|Cód. ISIN||Sector||Servicios Financieros|
|Perfil||Pine is a wholesale bank specialized in serving corporations. During 2014 until the beginning of 2016, Pine has adopted a conservative approach in the management of its balance sheet and thus on its revenue generation and cost management, in order to preserve capital, further strength its balance sheet fundamentals and liquidity, upon a challenging macroeconomic environment, in particular the corporate sector.
Going forward, since June 2016, as part of the transition to a fully professional management team, Pine has taken a series of initiatives focused on returning to profitability through the sustainable repositioning of its business. These initiatives are: Repositioning of the loan origination approach, diversifying the portfolio with new products and smaller tickets; simplification of the organizational structure, reducing management layers and increasing proximity to the client; consolidation of the process of funding diversification and start of the digitalization of business, in line with the developments in the global financial industry. All these initiatives, coupled with the excess capital and liquidity generated since the beginning of the crisis, created the conditions necessary for the return to profitability.
Also, in line with the Bank's turnaround, Pine further advanced the credit portfolio diversification, increasing the penetration in new clients, and seeking adequate spreads for its respective risk and collateral levels.
Another initiative signaling the turnaround of its business is the launching, late July 2017, of the Pine Online investment platform for retail investors. The digital platform has performed above expectations both in number of users and investment amounts.
Finally, at the end of September, the Bank started the Zero-Based Budgeting project with the Falconi Consulting group, focusing on improving efficiency indicators and optimizing operational processes aligned with the technological transformation at Pine and in the industry as a whole.
To sum up, Pine is confident that these measures create final conditions to safely recover the Bank's profitability.