear-welted, ready-to-wear line which delivers fitted lasts, high-quality leathers from the top leather tanneries in Europe and importantly, unique designs. Since Norman knew that he didn’t want to launch just any ready-to-wear collection, every design has some exceptional detail or story that makes it special.

The Decon Chelsea Boot, Norman’s flagship model, has become a collector’s item among shoe aficionados for its design. The boot blends the sophisticated style of a Chelsea Boot with the functionality of a derby. The two eyelet facings complement the elongated vamp and chiselled toe box of the boot beautifully, and the colourful hand-made patinas are head-turning.

For a weekend away on the slopes or outdoors, Norman developed the Borcego Boot, the more rugged boot of his collection. Like a luxury SUV, the Borcego balances more

technical details with elegant design. D-ring eyelets deliver fast and easy lacing, heel stabilisers offer better support on uneven surfaces, and the Vibram Gumlite Commando Sole offers cushioning that will keep your feet comfortable all day long.

When challenged to do something interesting with pebble grain leather by friends at Leffot, the leading luxury footwear retailers in New York City, Norman developed the 3D Patina for his Derby Simple Shoe. The patina utilises different layers of colour on the grain calf to deliver a 3D effect on the shoe.

Over the years, Norman has also taken a more personal approach with clients for some of his designs. For example, the Boulevardier was named by one of his clients in New York City, who worked with Norman to select the combination of upper leather and sole and give the boot its name.

Every pair of Norman Vilalta’s Condal Collection is handfinished before delivery, an artisanal process that is uncommon among ready-to-wear shoes. This labourintensive process includes the use of fire, iron tools, sandpapers, inks, waxes, and creams to achieve a bespoke quality finishing that takes each artisan between 3 to 6 hours per pair. New styles of the Condal Collection are released monthly in small batches, so there is always something fresh to look forward to.

In addition to the Condal collection, earlier this year, Norman re-launched his 1202 Heritage Collection, his ready-to-wear collection that is completely made by hand. After the softlaunch with Hugo Jacomet of the Parisian Gentleman in 2018, Norman took a unique approach with this line by limiting the amountoforderspermonthdependingonthetightcapacity of his highly sought after bespoke line.

Each pair of the 1202 Heritage Collection is hand-lasted, hand-welted, outsole stitched by hand by Norman and his team of artisans in Barcelona and has the quality and handfinishing of Norman’s bespoke shoes. The line fills the gap for the majority of clients who don’t necessarily need to go bespoke since they can fit Norman’s carefully engineered ready-to-wear lasts, but want an exclusive shoe that is completely made by hand.

Next year, Norman will be celebrating the 20th anniversary of shoemakingandhepromisestohavesomespecialsurprises lined up.

EgyptianBankingInstituteMENAlighthouseforbanking sectordevelopment

TheEgyptianBankingInstitute(EBI)wasestablishedin1991by the Central Bank of Egypt (CBE) to act as its official training arm with a vision to be the preferred partner for developing the human capital of the banking ecosystem in Egypt, and the lighthouse for banking sector development across strategic African and Arab countries, through mirroring the latest international banking trends.

The unique blend of the Board of Directors, headed by the GovernoroftheCentralBankofEgypt,H.E.Mr.HassanAbdallah, sets EBI in a leading position. EBI’s Board is composed of 8 membersconsistingofbank’schairmenandindustryleaders possessing a high-level of diversified expertise.

Crowning the continuous organizational commitment for quality training and adherence to international quality standards,in2009EBIwasthefirstaccreditedfinancialtraining institute in Egypt and the MENA region by the Accrediting Council for Continuing Education and Training (ACCET) for five years. EBI succeeded in obtaining reaccreditation for 2

moretermsendingin2024.Inadditiontothis,EBI’sInteractive Distance Learning (IDL) instructional methodology and e-learning programs has been also accredited by ACCET in 2021.

In 2021 EBI has been chosen as the “Best Financial Training Institute in MENA Region” by Capital Finance International (CFI) for its commitment to offering state-of-the-art quality training solutions and adherence to international quality standards; keeping in line with the latest industry international best practices & amplifying EBI’s activities to support African banking sector human capital development. CFI is a print journal and online resource reporting on business, economics, and finance headquartered in London.

In 2022, EBI has been awarded the “Best Companies Award” at the Education 2.0 Conference as part of its prominent role in the field of financial and banking training for reforming and improving global education. The award’s selection criteria included meeting Industry Reputation, Innovation in Education and Training Methods, Financial Status,

Competitiveness, and Management Strength. EBI has also beenawardedthe“BestFinancialTrainingServiceCompany” by International Finance at the 10th Annual International Finance Awards as an acknowledgment of EBI’s corporate excellence & contribution to the development of the human capital of the banking ecosystem in Egypt & Africa through offeringstate-of-the-artqualitytrainingsolutions,inaddition toitscommitmenttorecognizingindustrytalent&leadership skills. EBI continues to develop its training programs to stay abreastwiththetechnologicalandtrainingtrendstosupport the development of human capital in the banking sector in Egypt and in Africa.

Withamandatetodevelopthehumancapitalinthebanking sector, EBI excels in providing state-of-the-art training solutions in line with the latest industry international best practices in areas of banking, management, leadership, information technology, and SMEs. In 2015, EBI expanded its offerings by launching a diversified portfolio of Assessment services and partnering with leading international providers, with a goal of availing various assessment tools for the purpose of recruitment, promotion, or development. EBI also provides a wide range of diversified activities and services to disseminate knowledge and raise awareness on the latest industry trends.

EBI takes pride in its continuous efforts to amplify its activities across the African continent with a goal to support the African banking sector human capital development. Under the auspices of the Central Bank of Egypt, EBI provided its

training services in 44 countries with more than 4000 African traineesandtakesprideinitspartnershipwithleadingAfrican banking institutes to enhance knowledge sharing across the continent.

As a community responsible institution, EBI’s CSR activities evolved throughout the years focusing on financial literacy and supporting people with special needs. Shaping the Future initiative was launched in 2012, under the auspices of the Central Bank of Egypt to spread financial awareness and enhance people’s capability to manage their finances, understand and use different financial services and thereby contribute to financial inclusion. In 2020 Basira initiative was launched to facilitate the studying process for visually impaired students. In 2021 EBI launched Etaha initiative to support creating a diversified working environment and act asalinkbetweenpeoplewithspecialneedssearchingforjob opportunities and the banking sector.

TakafulMalaysia

The prevailing need of Malaysians for a Shariah-compliant alternative to conventional insurance inspired the development of the takaful industry in Malaysia in the early 1980s. Following the recommendations of a special Task Force established in 1982 to study the viability of establishing an Islamic insurance company, the Takaful Act was enacted in 1984. As a result, Takaful Malaysia or formally known as Syarikat Takaful Malaysia Keluarga Berhad, the first takaful operatorinMalaysia,wasincorporatedon29November1984.

Since its inception over three decades ago, Takaful Malaysia has experienced rapid growth and transformation. Despite operating in a challenging market environment due to the normalisation of the economy as business and social activities resumed post-pandemic levels, Takaful Malaysia sustained its business operations to close the financial year 2022inasurpluspositionanddeliversustainableshareholder value.

Takaful Malaysia posted a record-breaking operating revenue of RM3.765 billion, higher by 18% for the financial

year ending 31 December 2022, compared to RM3.179 billion in 2021. Its record-breaking operating revenue was mainly attributable to higher family and general takaful business sales. Takaful Malaysia recorded a substantial increase of 14%initsprofitbeforezakatandtaxtoRM500.0millionin2022, compared to RM438.7 million in the previous financial year, mainly due to higher net wakalah fee income.

Takaful Malaysia’s family takaful business generated gross earned contributions of RM2.177 billion, which rose 15% compared to RM1.887 billion in 2021, attributable to higher sales from credit-related products. Its general takaful business recorded gross earned contributions of RM1.026 billion, increased by 17% in 2022, compared to RM878.7 million in 2021, mainly attributable to the fire and motor class of business.

Solid financial fundamentals and strong operational resilience have supported Takaful Malaysia’s market leadership, enabling the takaful operator to continue with good business performance post-pandemic to support

its growth strategies and expand its market share. Takaful Malaysia continues to leverage its leading market position in credit-related and general takaful business segments, develop advisory family takaful business and focus on retail market expansion to provide Malaysians with greater access to comprehensive and affordable protection solutions, ranging from general to family takaful products and has been providing takaful solutions and financial security to more than 3 million customers.

Theestablishedcorebusinessesinthebancatakaful,treasury, employee benefits and general takaful business segments continue to set a solid foothold of Takaful Malaysia’s market presence to expand its market share and strengthen its leadership in the local takaful industry. Furthermore, given the increasing demand for takaful products and the vibrant marketenvironment,TakafulMalaysiafocusesonpenetrating themarketfurtherandcapitalizingonbusinessopportunities.

With a portfolio of family and general takaful businesses, multi-channel distribution capability, strategic partnerships,

customer-centric products and services, strong digital capabilities and brand equity, Takaful Malaysia is committed to helping people achieve their ambitions of a brighter and financially more secure future. Despite the uncertainties in the current economic environment to support business expansion, Takaful Malaysia remains vigilant and cautious in maintainingitsmarketshareandmanagingbusinessgrowth in 2023.

Takaful Malaysia incorporates sustainability in its business strategy and sets standards and frameworks to enhance its risk management and increase brand value and reputation. In addition, Takaful Malaysia establishes standards and guidance to provide reliable sustainability disclosures and reporting for improvement and transparency in conducting itsbusiness.TakafulMalaysiamanagesitsoperatingfootprint to minimize the impact of business operations to preserve the environment for future generations and meet the needs of its stakeholders.

Takaful Malaysia is a constituent of the FTSE4Good Index

Series following the FTSE4Good Index Series December 2022 review. In its continued efforts to improve financial performance, Takaful Malaysia is committed to adopting the environmental,socialandgovernance(“ESG”)principlesand recognizing the importance of ESG in its business operation. Takaful Malaysia focuses on creating long-term stakeholder valuebyimplementingstrategiesthatemphasizetheethical, social, environmental, and economic dimensions of its business.

Products and services offered by Takaful Malaysia, including itsbusinesspracticesandstrategies,arealignedtogenerate a sustainable impact on the economy, community, and environment. As a leading takaful operator, Takaful Malaysia is committed to adopting sustainable practices as part of its business strategy to operate efficiently and increase its growth curve.

Implementing “Impact Investment” and integrating ESG in its investment evaluation for equity and corporate Sukuk, Takaful Malaysia systematically uses environmental, social and governance data in investment decision-making, especially for two key asset classes, equity and Sukuk. Additionally, Takaful Malaysia identifies and evaluates profitable investment opportunities with a specific social or environmental impact by generating financial returns commensurate with the risks.

Committed to adopting sustainable practices as part of its business strategy to operate efficiently and competitively, Takaful Malaysia continues to be vigilant and prudent in managing operating costs, business growth and the risk profile of its business portfolios. Takaful Malaysia’s strategic direction is to diversify its business portfolio and ensure future sustainable business to complement its existing core businesses.

Staying competitive in the local takaful industry, Takaful Malaysia will continue to capture the next wave of growth and propel its leading position to maintain a strong foothold in the family takaful business, expand its general takafulbusinessandseizemarketopportunitiestogrowits business in the years to come. As a pioneer in the takaful industry,TakafulMalaysiaemphasizesbuildingalong-term sustainablebusinessindeliveringvaluetoitsshareholders and meeting the protection needs of customers.

KEY HIGHLIGHTS OF TAKAFUL MALAYSIA

• Achieved a new milestone with a historical record of RM3.3 billion in total gross contributions and RM500 million profit before zakat and tax in 2022

• Leading family takaful operator with a 21% market share in the family takaful business

• Second largest general takaful operator with a 25% market share in the general takaful business

• A constituent of the FTSE4Good Index Series following the FTSE4Good Index Series December 2022 review

• Winner of the Highest Growth in Profit After Tax Over Three Years (Financial Services Sector) Award - The Edge Billion Ringgit Club Corporate Awards 2022

• Voted the Most Outstanding Company in Malaysia (Insurance Sector Category) – Asiamoney Asia’s Outstanding Companies Poll 2022

• Recognised as Graduates’ Choice Award (GCA) Most Preferred Graduate Employers to Work For in 2022 by Talentbank

• Awarded as one of HR Asia’s Best Companies to Work for in Asia in 2022 – Insurance (Malaysia Edition)

Knowledgeabout impacthaseffects onsociety

SUSTAINABLE INVESTMENTS HAVE BEEN A GROWING FOCUS AREA FOR A LONG TIME, ESPECIALLY FOR INSTITUTIONS AND FOUNDATIONS, AND NOW

WE ARE SEEING GROWING INTEREST AMONG RETAIL INVESTORS, TOO. THIS IS ESPECIALLY APPARENT AMONG THE YOUNGER GENERATION, WHICH SETS GREAT STORE BY ESG METRICS IN THEIR INVESTMENT DECISIONS

Carnegie is the advisor that has participated in the highest number of initial public offerings on the European market in recent years. In 2021, which was one of the most active years in history, Carnegie broke all records by participating as an advisor in 111 ECM transactions. Sustainability has become increasingly important for investors, and Carnegie has worked with many clients to integrate sustainability goals into their overall strategy when looking for investors. Lena Österberg, Head of Sustainability Strategy & Advisory supports Carnegies clients with their work to align strategy with ESG related topics and goals ahead of the company’s IPO.

Lena explains the importance of involvement in every aspect of a company’s work, from capital raising and market listing to the research process: “We come in early in a process to educate about sustainability and governance, review how well the strategy aligns with sustainability goals and the impact on various stakeholder groups. Ahead of every IPO, we provide advice on the the sustainability sections to identify both risks and opportunities. After the IPO, we continuously track how companies are delivering on their sustainability targets and provide relevant and reliable data to investors.”

In parallel with the increased interest, several new regulations related to corporate reporting and disclosures have begun to take shape, including the EU Corporate Social Reporting Directive (CSRD). The directive will be applied from 2024 to large companies currently required to issue sustainability reports and from2026forlistedsmallandmediumsizedcompanies. ”It is also good that many small and medium cap companies are given a bit more time to comply, as comprehensive disclosures are going to be required to make it possible to revise the sustainability report and include it as part of the board of directors’ report” says Lena Österberg

“ The new regulations are incredibly positive for our industry and are going to make it easier to analyse and compare companies”

The demand for ESG advisory continues to grow and Carnegie works proactively with initiatives to increase knowledge in the area, both internally and externally.

“We advise clients about how the EU Taxonomy and other ESG related regulations are affecting demand in the market or their planned transactions. For example, clients intending to list a company on the stock market are stepping into a new world of requirements and expectations related to sustainability. They need advice on matters including ESG, where we have the strong knowledge”, says Tony Elofsson, CEO of Carnegie.

“Knowledge about the impact of capital allocation has grown and more investors want to understand and influence the effects on society which will have a substantial impact in the long run,” says Lena Österberg. “Sustainability and ESG aspects are included early in the process leading up to an IPO, both as part of the research and our assessment of the company.”

Carnegie Sustainability Award

Since 2019 Carnegie has awarded companies for their sustainability work with the purpose of shining a light on sustainability metrics that create shareholder value and presenting good examples to inspire companies and investors.

“Companies with ESG integrated into their business models and with ambitious sustainability targets continue to capture investor interest. Several new regulations aiming for market transparency will impact investor decisions even more in the future and make companies like the winners of the 2023 award attractive investments,” says Lena Österberg, Head of Sustainability Strategy & Advisory.

“The winners of the 2023 award; Novo Nordisk, AF Gruppen and Kempower are good examples of companies that are not only successful in integrating sustainability in their business model, but they have also shown a high ambition to make a positive impact and reduce their environmental footprint,” Österberg continues.

Read more about the award https://www.carnegie.se/nyheter/novonordisk-af-gruppen-and-kempower-winner-ofcarnegie-sustainabilityaward-2023-2/

TheTrustrevolution: WPSadvisorypaving thewayfortrustworthy financialadvice

For a long time the word trust has not been synonymous with financial services or financial advisers.

So how important is receiving an award which focuses and rewards the rebuilding of trust between an industry and consumers.

Trust, in our view, needs to become the new benchmark in our industry. It needs to be earned over time by means of hardworkinconsistentlyunderstandinganddeliveringtothe consumer’s needs.

INFORMED DECISIONS

Now,thereisaveryimportantpointhere: thisisnotthesame as essentially planting loaded questions to sell a financial

product. Instead it is by building an advice programme that records the consumer plans and objectives, their needs and wants, in their own words then delivers to these objectives in a secure environment.

Working in this way helps us to learn how the consumer communicates, allowing us to talk to them in a way they understand.

The key to all of this is that in our view the expectation of what a financial adviser has to achieve has been sadly misunderstood. Simply providing a Personal Recommendation (Advice) was never the true requirement, the true requirement was the ability to evidence an informed choice, with a clear understanding demonstrated by the

consumer as to how they would achieve their objectives, importantly the risks they will be taking.

BUILDING A NEW WAY: “WHO AM I”

Our innovative and groundbreaking “Who am I” advice programme is designed to evidence informed decisions.

This programme does not simply seek to ensure the consumer can set out their plan, the reasons for their plan, it is constructed in a way which ensures right at outset we can measure the individuals:

• Experience

• Financial sophistication

• Understanding or risk

• Communication style

Animportantaspectofanyadviceprogrammeisthetesting, ensuring the consumer can arrive at a conclusion as to whether their plans are realistic and achievable, in particular our programme ensures the individual not only understands the risks they are taking, but can evidence they are capable of seeing those risks emerge, make decisions in their own right: in managing their money.

Itisnogoodiftheplansreflectourknowledge,ourvaluesand our understanding as advisers as the first time an individual makes decisions, sometimes even without realising, then the plan will fail.

CREATING ACCESS TO ADVICE

We have consistently referred here to consumers. This is because when deciding we wanted to create change, we wanted to work with regular people who in our view were not supported by the financial advice and financial services sector.

We had to find a way of creating access to advice for regular people and to do so in a way which clearly demonstrated value for money.

ADVICE VIA THE WORKPLACE AND PENSION SCHEME

To achieve this, we engaged both directly and indirectly with employers and pension scheme trustees and set out our belief that a firm could be genuinely trusted to deliver advice via the workplace and / or the pension scheme.

Todevelopthismarketwehadtosetoutastrongproposition showing how we could help employees and scheme members,includinghowwewoulddelivervalueformoneyto the following stakeholders:

• Employers

• Trustees

• Their advisers

• Consumer representatives, including trade unions.

Each of those parties had a natural cynicism based on historic experience.

Wesaidwewantedtoprovideaccesstotrusted,highquality, valueformoneyfinancialadviceandweshowedexactlyhow we would do this, right down to seeking to change the way people pay for advice.

OUTCOMES

We sought to deliver this advice in the most complex and highly regulated area, engaging now with over 100,000 consumers.

Wehaveappointmentstoprovideaccesstoadviceviasome of the largest employers and pension schemes in the UK.

GOVERNANCE FRAMEWORKS

To obtain these appointments we had to undergo significant diligence right at outset, and on a regular basis. This can include independent assessments of advice, examination of our regulatory status, reporting against service levels and

provision of consumer feedback via our agreed Customer Service index.

At all times we prioritise the needs of the consumer, no third party is allowed to influence our advice, or our relationship with the consumer. On the one occasion dialogues headed in this direction, with a third party seeking to influence our programme we resigned the appointment. That was not easy, this was a world renowned name.

Earning trust is not easy and nor should it be. You have to stand tall when tested and be prepared to hold your ground to deliver the changes you have promised.

INVESTMENT AND SUPPORT: IT IS ABOUT MORE THAN WORDS

Wesetoutonthismissionin2015andtodaywearerecognised as the leading firm in our specialist segment.

But we did not do this on our own.

The work we do, it has to be backed by real and tangible

financialstrength. Ifwemakemistakeswehavetobeableto ensure the consumer is protected.

Wesoughtbackingforourproject,ourwishtocreatechange in the world of financial advice. That support was not easily found.

Ultimately we were backed and remain backed by Nigel Green and deVere Group. They believed in what we wanted to achieve and they have backed us all the way, providing support whenever we have asked, without ever trying to influence the way we work.

Sometimes, given the market influence and reputation we have established in the last eight years our parent company get over-excited when we achieve positive results, surely that is reasonable, it is their money and support which have allowed us to engineer genuine and positive change.

THE FUTURE

We are not finished yet, there is more to do. We have a

generation of consumers who need help more than ever due to the death of defined benefit schemes and much lower pension savings. In late 2023 we will launch our Life-stage AdviceStrategiesproposition,makingadviceaccessibleona value for money basis to even more consumers.

Todothisweneedtocontinuetoevidencewecanbetrusted, toreceivethisawardasgenuinerecognitionofoureffortswill help.

Recognitionof Excellence:deVere Investmentwins BestInvestment Groupaward2023

Acknowledgement and accolades for deVere Investment’s exceptional performance is a testament to its hard work, strategic acumen, and collaborative efforts of the team.

WinningtheBestInvestmentGroupAwardisarealachievementthathighlightsthecompany’s ability to navigate the complexities of financial markets and consistently deliver outstanding investment advice, which sets the award-winning investment group apart.

At the heart of this successful investment group lies visionary leadership from Nigel Green, the CEO and founder of deVere Group, who was also the recipient of this year’s Financial CEO of the Year award.

He says: “Since I established the organisation in 2002, after entering financial services in my late teens, we’ve grown to become the world’s largest independent financial advisory, asset management and fintech organisation, with more than 100 legal entities around the globe, including deVere Investment.”

“Naturally, a CEO cannot achieve success alone. As such, I accept the Financial CEO of the Year Lifetime Achievement award on behalf of all our team members around the world. I would never win accolades such as this, and deVere wouldn’t be where it is today, without their dedication, drive and skill.”

“This award serves as a testament to our collective efforts and the strong relationships that we’ve built over the years. I’m privileged to lead such an exceptional team and fortunate to be surrounded by such remarkable people.”

The deVere Investment leadership clearly cultivates a shared vision, setting clear goals and objectives for their teams. They foster an environment of collaboration, where diverse perspectives are valued, and team members work synergistically to achieve common goals. Effective leaders not only inspire and motivate their teams but also nurture talent,providementorship,andfosteracultureofcontinuous learning and growth.

“The highly talented team at deVere Investment is dedicated to providing clients with tailor-made advice, ensuring their financial ambitions are met with the utmost professionalism,” notes Mr Green.

“We utilise the latest technology and innovation to offer outstanding advice quickly and accurately. And, of course, our clients’ success is our over-arching priority.”

“We’re committed to building long-term relationships founded on transparency, trust and an in-depth understanding of client’s financial goals.”

The team adhere to a disciplined investment strategy that aligns with their clients’ long-term objectives and risk appetite. They develop robust investment frameworks that encompass asset allocation, diversification, and risk management.

This approach ensures that investments are made based on sound fundamentals and strategic considerations rather than impulsive reactions to short-term market fluctuations. Thetalentedconsultantscontinuallymonitorandreviewtheir clients’ portfolios, to optimise performance and maintain alignment with their investment strategy.

deVere Investment leverages technology to their advantage too, embracing advancements such as artificial intelligence and data analytics.

These technologies offer sophisticated tools for data analysis, portfolio optimization, and risk management. By harnessing the power of technology, the firm gains deeper insights, makes more informed decisions, and capitalises on opportunities that may not be apparent through traditional means.

“By delegating some tasks to AI, our investment advisors can put emphasis on providing personalised advice and nurturing stronger client relationships,” says the deVere boss.

The judges of the award for Best Investment Group acknowleded deVere Investment’s client-centric approach, meticulous research and analysis. They employ a combination of fundamental analysis, market research, and quantitative techniques to identify opportunities and evaluate risks.

By thoroughly understanding market trends, industry dynamics, and the financial health of potential investments, the consultants can give informed advice that maximizes potential for good returns and minimizes risk.

“The algorithms used can also process huge amounts of financial data and generate key insights more quickly. This means that as advisors we’ll be able to make more informed and accurate investment decisions based on real-time market trends, economic indicators, and clientspecific data.”

“But, as I have previously said, the risks are always checked by an advisor.”

“It’s no wonder I’m so proud we’ve been named Best Investment Banking Group 2023!”

He goes on to add: “The use of AI in financial advice may also present regulatory and legal issues. Compliance with existing regulations, such as data protection and consumer privacy laws, becomes crucial. I also foresee a need for new regulations and standards to address the specific risks and ethical considerations associated with AI within financial advice.”

In an era of increasing awareness and importance of environmental, social, and governance (ESG) factors, this award-winning investment group prioritises sustainable investing.

ItintegratesESGconsiderationsintotheinvestmentprocesses, evaluating companies based on their environmental impact, social responsibility, and governance practices.

By investing in sustainable businesses, deVere Investment’s clients not only typically generate financial returns but also contribute to positive societal and environmental outcomes. This approach not only aligns with responsible investing principles but also helps future-proof portfolios by considering long-term risks associated with sustainability issues.

As a wider organisation, the parent company has long been associated with responsible investing. In 2021, deVere Group joined global financial powerhouses in becoming a founding member of a new international alliance that is helping accelerate the transition to a net zero financial system.

The game-changing independent financial advisory, asset management and fintech organisation, alongside the world’s two largest credit rating agencies, six major audit networks, three leading index providers, and two global stock exchanges, launched the Net Zero Financial Services Providers Alliance.

Of the global alliance, Nigel Green comments: “This represents a critical step forward in the transition towards a net zero economy by major financial companies committing to using their resources and best endeavours to achieve their own targets.”

“Climate change is a defining issue of our time and we’re fully on board at all levels to ultimately reach a net zero future.”

“We’re proud to be working with a group of internationally recognised standard-setting organisations and play a pivotal part in an alliance that will make a real, measurable impact.”

TheBestInvestmentGroupAwardisrecognitionofexcellence in this highly competitive industry. The win required a combination of remarkable leadership, teamwork, rigorous research, disciplined strategy, embracing technology, and a focusonsustainableinvesting.Byembodyingthesequalities, deVere Investment is positioned as an industry leader.

Architas:Aspecialist multi-managerwitha focusonresponsible investing

Set up with just 10 employees in 2008, Architas now operates in 13 countries across Europe and Asia, with assets under management of €29.2bn as at 31st December 2022. Part of the AXA Group, Architas is an independently operating business unit of AXA Investment Managers (AXA IM), offering investingandadvisoryservicesacrossarangeofriskprofiles.

Retaining the agility and entrepreneurial spirit of a smaller company, Architas also benefits from the stability and leverage provided by being part of a worldwide leader in insurance and asset management.

Architas supports institutions and individual investors in achieving their financial goals, whether it is capital growth, income generation or wealth preservation, while sharing the AXA Group’s goals of contributing to a stronger and more sustainable society.

THE INVESTMENT PROCESS

With investment professionals based in Europe and Asia, Architas uses a multi-manager approach to investing, rigorously researching and building portfolios comprising funds run by asset managers, many regarded as experts in

their field. Quantitative and qualitative processes are used to identify funds in each asset class. This helps Architas to focusonthosemanagersdeliveringconsistentreturns.Italso looks for funds that complement each other and strike the best balance between risk and potential return.

All Architas portfolios are diversified across a wide range of sectors, geographies, and in some cases, asset classes. As each component fund will behave differently in varying market conditions, spreading investments in this way can helptoreducevolatilityexperiencedbyinvestorsandprovide smoother returns over time.

Once constructed, the portfolios are continually monitored. Allocations may be rebalanced to take account of any new opportunities or in response to changing conditions, while underperforming fund managers may be replaced.

A FOCUS ON RESPONSIBLE INVESTING

Architas recognises the impact, whether positive or negative, that companies can have on the world around them and consider it essential to ensure this is considered when makinginvestmentdecisions.Acrossallitsproducts,ESGdue

diligence is embedded in the fund and manager selection process. Funds not meeting these criteria are excluded from the investable fund universe.

By using its influence as a significant investor, Architas can help to direct investment flows into funds that demonstrate goodenvironmental,socialandgovernance(ESG)principles. It also engages with the managers of the funds thought to be at risk of falling short. This means that investors can be confident that even if they invest in an offer that does not have an explicit sustainable investment objective, the fund holdings in their portfolio will meet strict ESG criteria.

Architas also believe the inclusion of ESG factors when screening underlying managers adds an additional dimension of risk control and diversification for investors.

As a mark of its dedication, since 2018 Architas has been a signatory of the United Nations Principles for Responsible Investment (UN PRI). These are a set of six ESG linked investment issues that signatories incorporate into their investment decision making.

AN ENDURING COMMITMENT

As well as ensuring ESG considerations are incorporated in all their offerings, Architas provides dedicated sustainability focussed investments. It launched its first E.P.I.C investments (so called because it allows investors to make Ethical and Prosperous Investment Choices) at the beginning of 2022. This is an equity focussed portfolio, offering investors access to three megatrends: digital transformation, health & wealth and a sustainable planet. A multi-asset version was made available earlier this year.

These funds are classified as Article 9 under the European Union’s Sustainable Finance Disclosure Regulation (SFDR), meaningtheyhavesustainableinvestmentastheirobjective. Architas commits to having 100% of E.P.I.C. funds total assets (excluding cash) invested in Article 9 securities.

MatthieuAndré,CEOofArchitas,hasoutlinedhiscommitment to sustainable investing:

“At Architas, we are committed to sustainable investing and include ESG criteria in all our fund selection, looking to draw on the strength of both the AXA world and external asset managers. We’re also committed to ensuring that we are aligned to the overall AXA Group purpose of acting for human progress by protecting what matters. This unique position enables us to build stronger propositions for our clients.

The Architas E.P.I.C fund range provides investors with access to funds that specifically focus on sustainable investment objectives, ensuring their investments are being made in line with the highest regulatory requirements in sustainable investing, and showcases our continued commitment in this space.”

Victory Hill:Anew generation ofenergy transition investment firms

Victory Hill Capital Partners LLP is a firm that has been hitting above its weight since it launched officially in May of 2020. The firm, which now has 20 employees based in London, was founded by a team of financiers that operated together within Mizuho Financial Group, the large global Japanese ‘megabank’ and one of the world’s prominent energy financing institutions. Victory Hill’s activities are truly global and, in just three years since launch, the firm now manages a large portfolio of 29 sustainable energy assets operated throughfivejointventuresinAustralia,Brazil,theUnitedStates and the United Kingdom. The firm’s success and influence in energy markets stems from the highly experienced team that founded Victory Hill and have an average of 22 years of energy investment and financing experience. Throughout their careers, the firm’s executives have participated in some of the world’s most recognisable energy infrastructure projects in no less than 39 jurisdictions around the globe.

All of Victory Hill’s activities are focussed towards enabling the energy transition, by supporting independent mediumsized energy groups in their growth plans and channelling capital into champion companies that will help create a more sustainable global energy system.

The team has been well received with investors, by helping themnavigatethecomplexnatureofenergymarketsaround the world and understand where investment opportunities really lie in the energy transition. This success was no more evident then when the team launched their debut fund, VH Global Sustainable Energy Opportunities plc (ticker: GSEO),

by way of an IPO on the main market of the London Stock Exchange in February 2021. At launch, it was awarded the LSE’s Green Mark, acknowledging that most of its revenues derive from sustainable activities. The fund initially raised over £242mn of investor capital and, after a co-ordinated and disciplined initial deployment of the IPO funds, it raised an additional £190mn over two subsequent shares issues.

Todaythefirmmanagescirca£450mnandplanstocontinue its growth through the launch of Victory Hill Global Energy Growth Fund SCSp (GEG), a more typical private fund incorporated in Luxembourg. The firm is targeting US$500mn for GEG and has already identified a portfolio of 10 energy companies to constitute the portfolio. The GEG fund will be focused on medium-sized, renewable energy companies in North America and Europe that offer unique growth features andmaybestrongbuyoutcandidatesforthelargeindustrial energy groups.

A UNIQUE INVESTMENT PHILOSOPHY

To understand Victory Hill’s investment philosophy, one must first recognise the importance of the energy sector within the global economy. The energy sector is the second largest in the world economy after agriculture, and it is a sector for which the effects of climate change have led to devastating consequences financially and socio-economically.

As a result, the firm recognises the breadth and universal nature of challenges posed by climate change but equally acknowledges climate change impacts can vary across

different geographies and communities. Therefore, understandingacommunity’ssocio-economicdevelopment path, as well as its cultural and historical evolutions, helps inform how local communities shape and interact with their local energy markets. It is also important to understand the structural gaps that need resolving within local energy markets as they begin to shift towards a more electrified and sustainable system.

UNDERSTANDING THE DRIVERS OF THE ENERGY TRANSITION

Market fundamentals drive energy markets through supply and demand factors. An increasing world population has increased demand for power and electricity as one of the most preferred sources of energy, and the energy industry has been adapting business models and strategies in order to meet it. This fundamental demand shift has driven the growth of renewables and the growth of natural gas markets for use in power generation and transportation.

Large, often multinational, industrial energy companies have been changing their business models to adapt to this new and fast-growing demand for electrification. Industrial, commercial and personal consumption patterns have changed with the advent of new technologies and a more globalised process of modernisation, which has supported a global proliferation of this ‘electrification of demand’ trend.

Evidence suggests medium-sized companies constitute an overwhelming majority of the independent power producers

and development groups of newer energy infrastructure. The so-called ‘middle market’ in the energy sector has become a strong driver of innovation and change as the industry adapts to the energy transition process. While large utility scale renewable projects exist, more often renewable projects tend to be smaller in scale and do not attract the attention and investment of large energy multinationals. They are usually developed by the middle market. The speed of growth and proliferation of distributed generation aroundtheglobeisevidenceofthepredominanceofactivity of smaller scale renewable projects around the world. In its purest form, distributed generation is rooftop solar at commercial and industrial sites, as well as in residential properties. The co-location of renewable power sources that support independence from the grid system allows the energy transition to develop anywhere on the globe. This growth has, paradoxically, attracted the attention of large industrial energy groups which, according to Bloomberg data have been driving over 70% of the buyout activity in the energy sector for the last 20 years.

The process of energy market consolidation presents a huge opportunity for investors to capture a market that is still dominated by trade players and where return margins remain high due to the intrinsic barriers to entry that prevent generalist financial sponsors from participating in the sector. Specialised firms like Victory Hill help investors navigate the sector and can enable differentiated return sources for investors that are underpinned by a structural supply and demand dislocation.

CAPTURING AND DISCLOSING SUSTAINABILITY DATA

The International Energy Agency has identified three of the 17 United Nations Sustainable Development Goals (SDGs) as relevanttotheenergysector,theyareSDG3–GoodHealth& Well-Being,SDG7–Affordable&CleanEnergy,SDG13Climate Action.ThesethreeSDGsunderpinthesustainabilityplansand outcomesthatVictoryHillimplementsthroughitsinvestment activities. This SDG alignment will often be complimented by other SDGs relating to infrastructure participation or SDGs that address the way energy companies govern and manage their resources.

All investments that are made by the firm’s funds involve an impact plan that drives towards clear sustainability goal targets. These targets are facilitated by the alignment of investments with energy transition themes that drive the selectionofinvestments.Fromanenergymarketperspective, themes such as climate change, energy access, energy efficiencyandmarketliberalisationhaveunderpinnedVictory Hill’sthinkingwhenparticipatinginprojectsaroundtheglobe. At the same time, from a market participant perspective the themes of decarbonisation, decentralisation, electrification, digitalisation and commoditisation are in focus.

Victory Hill is meeting SFDR Article 9 disclosure requirements for the GSEO fund and it is intended to do so for GEG and all other future funds within the Victory Hill bench. The firm’s investordisclosuresoftengobeyondEUtaxonomyalignment

and Article 9 requirements. The firm measures the ‘Climate Value at Risk’ (ClimeVaR) of each investment made. It engagesincarbonpaybackperiodcalculations,investigates thecarbonlifecycleofsupplychainsandassessesthoroughly theselectionofsuppliersandsupplychainparticipants.Lastly, assessment of greenhouse gas emissions through Scope 1, 2 and 3 emissions are captured and reported. Environmental andcommunityreportsareundertakenforinvestedprojects.

Victory Hill’s sustainability capabilities are complemented by activeengagementatpolicy-levelthroughtheGlobalImpact Investor Network, the Net-Zero Asset Manager Initiative, adherence to the United Nations Principles for Responsible Investments and support for initiatives such as TCFD and the UN Global Compact.

“At Victory Hill, we want to change investor understanding of how to participate in the energy transition. We want to bring to light some of the complex relationships that exist within the energy sector. We want to help investors realise the breadth of complexities and opportunities that exist in energy around the globe and ultimately remind investors that, when such profound and rare structural change occurs, investors can potentially experience higher returns for what is comparatively lower risk than they perceive”.

Anthony B. Catachanas, Co-Founder and Chief Executive Officer, Victory Hill Capital Partners LLP

NordeaAsset &Wealth Management:

THE LARGEST PROVIDER OF PRIVATE BANKING, LIFE AND PENSIONS AND WEALTH MANAGEMENT SERVICES IN THE NORDIC REGION

Nordea is the largest financial services group in the Nordic region with extensive expertise based on 200 years in the bankingbusiness.TheAsset&WealthManagementbusiness area provides financial advice to high net worth individuals andcorporateandinstitutionalinvestors.Theextensiverange of savings products and services is offered through internal and partners’ distribution channels. The business area has branches and offices in 17 countries around the world, with some country offices also covering additional markets.

A CLEAR FOCUS FOR THE PRIVATE BANKING BUSINESS

In2022NordeaPrivateBankingmaintaineditspositionasthe largestprivatebankintheNordics.Continuedstrongbusiness momentum – in particular high levels of customer activity and acquisition – led to the second-highest ever net flows (EUR 4.6bn), despite a year dominated by macroeconomic uncertainty. The franchise remained strong and resilient across the four markets, and Nordea continued to support its customers with high-quality investment advice amid challenging market conditions.

The Private Banking business at Nordea has a clear focus: entrepreneurs and new wealth. Entrepreneurs are the foundation for wealth and growth in the Nordics and are thus an important wealth customer segment. Close collaboration across the business areas within Nordea ensures the best possible service for entrepreneurs and business owners and that their specific needs are addressed. By using the entire network of investors, brokers as well as legal and tax professionals, Nordea advises corporate customers on the aspects to consider when structuring a company. To strengthen the value proposition for ultra-high net worth individuals and meet increasing demand for high-quality advice,productsandsolutions,aNordicfamilyofficeoffering has been launched. The value proposition covers five main

areas: partnership, wealth advice, investment solutions, governanceandeasyliving.Nordeaalsopreparescustomers aged 18-35 for their future wealth with a Next Generation service.

RISK-ADJUSTED RETURNS KEY

The essence is to help customers manage their portfolios in a way that ensures good risk-adjusted returns and to offer diversified portfolios. Nordea advises customers on their current and future finances and investments and provides wealth planning as well as everyday banking services.

Following years of extensive work by Nordea on its product strategy, customers now have access to world-class investment products through Nordea Asset Management and selected third-party providers. Customers can also take advantage of strategic and tactical asset allocation advice through a large universe of model portfolios, all tailored to customer needs independently of portfolio complexity, sustainability preference or risk tolerance.

Over the past decade, customers have benefited greatly from Nordea’s alternative product range, which includes hedge funds and illiquid private assets managed by Nordea Asset Management and preferred partners.

Nordea’s structured process, based on each customer’s unique needs and expectations, provides the greatest added value for customers, for example through our award winning discretionary solutions. To help customers achieve good riskadjusted returns on a well-balanced portfolio using stateof-the-art tools, Nordea creates a strategy for the individual customer’sentirebalancesheetandconstantlyillustratesthe expected risk and the expected return.

RESPONSIBLE INVESTMENTS

Having sustainability at the core is part of Nordea’s strategy and is reflected in its ambitious sustainability targets to reduce carbon emissions by 40-50% across investments and financing by 2030. It is also reflected in Nordea’s products as well as its advisory model (where sustainability has been integrated since 2019). In 2022 Nordea enhanced its advisory model to meet new regulatory requirements and increased transparency by integrating sustainability and sustainabilityrelated product information in its advisory tools and documentation.

Nordeahasabroadsustainability-linked/focusedinvestment offering that caters to different customer risk profiles and sustainability preferences. Nordea’s solutions also meet customers’ preferences regarding how much they wish to be involved in their investment decisions. For example, they can build their own tailored fund portfolios or opt for discretionary solutions. Nordea has partnered up with external ESG data providers to monitor the offering and increase the range of services.

Nordeapursuesanactiveengagementmodel,wheretheaim isfor80%ofthetop200emitterstoeitherbe“Parisaligned”or subject to active engagement to be aligned by 2025.

Nordea Private Banking Finland is the leading private bank in Finland, with a market share of approximately 36%. Nordea Private Banking Norwaymaintaineditsstronggrowthtrajectoryandsecuredtheleading market position in Norway for the first time, with a market share of 25%. In 2022 Nordea Private Banking Sweden delivered a solid business performance and grew its total market share from 13% to 15%, the only universal bank to grow its market share in 2022. Nordea Private Banking Denmark continued to deliver solid results despite challenging market conditions.

BIAT Retrospective

BIAT has been implementing its strategic projects. The consolidation of itsfinancialperformanceatteststothestrongdevelopmentmomentum of its strategic projects, its prudent risk management policy, its cost control, the consolidation of its sound and visionary governance and the daily commitment of its employees to achieving these objectives.

A solid and resilient bank, BIAT has maintained a growth trajectory across all its business lines. By leveraging the skills of its experts, taking advantage of technological advances and anchoring social responsibility at the heart of its strategy, BIAT aims to achieve dynamic and sustainable growth.

The bank’s corporate governance system has been updated to adapt it to the various organizational changes and in line with best managerial practices. Aligned with international best practice, the new system is designed to ensure that the bank is managed efficiently and operates optimally to achieve healthy, secure growth. It also instills solid policies in terms of ethics and good conduct, which are the foundation of the bank’s sustainable performance.

The transformation of the bank’s business lines, with the reorganisation of its corporate and investment banking activities and the installation of its new dealing room, has enabled it to broaden its range of financial products and services to better support its customers. The new dealing room meets international standards. Thanks to specialised talent, cutting-edge technology and a modern layout, BIAT’s

new dealing room supports its customers by analysing their needs and proposing optimal financial solutions.

BIAT has also continued to implement its digital transformation project, which is bearing fruit in terms of customer engagement and product innovation. It is constantly rolling out new functionalities with the aim of becoming the benchmark digital bank. Following the launch in 2021 of the first version of the MyBIAT digital offering dedicated to individual customers, BIAT has continued to develop the new offering dedicated to businesses. With over 270,000 active users, MyBIAT is an innovative, highly secure platform tailored to each user’s profile, offering a new digital experience tailored to all BIAT customers. It has been designed to provide customers with a channel of contact and proximity to the bank at all times, as well as a tool to

facilitate the monitoring of their banking transactions and interact remotely.

As a responsible and civic-minded bank, BIAT has strengthened its social commitments. Aware of the importance of environmental issues in the development of a sustainable future, BIAT joined the ABLC - Africa Business Leaders Coalition - initiative and signed the Climate Statement. By signing up to this initiative, BIAT is reaffirming its ongoing commitment to economic, social and environmentalissues.Ithasalsoreneweditspartnershipwith the association La Saison Bleue, which works to protect the coastline and the marine environment. The BIAT Foundation, for its part, has undertaken an operation to rehabilitate the

Belvedere plant garden in Tunis by planting trees as part of an effort to preserve the environment.

BIAT also features among the most solid banks in Africa in the Top 100 African banks published by African Business in October 2022. It is ranked first in the Tunisian banking system and 38th in Africa, 12 places up on the 2021 ranking.

A solid and responsible bank, BIAT has been at the forefront of the dynamic development of its activities by focusing on digital transformations and social responsibility, while acquiring the best experts to promote responsible and sustainable growth.

SummerAtlanticJointVentureChina-The ChineseMarketSimplified

SummerAtlanticCapitalwasfoundedinJuly2018bySebright Chen, with a vision to use investment management as a tool to enable and accelerate the next generation industrial revolution. We focus on the deep technology and healthcare sectors, with a principle of doing business for good and a long-term growth perspective.

OUR VIEWS:

1. DEEP TECHNOLOGY

The broad global technology sector has reached a critical juncture in recent years. From 1990 to 2010, the technology industry was largely shaped by the “internet”. From 2000 to 2010, the internet-related ecosystem boomed, and the revenuemodelofmostoftheunicornsandtechnologygiants that emerged during this period was based on internetbased advertising sales. From 2010 to 2020, the expansion of the internet ecosystem along with AI, blockchain and IoT will become the main tune of the technology industry.

2. HEALTHCARE:

the biotech bubble has burst globally, with new technologies adding value to the next generation of healthcare. However, there are some regional differences. Here are some of the

most representative areas:

• The Americas and Europe: The industry continues to flourish, with some overvalued companies facing funding and commercialization challenges.

• Asia: There is a wave of overseas market exploration in Asia, with more biotech companies starting clinical trials in different countries around the world to diversify their market exposure.

GLOBAL ECONOMY AND RECESSION

Covid has had an impact on the global economy and triggered the bursting of bubbles. Although many economic indicators raised red flags in 2019, the market still reacted emotionally in both private and public markets. Although there are undervalued companies for a variety of reasons, overvalued companies share similar characteristics: for example, overvalued companies tend to be venture capitalbacked, more willing to take on risky projects, aggressive in their advertising, and have rapid growth data with negative profit margins. Many investors tend to follow the trend of the past and invest in companies that are indeed significantly

overvalued. As the cycle rolls on, the overvalued companies become more overvalued, and the undervalued companies become more undervalued. Due to the depression of the market environment and the relatively poor market performance, LPs became cautious, this created barriers for management companies to raise capital, management companies generally experienced low returns. As a result, some management companies have become shortterm oriented, offering tough terms to start-ups instead of nurturing them. LPs demand higher returns and GPs want higher management fees. As a result, more GPs want to raise larger funds to achieve this goal without planning strategy in advance, and lack the ability to protect against downside riskwithoutsufficientunderstandingoftheindustriesinwhich they invest, leading to the failure of many venture capital firms worldwide. Ethical issues have also contributed to the occurrence of large-scale failure in the VC community. However,itisnotonlyventurecapitalfirmsthathavefailedin this game - countless LPs, banks and startups have also lost the game as it is an ecosystem.

GLOBAL RECESSION:

Some analysts believe that the market will pick up later this year.However,webelievethattheglobaleconomicrecession

will last longer than expected, at least until mid-2024, as the effects of the bankruptcy of some major banks are still being felt in various sectors. Global recession in selected representative regions:

US:

The unemployment rate in the United States peaks at 14.7% in April 2020 due to Covid, but returns to normal by the end of 2022. GDP fell in 2020 due to Covid, but generally recovered from 2021 onwards. This does not mean we can ignoretheriskofapotentialfinancialcrisis.Theimpactofthe bursting bubble and economic recession was mainly on the healthcare and technology industries, and the banking crisis in 2022 is still penetrating.

GREATER CHINA:

We believe the Greater China region will grow with shortterm volatility. China’s unemployment rate has increased dramatically from 2018 to 2023 with ongoing high degree volatility.SimilartotheUS,COVIDhasnegativelyimpactedthe economy,butitisnottheendofthestory.Theunemployment ratehasalreadyrisentoaveryhighlevelin2018,andbubbles in many industries started to burst even before the Covid. In the property industry, for example, the average net debt-toequity ratio of China’s top 80 property companies will rise to 152%bythesecondquarterof2022,almostdoubletheratioin mid-2020, according to a study by the Chinese Academy of Social Sciences. The interesting fact is that from 2018 to 2023, China’s real GDP will fluctuate rather than decline. Here, we would like to use the word “fake prosperity” to describe this

situation. In fact, in 2020 and 2021, more than 4 million small businessesinChinawereshutdownannually.Thereareabout 40 million small businesses in China, they account for half of China’s tax revenue, 60 percent of its GDP and 80 percent of urban employment. The ecosystem associated with them hasproducedGDP,butitisnotsustainable.However,Chinais still one of the largest markets in the world and its consumer power is highly beneficial to many global companies.

FUTURE OUTLOOK: IMPORTANCE OF BUSINESS ETHICS AND ESG FOR SUSTAINABLE SUCCESS

Historywillnottellusdirectlywhattodo,butitcanalwaysgive us indicators of how to do better. Past bubbles and financial crisesweremainlyduetothegapbetweentherealeconomy and the capital or political economy, and this gap is due to greed in different perspectives without ethical behavior. The top management teams of many global companies are more focused on short-term profits than on the long term. Avaricious behavior dominated the global market and led to unethical actions without long-term view, therefore economic crisis happened repeatedly, all participants lose in the long term. As described above, the implementation of ESG guidelines and ethical standards is crucial to guide market behavior and gradually influence the context to a better economy to sustain long-term success.

SebrightChen

FOUNDER, CHAIRMAN AND CEO

Sebright Chen is Chairman and CEO of Summer Atlantic Capital. He has shaped the strategic reorientation of different companies under management. Sebright Chen had extensive experience in investment management, corporate advisory, technology and pharma industries. After graduating from Stanford University, he held executive positions with asset management companies and technology firms resulting in the development of extensive contacts in China and the United States; creating important international relationships within the asset management and pharma sectors. Before founding Summer Atlantic Capital, Sebright was the CFO for an AI startup that was acquired by one of the largest technology companies in the world in 2018. He is a frequent speaker at Horasis Global Meetings, as well as the China Chapter Chairman for International Trade Council. Sebright obtained his Bachelor’s Degree in Economics from Binghamton University, he has an Innovation and Entrepreneurship Certificate from Stanford University, andiscurrentlyanExecutiveMBACandidateatTheUniversityofChicago Booth School of Business.

Ourvision-Tobethe world’smostrespected Africanbank

The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed company. We provide Trade Finance, Commercial Banking, Private Banking and Asset Management products and services for customers in their dealings with Organisation for Economic Co-operation and Development (OECD) markets and support companies wishing to invest in and trade in Africa, MENA and Asian markets.

We are authorised by the Prudential Regulation Authority (PRA)andregulatedbytheFinancialConductAuthority(FCA) and the PRA. The Access Bank UK Limited – Dubai Branch, situated in the iconic Gate Building of Dubai International Financial Centre (DIFC) is regulated by the Dubai Financial Services Authority (DFSA).

Like our parent, we are committed to developing a sustainable business model for the environment in which we operate.Thisisreflectedinourmoderateappetiteforrisk,our passion for customer service and our commitment to build long-term relationships by working in partnership with our customers. We play a key role in our Group’s vision ‘to be the

world’s most respected African bank’. As such, we refuse to chase unsustainable yields as a route to growth. Instead, we focus on building our business through the strength of our customer relationship.

In 2018 the Bank became a direct member of the three key UK payment clearing systems: Bacs (Bankers’ Automated Clearing Services), C&CCC (Cheque and Credit Clearing Company’s Image Clearing System) and Faster Payments. The Access Bank UK’s Chief Executive Officer and Managing Director, Jamie Simmonds commented: “This is a great landmark for us, enabling us to build a sustainable platform with direct entry into the UK payment clearing system. This will enable us to enhance the level of service our customers receive. We have a clear commitment to strong customer service and we anticipate and respond quickly to market needs with the right technology, products and services. JoiningtheUKpaymentclearingsystemisaclearexampleof meeting the needs of our customers.”

The Access Bank UK Limited provides a number of services to support business activities in Africa and across the world. We

were awarded Confirming Bank status by the International Finance Corporation as part of their Global Trade Finance Programme, thereby strengthening our Trade Finance capabilities further. We were the first Nigerian Bank in the UK to be appointed as correspondent bank to the Central Bank of Nigeria to undertake infrastructure work on behalf of the Nigerian government. We also issue Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Corporation (NNPC).

Our Commercial Banking team offers relationship-based service for corporate and individual customers. We offer a wide range of products and services with a choice of competitive rates, market leading systems and top-quality service.

OurGlobalPrivateBankhasbeenbuiltaroundourpassionfor delivering excellent service. We deliver innovative investment solutions to our discerning clients who value trust, integrity and accountability as well as investment performance. We take a proactive approach to product and service delivery and offer unique investment solutions, which are tailored to our customers’ needs by a highly experienced Private Banking team.

The Access Bank UK Dubai Branch offers a broad range of products and services to assist customers in the MENA regionwithtradeandinvestmentneedsinNigeriaandAfrica. The DIFC Branch is committed to building a long-lasting

relationship in the region in line with the approach that has proven so effective for The Access Bank UK Limited. The combination of the Dubai branch together with our presence in the UK and Nigeria delivers a wealth of expertise that significantly benefits our customers.

We provide our employees with ongoing support and development opportunities, which reflects in their dedication and professionalism. We are very proud that Investors in People (IIP) have awarded us Platinum Status.

The Bank is led by a team of experienced people dedicated to delivering superior financial solutions to businesses and individuals. Our staff have worked in the African, MENA and other international marketplaces, and offer a wealth of knowledge and in-depth experience.

Incommonwithparent,theBankiscommittedtodeveloping a sustainable business model for the environment in which it operates. This is apparent in our moderate appetite for risk, a passion for customer service and a commitment to working in close partnership with our customers to forge long-term relationships with them.

In the recent Report and Statutory Accounts for 2022 the bank has demonstrated yet another year of significant allround growth, achieving and exceeding target for all the main growth strategies. Entitled “Growing Internationally” the report highlights a strong operational performance by

the main Strategic Business Units and continued growth and expansion in Africa and the MENA region. Continuing income growth saw the Bank pass the $100m milestone for the third year in succession and achieve $131.5m for the year, an increase of 18%.

In size terms, Trade Finance continued to be the largest SBU, growing overall income by 12% to $62.6 million, up from $55.8 million in 2021. Correspondent banks, excluding parent, contributed income of $32.6 million, representing 17% growth over the $27.8 million in 2021.

Commercial Banking showed the largest growth of any of the SBUs, with income reaching $49.7 million against $37.6 million in 2021, an increase of 32% year-on-year. Leveraging our proven relationship-based model to support customers at a critical point in Nigeria’s post-pandemic economic emergence was a key factor here. Asset Management showed a significant uplift in income to $8.1 million, a 62% increase on $5 million in 2021.

Jamie Simmonds commented on the recently published results:

“A difficult global trading environment did not impact on another strong core performance, with the Bank increasing operating income to $131.5 million, the third year in succession that it has passed the important $100 million income milestone. The Bank increased operating income in 2022 to $131.5 million, a rise of 18% on the $111.1 million achieved in 2021, despite the negative impact on the Russia-Ukraine conflict on global financial markets, inflation, Central Bank rates and commodity training.”

HerbertWigwe,ChairmanandNon-ExecutiveDirector,added:

“Securing the approval of French regulators for the Bank to open a regulated branch in France was the highlight of a strong financial and operational performance in 2022.”

‘’Finally, I offer thanks to our customers for their support and for entrusting us with their funds which, for the first time, now exceed $1.25 billion, in terms of customer deposits.’’

JamieSimmonds CHIEF EXECUTIVE OFFICER/ MANAGING DIRECTOR

“Throughout my experience in financial services my guiding principles have been to deliver excellent customer service and provide innovative solutions for the customers and markets that we serve.

I have been involved in the turnaround of several existing businesses by going back to these basic principles and rebuilding from the ground up.

When I established The Access Bank UK Limited in January 2008 it was at a turbulent time in banking but we set the risk appetite, the processes and procedures and developed products that our customers wanted.”

Sustainabilityasa StrategicImperativefor AccessBank

In today’s dynamic global landscape, organisations are confronted with a complex array of interconnected challenges,encompassingclimatechange,resourcescarcity, social inequality, and economic instability. These challenges have wide-ranging implications for both businesses and society. Consequently, stakeholders, including customers, employees, investors, and communities, are placing increasing importance on sustainability and demanding organisations to exhibit transparency, accountability, and ethical practices.

Recent research by the Boston Consulting Group (BCG) reveals a strong correlation between the Environmental, Social, and Governance (ESG) scores of companies and key financial and valuation metrics. This finding underscores the profound interconnection between sustainable practices and overall performance. The growing significance of sustainability factors in decision-making processes is exemplified by the surge in socially responsible investing. Investors now integrate environmental, social, and governance (ESG) criteria into their investment strategies to a greater extent than ever before. This shift underscores the

pivotal role of sustainable corporate governance in fostering long-term value creation and financial performance.

Access Bank acknowledges the transformative impact of sustainability on the global business landscape, extending beyond mere profitability. We recognise the importance of embracing responsible business practices and prioritising sustainable governance as a compelling opportunity to differentiate ourselves, attract investments, and gain a competitive advantage.

By ingraining sustainability objectives at the heart of our operations, we align our financial, operational, and strategic decisions with long-term sustainability goals. This necessitates a comprehensive evaluation of our value chain, identifying avenues to mitigate environmental impacts, enhancesocialvalue,anddevelopsustainableproductsand services. Our commitment to integrating sustainability into our corporate strategy and operations empowers us to wield ourinfluenceindrivingpositivechangeacrossindustriesand communities.

Our Board Human Resource and Sustainability Committee holds the responsibility of overseeing our sustainability strategyandpolicies,ensuringitssuccessfulimplementation. Sustainability objectives are integrated into the key performance indicators (KPIs) of board members and our employees. In achieving our objectives and implementing our strategy, we have institutionalised a dedicated Sustainability Center of Excellence, composed of experts who drive the implementation of impactful initiatives across the organisation. This Center ensures that sustainability is fully integrated into our overall strategy and daily operations.

At Access Bank, our employees are the focal point for achieving our sustainability targets. To ensure the effort of the collective is fully harnessed, we have founded the Sustainability Champions Network – a platform for passionate individuals to step forward as advocates for sustainable practices and initiatives. These employees act as change agents, inspiring and mobilising others within the organization to embrace sustainability in their day-to-day activities. Furthermore, through our employee volunteering program, our workforce actively addresses social, environmental, and economic challenges, strengthening bonds with communities and fostering pride and purpose. Thisschemeseesusincentiviseemployeestodedicatesome their skills, time and other resources to make transformative impact in the various communities wherein they operate. Remarkably,theEmployeeVolunteeringSchemehasseenus positivelyimpactabout1,290communitiesandanestimated 6,232,809 individuals, through the collective dedication of over 381,770 hours of our employees’ time.

It is important to note that our approach to sustainability is deeply rooted in our purpose statement, which reflects our unwavering commitment to positively impact lives in the present and future. To translate this purpose into action, we concentrate on four fundamental pillars: climate action, fostering ethical economic growth, creating a meaningful impact on communities, and upholding strong corporate governance. These pillars serve as the foundation for defining clear goals and targets, enabling us to generate sustainable value for all stakeholders across the Bank’s

value chain. We ensure transparency and accountability by consistently monitoring and reporting our progress towards these objectives using globally accepted standards and frameworks such as the Global Reporting Initiative (GRI), SustainabilityAccountingStandardsBoard(SASB),andmore.

Recognising the diverse priorities of stakeholders across countries wherein we have a footprint, Access Bank takes a proactive approach to cater to these variations by gaining a comprehensive understanding of the specific sustainability needs within said markets. We are deeply committed to promoting economic empowerment, social and financial inclusionthrougharangeofimpactfulinitiatives.Forexample, Access Bank’s ‘W’ Initiative has empowered over 23 million female customers, invested over N38 billion in womenowned enterprises, and provided about N31 billion in loans to over 650,000 beneficiaries. Additionally, the Initiative has empowered over 12,000 children with financial literacy skills and supported thousands of young entrepreneurs through business plan trainings and competitions, seed capital funding and MSME loans.

As part of our commitment to financing a sustainable future for all, Access Bank places great emphasis on environmental stewardship. Thus, we implement various measures to minimise our environmental footprint, including resource conservation, waste reduction, and adoption of clean energy practices. This purposefulness is highlighted by our novel financing of environmentally friendly initiatives. For instance, through the issuance of the first Climate Bonds-certified corporate green bond in Africa, we were able to raise N15 billion (US$41 million) for environmentally beneficial projects. Additionally, we successfully issued a fully subscribed $50 million step-up puttable green bond, with the proceeds dedicated to supporting low-carbon transportation, renewableenergy,andclimatechangeadaptationinitiatives.

Indeed, we have been a bank of many firsts, blazing the trail of sustainability leadership across the private sector. As one of the pioneers of sustainable financing in Nigeria, Access Bank initiated and led the development of the Nigerian Sustainable Banking Principles (NSBPs) – a CBN-

approved framework guiding the country’s banking industry in integrating sustainability into their operations.

The Bank remains an active participant in the United Nations Environment Programme Finance Initiative (UNEP FI) and contributestoglobalsustainablefinanceinitiatives,whilealso holding leadership positions in the United Nations Principles for Responsible Banking (UN-PRB) and the International Capital Market Association (ICMA) Advisory Council. All these ensure that we play our part in shaping agendas, advancing the adoption of responsible banking practices, and promoting market integrity worldwide.

Our 15-year commitment to sustainability and the adoption of a world-class ESG framework has not gone unnoticed, as in addition to our numerous local and global awards, in 2021, Access Bank became the first commercial bank in Africa to earn the Sustainability Standard Certification Initiative (SSCI) presented by the European Organisation for Sustainable Development.

Looking ahead, we remain committed to leading the way in advancing the achievement of the United Nations Sustainability Development Goals, while setting a benchmark of excellence for other private and public sector institutions to follow.

Access Bank’s pledge remains to be persistent in our delivery of best-in-class service even as we continue to adopt responsible business practices and navigate the challenges of today’s rapidly evolving global landscape. Our visionary leadership and robust governance framework make us certain that we will continue to make a lasting impact in communities beyond financial success.

Afterall, we are Access Bank, and we are steadfast in our commitment to deliver ‘More Than Banking’!

Howcantraders managerisk?

By Kate Leaman, Chief Market Analyst at AvaTrade

Risk is an inherent part of trading. It not only helps traders to optimise their profits, but also to manage investments and extend their gains. While the benefits of trading can be rewarding, judging the direction of the market takes some know-how,particularlywhenitcomestoshorter-termtrades as various factors can trigger unexpected movements. Learning about trading risks is critical in minimising losses whilst also enhancing the trading experience.

Beingawareofriskandrewardisvital.Itreferstothebalance a trader should have between the monetary value they are willing to risk in relation to the amount of reward which they desire. A risk reward ratio will stake a specific amount on a trade with a view to securing a certain amount of profit. The minimum risk reward ratio is 1:2 —for instance, if traders had an aim to secure £50, the most they should be prepared to lose is £25.

WHAT IS COUNTERPARTY RISK

Investors face multiple risks when they are trading. This includes counterparty risk. The legitimacy of the broker you choose to trade with is vital in limiting trading risks. When buying CFDs, you are essentially buying a contract with a broker, which is why it is crucial you can trust that the broker will value the contract. In order to reduce risks, it is crucial to find a trustworthy broker.

HOW TO USE VOLATILITY IN TRADING

Volatility is a double-edged sword for traders, it can mean risk or gains. Ultimately, volatility increases the chance for gains or losses, no matter how small or big a trade is. Though there are certain indicators that signal looming market fluctuations, such as economic volatility, geopolitical tensions or changing policy, they are not to be solely relied uponastherearevariousfactorsthataidinthefluctuatingof markets, all of which can be hard to predict.

HOW LEVERAGE WORKS

Additionally, when buying and trading CFDs, leverage is generally involved. This consists of a trader only staking a certainamountofthevalueoftheunderlyingassettheyplan to trade on, but receiving exposure to the whole value of the profit and loss which accompanies the asset’s fluctuating price. Essentially, leverage can grow the exposure you gain with your capital, which increases the likelihood for larger profits as well as bigger losses. Consequently, this high risk in conjunction with high reward needs careful management.

WORKING WITH A SOLID BROKER

There are various ways risks can be controlled to ensure a smooth trading experience. Whether traders are beginners or experts, becoming familiar with these risk management techniques is a step towards trading with confidence:

1. SELECT THE RIGHT BROKER

Choosing the right broker is a crucial component in manging

counterparty risk. Brokers such as AvaTrade that are establishedandwell-regulated,arefactorstolookfor,aswell as the jurisdictions the broker is regulated in. Additionally, higher-quality trading partners tend to have more risk management tools and features available that will enable the better management of trades.

2. MANAGE YOUR CAPITAL-TO-TRADE RATIO

Maintaining a firm grasp on your capital-to-trade ratio is important when it comes to ensuring exposure to excessive lossesiskeptataminimum.Sensibleguidancetofollowhere isnottosurpassacapital-to-traderatioof5-10percentand to not risk over 2 per cent of your capital on one trade. This involveshedgingyourrisks,whichcanbedonethroughstoploss orders.

3. IMPLEMENTING TAKE PROFIT/STOP-LOSS ORDERS

An effective and common risk management tool is to implement ‘orders’ as well as trades. Orders are instructions that are carried out automatically when conditions are met. Two important orders are “take profit” and “stop loss”. Take profit orders involve closing the position as soon as it hits a specific point above the current market price. This is done to take profits off the table before market conditions potentially shift. On the other hand, stop loss orders automatically triggers selling the position at a predefined rate below the market price for a long position, or over the current market price for a short position. This stops losses from falling below a certain point and traders are therefore given a limit on how much they are comfortable with losing during a trade.

4. TAKE OUT PROTECTION ON RISKIER TRADES

There are some brokers who have risk protection tools that

enabletraderstotailorandmaximisetheirtradingexperience. AvaTrade’s AvaProtect™ provides traders with a way to protect their investments. AvaProtect offers users protection against losses within a set timeframe. This protection tool enables investors to remain in the trade during occurrences of short-term drops in value, in addition to allowing them to benefit from the positive momentum of the position. Users will be able to benefit from movements in markets which are not as stable. This protection is vital in trades where market movements are highly unpredictable as this safeguarding against losses can be directed in favour of trading clients. Essentially, this is a significant tool that allows traders to go through losses yet still make profit.

5. EDUCATION

Furthermore, an effective way to manage risk is through education. Educating traders on risks is essential, with some brokers offering educative resources. For instance, AvaTrade’s AvaAcademy is a free global tool that provides userswithunlimitedaccesstoevolvededucativeinstruments on various topics in the form of pre-set articles, videos, and quizzes. AvaAcademy covers a wide range of topics such as stocks, EFTs, bonds, commodities, cryptocurrencies, and indices. Whether a user is a beginner or expert, AvaTrade’s AvaAcademy will allow them to trade with confidence by offering the necessary tools to educate themselves on risk.

Trading is a very rich and rewarding industry, with a degree of risk that must be taken into careful consideration. Being aware of these risks in trading and the ways to manage them can make all the difference in having an enjoyable, successful trading experience. With the aforementioned tips in mind, trading can become a much smoother and more successful experience for individuals.

Narrows Escape Rainforest Retreat.

Narrows Escape is an enchanting rainforest paradise at the edge of Kondalilla National Park in the Sunshine Coast Hinterland. Its owners, Ali and Xochi, of Indian and SwedishAustralian backgrounds, fell in love with the magic of this property the first time they saw it. They knew these six villas nestled in nature were incredible, a place that sparked special memories.

ThebeautyofNarrowsEscapeisthatitisaboutiqueproperty and the owners have the luxury of personally welcoming you and getting to know what they can do to help make your stay exceptional. Whether it is sharing their secrets on the best spots in town or their favourite walks or water holes, or helpingyouorganiseanextraspeciallittlesomethingforyour loved one.

Looking for something extra special or a little out of the ordinary? Maybe you are thinking of proposing and want some help to make that special moment as magical as it can be, or perhaps you want to book out the whole property withsomefriendsforaspecialbirthdaycelebration. Narrows Escapelovestoworkwithgueststomakeyourstayincredible. Contact them on www.narrowsescape.com.au

AWARDS

• 2021 Narrows Escape Rainforest Retreat won “the most romantic hotel in the world” – TripAdvisor’s Travellers Choice Award

• 2021 – Queensland Tourism Award – Winner – Hosted Accommodation

• 2021 – Australian Tourism Award – Winner – Hosted Accommodation

• 2021 – Sunshine Coast Business Awards – Winner – Small Accommodation

• 2022 – Queensland Tourism Awards – Silver – Hosted Accommodation

• 2022 – Sunshine Coast Business Awards – Winner – Small Accommodation

Owners Ali and Xochi said of their awards “These are incredible achievements and we are so honoured to have suchwonderfulguestswhohavetakenthetimetoreviewour product and service. We are so grateful for this recognition and we continue to strive to give our guests the very best experience.”

CLIMATE CHANGE AND SUSTAINABILITY

Narrows Escape believes in conscious luxury.

They believe that even lavish and indulgent travel can still have a small footprint. Sustainable and ethical tourism is at theforefrontoftheirminds,soyoucanresteasyknowingthat youaresupportingabusinessthatsupportstheenvironment. They are advance eco-certified. They know that climate change is a real challenge facing us all. Every effort counts, that is why we are continuously striving towards becoming a greener business. They have solar panels to harness natural energy, a hybrid car to offset emissions, they source all food locally and produce what they can to limit their carbon footprint, for instance, they keep chickens and bees.

They encourage their guests to reuse towels throughout their stay and their rooms are designed to limit heating/cooling requirements in warmer and cooler months.

The projected changes on the Sunshine Coast region due to climate change include changes such as sea-level rise, higher minimum, and maximum temperatures, more hot days and fewer cold nights, lower annual average rainfall and extended droughts, more frequent and more intense bushfires, more intense storms, increasing tendency for cyclones to track south, increasing risk from large hailstorms and an associated increase in storm surges along the coastline. These changes pose very real problems to the area and its ability to sustain the environment and enjoy the natural beauties and recreational activities offered in and around the Sunshine Coast region.

Being aware of the impacts of climate change and the steps that you can take as an individual to mitigate these, is incredibly important. It is only through working together and adopting eco-conscious practices in your everyday life, including your leisure and travel activities, that change can be achieved.

ACKNOWLEDGEMENT

Narrow Escape Rainforest Retreat acknowledges the Kabi Kabi peoples and the Jinibara peoples whose lands and waters it now shares. The Traditional Owners’ unique values and ancient and enduring cultures deepen and enrich the lives of the community. Narrows Escape Rainforest Retreat acknowledges the Traditional Owners of the Sunshine Coast and pays respect to their elders past, present and emerging.

ThroughimportantculturaleventssuchastheBunyaFestival, this region has been a place of celebration, abundance, connection and kinship for thousands of years.

Democratising StructuredProducts–AVisionaryApproach ByLynceusPartners

Lynceus Partners, a global fintech company headquartered in Switzerland, specialises in offering structured products and private debt for finance professionals, asset managers, family offices, and private banks. Founded in 2017 by Patrick Chotard, Lynceus Partners combines human expertise with technology to design customised investment solutions using their proprietary digital platform called ARGO. One of the mostcompleteplatforms,ARGOhashelpedLynceusPartners quickly gain a prominent position in the market.

“Innovation is at the heart of the company and has always been a priority for both ARGO and its people,”

said Patrick Chotard. In just over six years, Lynceus Partners has grown to boast 50 employees in eight offices across Europe, Africa, Asia, & the Middle East, with an extensive network of 1,900 Investors and over 30 partnerships with major investment banks worldwide – a testament to their continued success and accelerated growth.

CLEAR SIGHT AND STRONG STRATEGIES

Coupled with its visionary outlook and a new approach to the financial sector, Lynceus Partners has been able to grow exponentially and thrive in the industry.

Patrick gave some insight, “Our approach is new as it refocuses the investor at the heart of needs, not especially in the finance-gain aspect, but because we are convinced

thatpeoplemustbuysomethingtheyunderstandandwant.”

Whilst transparency isn’t something that is emphasised enoughintheindustry,LynceusPartnersdiscloseseverything on their platform ARGO; from the legal contracts to fees. Clients get access to a greater number of banking partners for pricing comparison, well above the industry norm, as well as daily investment ideas to enhance their experience. Products are only created after the needs of the individual have been understood, allowing for products to be fully customisable and tailor-made.

“Structuredproducts,whenIstartedmycareermorethanten yearsagoininvestmentbanking,wereonlyavailabletothose with a million euros in assets. Today, we are democratising this by making a tailor-made product available from €100,000,” Patrick added.

ARGO – STREAMLINING INVESTMENT SOLUTIONS WITH TECHNOLOGY

ARGO has already been accessed by almost 2000 investors with 90,000 pricing requests and 800,000 quotes.

“Clients were looking for better issuer risk diversification and I realised that a digital experience was still missing in this field. That’s why, at Lynceus Partners, technology is an integral part of our approach and ARGO was created to streamline the investment process,” explained Patrick.

ARGO has three main areas of focus: reporting, multi-pricing, and product analysis automation.

The platform can reduce the tedious process of building a structured product from three to four hours to just a few minutes. Additionally, the platform integrates functionalities that allow the adviser to follow their client from the pre-trade to the post-trade phase with real-time notifications. The entire process on ARGO is seamless and done in the most efficient and effective way in terms of time and price.

“ARGO is not just a digital enabler and a tool aimed at finance professionals,” the CEO added, “but it also makes life easier for those less familiar with structured products.” The platform offers a simplified process for specifying the desired product characteristics and a glossary that explains which values to include in the request and what options are available. Additionally, it is possible to create white-label ad hoc marketing material and information reports on the investment solution following their branding guidelines.

HARNESSING THE VISION OF LYNCEUS PARTNERS THROUGH THE ARGONAUTS

“Our greatest strength is our people.” – Patrick Chotard

Lynceus Partners believes in the power of collaboration, not only among their employees but also with clients and partners. Their young and dynamic professionals inject diverse energy and innovative ideas to create a culture of continuous learning and development. With a diverse workforce of experienced professionals from over 15 nationalities and a strong external network, the company provides its clients with international expertise and access to a wide range of products and services.

Each international office is an independent business unit, enabling Lynceus Partners to adapt to local markets and offer additional product offerings. In Patrick’s words, “Lynceus Partners is built on entrepreneurial spirit, and this is reflected through the dedication, hard work, and relentless efforts of our team.”

THE LYNCEUS PARTNERS LEGACY

Lynceus Partners is committed to social responsibility, promoting sustainability, and making a positive impact beyond their business operations. “We launched a proprietary ESG (Environmental, Social, and Governance) product investing in the Top 30 Companies in Europe with the highest positive impact on the Sustainable Development Goals,” stated Patrick.

The company is no stranger to the limelight, having received several accolades and awards that stand as a testament to its innovative approach in the industry.

In 2022, their ARGO platform received the SRP Europe 2022 award for Best Structured Product Technological Solution. They were also honoured with the Prix de la Rédaction award in the Gestion Collective - Produits Structurés - Broker category at Les Pyramides de la Gestion de Patrimoine. LynceusPartnersalsowontheWealthBriefingAsiaAward2022 in the Structured Products Solutions – PAN-ASIA category, as well as the Structured Products Provider award in Switzerland at the onset of 2023.

THE SKY IS THE LIMIT

To close, in the words of Patrick Chotard,

“We are committed to delivering exceptional service, promoting sustainability, and making a positive impact in the world. We’re deeply honoured and grateful to be recognised as the Most Innovative Structure Products Investment Firm from International Investor this year. Our success is a reflection of the hard work and dedication of our team, and we are excited to continue our journey of growth and innovation in the years to come.”

LynceusPartnersisanindependentinvestmentboutiquethat specialises in alternative investments, boasting extensive inhouse expertise in Structured Products and Private Debt.

With its headquarters in Switzerland and a global presence across Europe, Africa, Asia, and the Middle East, Lynceus Partners serves a broad range of clients worldwide, including assetmanagers,financialadvisors,andinstitutionalinvestors. The company is a leading provider of high-tech solutions, offering an endless universe of tailor-made investment products paired with cutting-edge technology.

LynceusPartners’award-winningplatform,ARGO,servesasa one-stop shop for structured products based on proprietary, state-of-the-art technology. ARGO streamlines the investment process by quickly transforming an investment idea into an actionable investment solution enabling clients to identify market opportunities and benefit from increased productivity and enhanced efficiency. By harnessing innovative technology, Lynceus Partners strikes a balance in a fast-paced financial environment, offering bespoke and cost-efficient solutions, while ensuring full transparency and comprehensive end-to-end services for investors.

UnionBankProvidingSuperior FinancialProducts

Union Bank of the Philippines (UnionBank) has always been among the first to embrace technological innovations to empower its customers. It embraces the future of banking. Undoubtedly the Philippines’ pioneer in digital banking, UnionBank is committed to be the region’s digital trailblazer to best serve the growing needs of Filipinos everywhere.

It has consistently been recognized as of one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency.

Over the years, UnionBank has garnered a record-breaking number of awards and recognition including “Asia Trailblazer Institution of the Year” from Retail Banker International; 6-Time “Digital Bank of the Year (2018-2023)” from The Asset Triple A;

“Most Recommended Bank in the Philippines 2023” and 4-time “Best Retail Bank in the Philippines” from The Asian Banker; “Best Digital Bank in Southeast Asia 2022” from Capital FinanceInternational;back-to-back“BestBankforCustomerExperienceinSoutheastAsia” from Global Brands Magazine; “Best Bank Transformation in South East Asia 2021” from Global Banking and Finance; “Most Recommended Retail Bank in Asia Pacific 2021” from BankQuality.com; “Fastest Growing Fintech Company, South East Asia 2021” for UBX from GlobalBankingandFinance;“BestBankforESG2022”fromAsiamoney;back-to-back“Best Bank for SMEs” (2020-2021) from Asiamoney; “SME Bank of the Year - Philippines 2021” from AsianBankingandFinance;back-to-back“#1BestServiceDomesticBankinthePhilippines 2020-2021”attheAsiamoneyCashManagementSurvey;“Asia’sBestBankTransformation” from Euromoney; “Asia-Pacific Retail Bank of the Year” from Retail Banker International;

“Top 2 Most Helpful Banks in Asia Pacific during COVID-19” from BankQuality.com; 3-time “Best Digital Bank Philippines” from Asiamoney and International Finance Magazine; and “Employer of the Year” awards from Stevie Awards for Great Employers, Asian Banking and Finance, and HR Asia.

On its journey to become a Great Retail Bank, UnionBank is determined to be an enabler of the Philippines’ bid to be a G20 country by 2050. It stands firm in its promise to power the future of banking through “Tech-Up Pilipinas” while pioneering innovations for a better world.

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CaSoBe Calatagan, Batangas

Club Laiya Laiya, Batangas

Costa Azalea Samal, Dava o

CaSoBe Calatagan, Batangas

Club Laiya Laiya, Batangas

Costa Azalea Samal, Dava o

CaSoBe Calatagan, Batangas

Club Laiya Laiya, Batangas

Costa Azalea Samal, Dava o

USWheat FuturesSurge

In June, wheat futures in the US experienced a significant surge, surpassing$6.8perbushel,markingthehighestlevelintwomonths.This rise was triggered by an announcement from Russian officials, stating that the trade corridor agreement facilitating Ukrainian grain exports would not be extended beyond its original deadline of July 17th.

The potential cessation of Ukrainian Black Sea grain exports poses a substantial risk of shortages for the usual participants in the Middle Eastern and African markets, as a vital supply source would be eliminated. Adding to these concerns, Ukrainian supplies have been further strained by the recent explosion at the Kakhovska hydroelectric dam. This unfortunate incident disrupted the water supply in crucial wheat-growing regions, exacerbating the prevailing drought conditions.

Meanwhile, dry weather conditions in the Midwest region of the US have also raised apprehensions about diminished yields, contradicting earlier predictions of a record-breaking supply within the country. On a positive note, Russia anticipates a bumper harvest, resulting in export forecasts nearing 60 million tonnes. Additionally, strong output is expected from the European Union and India.

ThemisInnovation -InsightIntelligence

The spectre of financial crime can creep up on anyone with covertnessandstealth;thegrowthofthedigitalagehasonly increased this threat, with financial criminals able to utilise increasingly complex measures to seek and trap their next victim. As Themis’ CTO, Matthew Deacon, commented, “21st century criminals are often scarily tech-savvy”, utilising a range of innovative tools to steal and hide data, identities, or hard-earned money. In fact, over £1.6 trillion in illicit funds are laundered globally every year – demonstrating that financial crime is a threat that every business faces. Given the detrimental consequences, such as significant business disruption and risk to corporate reputations from financialcrimelosses,companiesmustbearmedwithsafety precautions that identify and manage this global risk.

Financialcrimeisincreasinganditisbecomingmoredifficult to identify and combat as more and more transactions are conducted online. After all, rapid developments in financial technology and communication have made the movement of money as seamless and effortless as ever, with financial criminals able to exploit the opportunities and weaknesses residing in the financial system. Companies are failing to act against the extremity of this threat, with 52% of large global organisations having been victims of theft, money laundering, fraud, or other financial crimes in the past year, accordingtoPwC’sGlobalEconomicCrimeandFraudSurvey 2022. These risks should be one of the most pertinent focuses of any business, yet businesses must ensure that it is done without introducing friction to their operational processes and customer experience.

Themis offers an innovative approach that helps its clients identify and protect against financial crime risks. The company’s award-winning AML platform, Themis Search, enables seamless due diligence, allowing users to search for any individual or company anywhere in the world to see if they have potential links to criminality. This means that userscancheckalloftheirclients,suppliers,thirdpartiesand investors for links to criminality; significantly, the platform’s cutting-edge interactive risk-mapping allows users to do so to multiple degrees of separation, enabling them to better understand complex associations, networks and red flags.

Themis Search is underpinned by advanced AI and ML technologywhichispoweredbythreat-baseddata,research and intelligence. The platform provides a simple way to conductscreening,onboarding,riskmapping,enhanceddue diligence and automated monitoring in one platform. It is through this exceptional use of technology and intelligence that they are normalising and democratising due diligence, providingeveryone,rangingfromtheindividualtocorporates, with the tools to limit their financial crime risk exposure by enabling them to conduct background checks on individuals and legal entities.

Themis Search provides users with access to over 215 million

company records and 280 million individual directors in over 140jurisdictionsglobally.Theplatformalsocoversfullpolitical exposure (PEP) status, sanctions data from over 80 different countries, regulatory enforcements and over 25 million adverse media articles, spanning the last 15 years, in over 40 different languages. Themis’ Special Interest List, which is its unique proprietary data of financial crime related criminal convictions, is also accessible via the platform. It covers a broad range of predicate crimes, including bribery and corruption, fraud, sanctions violations and terrorist financing, as well as more hidden crimes such as modern slavery and human trafficking, the illegal wildlife trade and other forms of environmental crime.

In addition, Themis’ Insight arm sources threat-based analysis aiming to educate senior management about the ever-changing financial crime landscape. Such insights include staying abreast of the latest criminal techniques and the latest legal and regulatory requirements through countryriskreports,targetedwebinars,threat-basedbriefing notes and training. For clients seeking an in-depth external view of its potential damaging links to financial crime, Themis provides tailored due diligence reports and insights into ESG risks, supply chains and corporate structures. Themis works with both public and private sector clients to combat systemic financial crime vulnerabilities; this includes developing a digital toolkit with the UK government and civil society partners to help financial institutions understand, detect and disrupt potential links to the illegal wildlife trade.

Awarded its B Corp certificate and “Best for the World” for Governance in 2022, Themis’ purpose-driven ethos is enlighteningbusinessesabouttheincreasinglysophisticated measures taken for illicit activity, as well as arming clients with preventative tools for future concerns; details are documented in its 2022 Impact Report In this way Themis’ anti-financial crime framework is fuelling a safer future with its award-winning platform, and users reaping its innovative benefits are seeing a positive return on investment for its transparent approach.

International InvestorAwards Winners2023

Amongstourawardwinnerstherearesomeexceptionalbanks,businessesand leaders and we want to recognise their roles and achievements. In this issue in particular, Wealth Management companies have excelled greatly and we are excited to showcase them here.

The awards are open to any business, large, mid-size or small, established or start-up, provided they display first rate service, opportunity, innovation and performance.

The following pages celebrate organisations that drive forward the world of international business and investment.

THE ACCESS BANK UK LTD

Most Innovative Trade Finance African Bank // UK 2023

The Access Bank UK Limited is a whollyowned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed company. We provide Trade Finance, Commercial Banking, Private Banking and Asset Management products and services for customers in their dealings with Organisation for Economic Cooperation and Development (OECD) markets and support companies wishing to invest in and trade in Africa, MENA and Asian markets.

ACCESS CORPORATION

Best Bank & Best Investment Relations & Corporate Governance // Nigeria 2023

Access Bank, a wholly owned subsidiary of Access Holdings Plc (“Access Corporation”), is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 52 million customers.

The bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom, a branch in Dubai, UAE and representative offices in China, Lebanon and India.

Access Bank’s parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

ARCHITAS

Best Global ESG Investment Boutique Firm // 2023

Architas is a global asset manager that specialises in multi-manager investments. We are part of the global AXA Group and offer unit linked products and services in 11 countries across Europe and Asia, as well as Wealth Management services in Belgium. We currentlylookafter€29.9billiononbehalfour clients as at 31 March 2023.

BANQUE MISR

Best SME Business Bank // Egypt 2023

Best Customer Reward Program & Customer Service // Egypt 2023

Bank Of The Year // Egypt 2023

Banque Misr (BM) was established in 1920 by the pioneer economist and financial expert Mohamed Talaat Harb Pasha, who spearheaded the concept of investing in national savings and directing them toward economic and social development. Thus, Banque Misr was established as the first wholly Egyptian-owned bank.

BARCLAYS WEALTH

Private Bank of the Year // Monaco 2023

ESG Bank of the Year – Barclays Private Bank // 2023

Entrusted in the primary global wealth hubs and corridors, we provide comprehensive specialist investment, banking, lending and wealth advisory services to the world’s most influential individuals and their families; alongside Trusts, Charities, and Family Offices.

Based on a deep understanding of them, their families and businesses, we connect our clients to tailored opportunities and insights from across the Barclays Group.

From philanthropy to private market access, and succession planning to sustainable investing, we recognise that each client has a different vision for the future.

BIAT

Best Bank // Tunisia 2023

Most Innovative Bank // Tunisia 2023

Foundedin1976,BIAT-theArabInternational Bank of Tunisia – is Tunisia’s leading bank.

As a universal bank, BIAT covers retail banking and corporate and investment banking businesses. BIAT has a network of morethan200brancheslocatedthroughout Tunisia.

BIAT has grown to become a diversified financial group with subsidiaries in insurance, asset management, stock market intermediation, private equity and international consulting.

TheorganizationoftheBIATGroupcombined to the wide range of business lines covered and a senior level dedicated teams enable it to develop synergies and to offer tailored services to the specific needs of each client: individuals, professionals and companies.

CARNEGIE Best Investment Bank // Scandinavia 2023

Best Sustainable Investment Bank // Scandinavia 2023

With its unique platform where capital and investors can meet companies and markets, and gain access to financial markets, Carnegie is the leading financial adviser in the Nordics.

The Carnegie organisation comprises four business units: Investment Banking, Securities, Private Banking and Asset Management. Carnegie Investment Banking offers professional advisory in mergers and acquisitions (M&A) and equity capital market (ECM) transactions. The Debt Capital Markets (DCM) unit also provides advisory related to capital acquisition via corporate bonds and fixed income instruments. With unique understanding of sectors and capital markets in the Nordic region, Carnegie is a leading Nordic adviser in corporate finance withoperationsinSweden,Norway,Denmark, Finland, the UK and the US

DEVERE GROUP

Most Innovative Digital Firm // 2023 Lifetime Achievement

The deVere Group of companies is one of the world’s leading independent financial institutions offering clients across the globe the powerful combination of personal financial advice and innovative digital solutions.

Foundedin2002andnowcomprisingofover 50 different legal entities globally, deVere provides a broad range of Financial Services including retirement planning, fixed-income investments, ESG investing, digital asset investing and much more.

NIGEL GREEN DEVERE Financial CEO Of The Year // 2023

A financial services industry professional with more than four decades of top-level international experience, Nigel leads from the front to fulfil his over-arching mission of helping clients reach their long-term financial goals.

Helping, encouraging and supporting the people within the organisation is a key critical feature of Nigel’s management style. The result is not a conglomerate driven by memos, but a group of companies made up of individuals who benefit from regular personal contact right from the top.

Not afraid of facing the tough issues and difficult questions, being open to criticism and always with an open mind, Nigel has built a group that thrives in the complexities of multi-jurisdictional legislation and regulation to provide a service that is now enjoyed by more than 100,000 clients worldwide – and growing.

And he knows his work is only just beginning. We set the standard that others follow.

EBI.GOV

Best Comprehensive Banking Education Provider // MENA 2023

K&B FAMILY OFFICE

Best Private Wealth Manager // Latin America 2023

LANDCO PACIFIC CORPORATION

Most Sustainable Developer in the Philippines //2023

Best

International Finance Education Provider // MENA & Africa 2023

The Egyptian Banking Institute (EBI) was established in 1991 by the Central Bank of Egypt (CBE) to act as its official training arm with a vision to be the preferred partner for developing the human capital of the banking ecosystem in Egypt, and the lighthouse for banking sector development across strategic African and Arab countries, through mirroring the latest international banking trends.

K&B Family Office is an independent multifamily office (MFO) established in Panama that provides comprehensive advisory and wealth management services to clients in Latin America and international families.

Best Investment Real Estate Developer in the Philippines //2023

We are Landco, and luxury living is our expertise. For more than 30 years, we have delighted in creating world-class leisure communities, breathtaking resortinspired condominiums and luxury home communities. As a pioneer upscale real estate developer in the Philippines, we are passionate about offering innovative and outstanding lifestyle products and experiences that revolutionize the way the Filipino lives.

Landco is also an affiliate of Metro Pacific Corporation,withMr.ManuelV.Pangilinanas the Charmain of our Board of Directors. We are expected to drive continued significant growth in the next few years, making the company a by-word in leisure development in the Philippines. Fueled by our passion to provide Filipinos with the luxurious, truly enjoyable lifestyle that they deserve, Landco will continue to explore new living concepts that respond to the needs of our consumers.

LYNCEUS PARTNERS

Most Innovative Global Structure Products Investment Firm // 2023

Lynceus Partners is an independent investment boutique that specialises in alternative investments, boasting extensive in-house expertise in Structured Products and Private Debt.

With its headquarters in Switzerland and a global presence across Europe, Africa, Asia, and the Middle East, Lynceus Partners serves abroadrangeofclientsworldwide,including asset managers, financial advisors, and institutional investors. The company is a leading provider of high-tech solutions, offering an endless universe of tailor-made investment products paired with cuttingedge technology.

Lynceus Partners’ award-winning platform, ARGO, serves as a one-stop shop for structured products based on proprietary, state-of-the-art technology. ARGO streamlines the investment process by quicklytransforminganinvestmentideainto an actionable investment solution enabling clients to identify market opportunities and benefit from increased productivity and enhanced efficiency. By harnessing innovative technology, Lynceus Partners strikes a balance in a fast-paced financial environment, offering bespoke and costefficient solutions, while ensuring full transparency and comprehensive end-toend services for investors.

NORDEA

Best Wealth Management // Europe 2023

We are a universal bank with a 200-year history of supporting and growing the Nordic economies. Our values are deeply rooted in these open, progressive and collaborative societies. We are the largest bank in the Nordics and have a strong market position within our four business areas: Personal Banking, Business Banking, Large Corporates&InstitutionsandAsset&Wealth Management. Mindful of our responsibility towards current and future generations, we have made sustainability an integrated part of our business strategy. We enable sustainable choices for our customers, engage in active ownership and drive change through our lending and investment decisions.

ROBINSON LAND CORPORATION

Best Sustainable REIT // Philippines 2023

Best REIT // South East Asia 2023

JERICHO P. GO

Best REIT CEO // South East Asia 2023

FREDERICK D. GO

Best Real Estate CEO // South East Asia 2023

Robinsons Land Corporation (“RLC”), incorporatedin1980,istherealestatearmof the Gokongwei Group. It is one of the leading real estate and property developers in the Philippineswithaproventrackrecordofover 40 years in the industry. To-date, it is the second largest mall operator in the country with its extensive portfolio of 53 lifestyle centers nationwide. It has 31 prime office developments anchored on the resilient BPO sector and it is the Sponsor of the biggest Philippine Real Estate Investment Trust in terms of asset size and geographic spread.

TAKAFUL MALAYSIA Best Islamic Insurance Company // Malaysia 2023

For over thirty years, our company has been one of the leading Takaful operators in Malaysia and has provided the financial strength and risk management expertise that fulfils our customers’ needs across our 24 service centres.

Theorganizationhasevolvedtomeetclients’ needs by working closely with them and our consistent profitable growth over the years has enabled our company to provide high returns to our valued shareholders. With our portfolio of Family and General Takaful businesses, our multi-channel distribution capability, strong strategic partnerships, customer-centric products and services, and considerable brand equity, Takaful Malaysia is committed to helping people achieve their ambitions of a brighter and financially more secure future.

THEMIS SERVICES UK Anti Financial Crime Firm Of The Year // 2023

Established in 2018, Themis is a purposedriven, B-Corp Certified anti-financial crime business with the mission to reduce the global impacts of financial crime on people, on businesses, and on the environment.

Themis’ award-winning AI-powered KYC/ AML technology, Themis Search, helps organisations detect the financial crime threats to their business through an ESG and socio-economic lens and helps protect their customers, staff, suppliers and shareholders fromcriminal attacks or association.

SUMMER ATLANTIC Best Consultancy Business Expansion // China 2023

Summer Atlantic Capital is an Asset Management Hub with focus on helping portfolio companies and clients with strategiccapitalandinternationalexpansion matters. With operations in US and China, we provide strategic investment, market access, international expansion and joint venture, manufacturing and distribution opportunities for our clients and partners. Our company focuses on healthcare and deep technology sectors, and we also develop strategic business plans for US and EUcompaniesenteringAsianmarketthrough the provision of tailored solutions to Cultural, Transparency and Political Challenges of entering the Asian market.

SEBRIGHT CHEN Financial CEO Of The Year // China 2023

Sebright Chen is Chairman and CEO of Summer Atlantic Capital. He has shaped the strategic reorientation of different companies under management. Sebright Chenhadextensiveexperienceininvestment management, corporate advisory, technology and pharma industries. After graduating from Stanford University, he held executive positions with asset management companies and technology firms resulting in the development of extensive contacts in China and the United States; creating important international relationships within theassetmanagementandpharmasectors.

Before founding Summer Atlantic Capital, Sebright was the CFO for an AI startup that was acquired by one of the largest technology companies in the world in 2018. He is a frequent speaker at Horasis Global Meetings, as well as the China Chapter Chairman for International Trade Council. Sebright obtained his Bachelor’s Degree in Economics from Binghamton University, he has an Innovation and Entrepreneurship Certificate from Stanford University, and is currently an Executive MBA Candidate at The University of Chicago Booth School of Business.

UNION BANK OF THE PHILIPPINES Most Outstanding Digital Bank // Philippines 2023

Union Bank of the Philippines (UnionBank) hasalwaysbeenamongthefirsttoembrace technological innovations to empower its customers.Itembracesthefutureofbanking. Undoubtedly the Philippines’ pioneer in digital banking, UnionBank is committed to betheregion’sdigitaltrailblazertobestserve the growing needs of Filipinos everywhere.

EDWIN BAUTISTA Lifetime Achievement Award

Edwin R. Bautista, serves as President and Chief Executive Officer of Union Bank of the Philippines (UnionBank). He was named one of Asia’s Best CEO 2022 at Corporate Governance Asia’s Asian Excellence Awards 2022. He was previously recognized as International Banker’s 2021 Banking CEO of the Year in Asia 2021; 2020 Asia/Pacific DX CEO at the IDC Asia/Pacific Digital Transformation Awards; by The Asset as Digital Banker of the Year - 2020 for Asia Pacific; The European’s Best Banking CEO –2018; and as the Banking CEO of the Year for Asia - 2018 by the INTERNATIONAL BANKER.

BautistahasastellartrackrecordinBanking, spanning more than 35 years of experience.

After becoming President in 2016, Bautista launched UnionBank’s “digital transformation” making sure that they complete the journey with the promise that “no one gets left behind”.

Prior to UnionBank, Bautista headed Citibank Philippines’ Global Transaction Services Group. Before Banking, Bautista was with Procter & Gamble Philippines. He is a product of the Harvard Business School and De La Salle University, where he received his Mechanical Engineering Degree while garnering the prestigious Bro. Gabriel Connon Award.

VICTORY HILL Best Sustainable Energy Infrastructure Investment Company // 2023

Victory Hill is a specialist investment firm targeting direct investments in global enVictory Hill is a specialist investment firm targeting direct investments in global energy infrastructure that support the UN SustainableDevelopmentGoals,withtheaim of facilitating an orderly energy transition to a Net Zero Carbon future.ergy infrastructure thatsupporttheUNSustainableDevelopment Goals, with the aim of facilitating an orderly energytransitiontoaNetZeroCarbonfuture.

WPS ADVISORY Most Trusted Boutique Advisory of the Year // UK 2023

WPS is an independent financial advice service. We help people make informed decisions about their finances. Our affordable, impartial advice helps you better understand your financial situation and develop a plan to achieve your personal goals.