pillar iii disclosure report as at -...

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Pillar III Disclosure Report

Pillar III Disclosure Report as at

31st December 2016

Issued February 2017

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Table of contents

1. INTRODUCTION & SCOPE OF APPLICATION .......................................................................................... 3

1.1 Group Structure ............................................................................................................................ 3

1.2 Material & Legal Impediments related to Subsidiaries ................................................................ 3

2. CAPITAL STRUCTURE ............................................................................................................................. 4

2.1 Terms & Conditions ....................................................................................................................... 4

2.2 Capital Base ................................................................................................................................... 4

3. CAPITAL ADEQUACY .............................................................................................................................. 5

3.1 Minimum Capital Requirement .................................................................................................... 5

3.2 Internal Capital Adequacy Assessment Process (ICAAP) .............................................................. 5

3.3 Capital Charge Calculation ............................................................................................................ 5

3.4 Capital Requirement & Total Capital Ratio ................................................................................... 6

4. RISK MANAGEMENT .............................................................................................................................. 7

4.1 Risk Management Function .......................................................................................................... 7

4.1.1. Credit Risk ............................................................................................................................. 8

4.1.2. Market Risk ........................................................................................................................... 9

4.1.3. Operational Risk .................................................................................................................... 9

4.2 Credit Risk Disclosure .................................................................................................................. 11

4.3 Credit Risk Exposure Mitigation .................................................................................................. 12

4.4 Counterparty Credit Risk (CCR) and Off-Balance Sheet Disclosure ............................................ 13

4.5 Market Risk Disclosure ................................................................................................................ 13

4.6 Operational Risk Disclosure ........................................................................................................ 13

4.7 Liquidity Risk Disclosure .............................................................................................................. 14

APPENDICES ................................................................................................................................................ 15

APPENDIX I: DISCLOSURE ON CAPITAL BASE .......................................................................................... 16

APPENDIX II: DISCLOSURE ON CAPITAL ADEQUACY ............................................................................... 17

APPENDIX III: DISCLOSURE ON CREDIT RISK’S WEIGHT .......................................................................... 19

APPENDIX IV: DISCLOSURE ON CREDIT RISK’S RATED EXPOSURE .......................................................... 21

APPENDIX V: DISCLOSURE ON CREDIT RISK MITIGATION ....................................................................... 23

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1. INTRODUCTION & SCOPE OF APPLICATION Samba Capital & Investment Management Company (Samba Capital or Company) is a limited liability

company incorporated in the Kingdom of Saudi Arabia under commercial registration number

1010237159 dated 6 Shabaan 1428H (August 19, 2007) issued in Riyadh having Capital Market

Authority (CMA) license no. 07069-37. The objective of the Company is to provide a full range of

Investment Banking, Corporate Finance, Brokerage, Asset Management and Custody services covered

by CMA licenses of (i) Dealing as Principal, Agent & Underwriter, (ii) Arranging (iii) Managing

Investment Funds & Discretionary Portfolios (iv) Advising and (v) Custody. In addition, Samba Capital is

authorized to provide Margin Lending Facilities under Dealing License.

The Pillar III disclosure report has been prepared in accordance with the Prudential Rules issued by the

CMA in December 2012 and Pillar III disclosure guidelines. The purpose of this report is to inform

market participants about Samba Capital’s capital structure, risk exposures, Risk Management process

and capital adequacy.

1.1 Group Structure

Samba Capital is a wholly owned subsidiary of Samba Financial Group (SFG or Parent Bank), a joint

stock company incorporated in the Kingdom of Saudi Arabia and listed on the Saudi Arabian stock

exchange, providing a full range of banking and related services with the following subsidiaries.

Samba Bank Ltd, Pakistan (SBL): A 84.51% owned subsidiary incorporated as a banking company in

Pakistan and engaged in commercial banking and related services, and listed on the Pakistan Stock

Exchange.

Co-Invest Offshore Capital Limited (COCL): A wholly owned company incorporated under the laws of

Cayman Islands for the purpose of managing certain overseas investments through an entity;

Investment Capital (Cayman) Limited (ICCL) which is fully owned by COCL. ICCL has invested in

approximately 41.2% of the share capital of Access Co-Invest Limited, also a Cayman Island limited

liability company, which manages these overseas investments.

Samba Real Estate Company: A wholly owned subsidiary incorporated in Saudi Arabia under

commercial registration no. 1010234757 issued in Riyadh dated 9 Jumada II, 1428H (June 24, 2007).

The company has been formed as a limited liability company with the approval of SAMA.

Samba Global Markets Limited: A wholly owned company incorporated as limited liability company

under the laws of Cayman Islands on February 1, 2016, with the objective of managing certain treasury

related transactions. The company started its commercial operations during the fourth quarter of

2016.

1.2 Material & Legal Impediments related to Subsidiaries

Samba Capital does not have any subsidiaries; hence this section does not apply.

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2. CAPITAL STRUCTURE

2.1 Terms & Conditions

There are no terms and conditions applicable to the current capital items except that in accordance

with the Regulations for Companies in the Kingdom of Saudi Arabia and the Articles of Association of

the Company, a minimum of 10% of the net income for the year is required to be transferred to a

statutory reserve every year. No such transfers were made during the year (2015: Nil) as the reserve

has already reached the maximum limit in the prior years.

2.2 Capital Base

Breakdown of company’s capital base as of 31st Dec 2016 and 2015 is provided below. Capital base

disclosure as required by the Pillar III guidelines of CMA is provided in Appendix I.

Capital BaseSAR '000

(Dec - 2016)

SAR '000

(Dec - 2015)

Paid-up capital 500,000 500,000

Retained Earnings 376,678 447,559

Share premium - -

Reserves (other than revaluation reserves) 250,000 250,000

Tier-1 capital contribution - -

Deductions from Tier-1 capital - -

TOTAL CAPITAL BASE 1,126,678 1,197,559

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3. CAPITAL ADEQUACY

3.1 Minimum Capital Requirement

SC’s capital base sufficiently covers all material risks meeting the minimum capital requirement with

the capital ratio of 6.51x against the CMA requirement of 1x. The company intends to maintain a

healthy capital ratio as a buffer to cater future business growth.

3.2 Internal Capital Adequacy Assessment Process (ICAAP)

Capital adequacy assessment is conducted annually with regular reviewing and monitoring of the

Capital Adequacy Ratio. The ICAAP process starts with growth projections in all business areas with

resulting increase in credit, market, operational and Pillar II risks leading to total capital requirement

that is compared against the available capital to assess the need for any additional capital. Stress

testing is a critical element of the Pillar II exercise incorporating the impact of stressed market

conditions on the company’s revenues and capital base ultimately affecting projected capital ratios.

ICAAP is as an important part of the Risk Governance as it provides an overview of the Risk

Management framework, identification of material risks, capital planning, dividend policy and

company’s risk appetite. While the Risk Management Division leads the ICAAP Process, business and

support functions provide inputs for the exercise. The assessment is reviewed by Senior Management

and approved by the Board.

3.3 Capital Charge Calculation

Credit Risk: Samba Capital calculates capital requirement for credit risk according to standardized

approach as adopted by CMA which requires exposure to be assigned to portfolio segments based on

the nature of underlying exposure. Please refer to Appendix II for capital requirement calculation.

Market Risk: The Company calculates capital charge as per CMA rules using standardized approach.

Operational Risk: Operational risk capital charge is calculated under basic indicator approach, for more

details please refer to section 4.6.

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3.4 Capital Requirement & Total Capital Ratio

For quantitative disclosure as required by Pillar III guidelines of CMA please refer to Appendix II.

Capital requirement and capital ratio for the year ended 31st Dec 2016 and 2015 are provided below.


(Dec - 2016)

SAR '000

(Dec - 2015)

Credit Risk 71,120 91,579

Operational Risk 101,861 102,981

Market Risk

Total Capital Requirement 172,982 194,560

Total Capital Base 1,126,678 1,197,559

Capital Ratio 6.51 6.16

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4. RISK MANAGEMENT

4.1 Risk Management Function

Risk Management is an independent function headed by CRO reporting to the CEO, with the

responsibility for developing adequate risk policies & limits and promoting the risk management

culture across the company. Samba Capital follows an enterprise-wide Risk Management approach

whereby risk controls are embedded within various support functions independent of business such as

Operations, Middle Office, Risk, Finance, Compliance, Legal etc. Some of the guiding principles

followed in day to day Risk Management include the product program framework, multiple approvers

and robust senior management oversight through the following committees chaired by the CEO and

governed by their respective charters.

Operating Committee (OpComm)

Fiduciary & Investment Review Committee (FIRC)

Risk & Compliance Committee (RCC)

In addition there are other committees entrusted with more specific roles like Investment Committee,

SREF (Samba Real Estate Fund) Investment Committee, Valuation Committee (VC) and New Business

Committee (NBC). The Board of Directors is the highest level approval body with two Board

Committees (Audit Committee and Nomination & Remuneration Committee) providing oversight

through regular meetings. In addition Samba Capital has a Corporate Governance Policy which

provides guidelines to the Board and Senior Management in fulfilling their responsibilities.

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Please find below the Risk & Compliance Organizational Structure as per CMA Pillar III Disclosure

guidelines.

4.1.1. Credit Risk

Credit risks are mitigated through strict adherence to approved risk policies for all credit activities

including fiduciary placements, investments and margin trading (Murabaha trading) with adequate

systems and processes to capture, measure and monitor exposures on a regular basis. Some of the

major risk management processes and controls are summarized below:

Stringent risk acceptance criteria for Counterparties (CP) selection and limit allocation for

fiduciary placements with independent monitoring of limits and rating changes by Risk

Management.

Customer credit check, suitability analysis and customer categorization based on formally

defined risk acceptance criteria

Collateral requirement for margin lending with regular review of the portfolio by Risk

Management and monitoring of collateral coverage and margin call actions by Middle Office.

Stock selection policy setting forth the processes and controls for reviewing and maintaining

the approved list of securities for Murabaha trading purposes.

Periodic review of eligible stocks for Murabaha trading using risk based rating system with

maximum exposure limits on high risk stocks.

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Review and approval of individual fiduciary investment transactions by evaluating issuer risk

and ensuring conformity with the fund Terms &Conditions and Product Program.

Regular senior management reviews of placements and investments exposures vis a vis current

market developments in quarterly FIRC and AMD investment committee meetings.

4.1.2. Market Risk

Market Risk primarily arises from underwriting and principal investments (PI) businesses. However,

there were no outstanding exposures for those activities as of 31st December 2016. Market Risk is

mitigated through approved strategies, policies and processes laid down in respective product

programs.

The Principal Investment product program clearly defines policies for investment selection,

valuation, risk monitoring and exit triggers. Regular reviewing, approval and oversight

processes help mitigate the market risk.

With respect to underwriting transactions, all valuations are approved by the Valuation

Committee (VC) with close monitoring of underwriting commitments ensuring timely mitigation

of underlying risks.

4.1.3. Operational Risk

Operational Risk is managed across businesses and support functions backed by sound operational

process with built in controls to prevent breach of policies & regulations and operational errors. Risk

Management strategies, processes and reporting are summarized below:

Robust Operational Risk Management framework with regularly updated Operating Manuals,

Product Programs and Business Continuity Plans ensuring continued effective delivery of all

Products & Services. Robust quarterly Risk & Control Self-Assessment (RCSA), ensuring

effectiveness of controls and early detection of non-compliance.

Timely capturing of P&L events in operational risk system, with loss impact and corrective

actions allowing monitoring of Key Risk Indicators and avoiding reoccurrence of loss events.

Thorough due diligence of counterparties for trade execution and custodial services assessing

their capacity to deliver the required services in terms of technology, systems and financial

soundness.

Strict adherence to ethical standards through employee trading policy, whistle blowing policy

and Fraud Control Programs.

Independent monitoring of internal audit Corrective Action Plans (CAP) by Risk Management

ensuring timely closure of audit issues and regular oversight of operational risk issues by RCC.

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Structure and organization of Risk:

Please see the section 4.1. for organization structure of Risk Management and Compliance functions.

Policies/guidelines for hedging:

The company is not involved in any hedging activities related to credit, market or operational risk.

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4.2 Credit Risk Disclosure

Qualitative and quantitative disclosures regarding credit risk are provided below:

Definition of past due claims and impaired liabilities

Past due item shall refer to an exposure where, interest or principal are more than 90 days past due, calculated from the original agreed payment date.

Approaches adopted to determine impairments and specific provision

Not Applicable.

Names of credit rating agencies

Moody’s, S&P and Fitch ratings are used for the purpose of capital requirement; there were no changes during the period.

Type of exposure classes for which CRA is used

Placement with the parent bank.

Mapping between the credit rating from each CRA

Not applicable as the credit rating agency is one of those mentioned in the Annex 11 & 12 of the Prudential regulations.

Quantitative disclosure: Total gross credit risk exposure

Detail of gross credit exposure, plus average gross exposure as at 31st December 2016 by major types of credit exposure are provided in Appendix III.

Amount of impaired exposures and past due exposures provided separately

Not Applicable as of 31st December 2016.

Amount of impairments and specific provisions


Changes for impairments and specific provisions during the period


Geographic distribution of credit risk exposures

All credit risk exposures are within the Kingdom of Saudi Arabia.

Residual contractual maturity breakdown of credit risk exposure

Most of the credit risk exposure are of short-term nature with maturity of less than a year.

Reconciliation report for changes in impairment


Exposure amounts before and after credit risk protection

For exposure amount before and after credit protection please refer to Appendix V.

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4.3 Credit Risk Exposure Mitigation

Qualitative and quantitative disclosures regarding credit risk mitigation are provided below:

Discussion of policies for securing collateral

While offering Murabaha trading (Margin trading), the company secures collateral in the form of cash or internally rated Shariah compliant stocks listed on Tadawul. Customers are categorized into one of the 3 segments and amount of collateral depends upon among other things the customer’s credit history, his suitability score and trading history.

Off-balance sheet netting

Not applicable.

Policies and process for collateral valuation

Shares held as collateral for Murabaha trading are valued daily based on Tadawul closing prices and customers have to maintain required level of coverage ratio at all times. If the coverage ratio falls below that level, customers are notified through margin calls to replenish their account. The company has the right to partially or fully liquidate the portfolio if the customer fails to fulfill his obligation under the Murabaha agreement. The list of stocks qualified for Murabaha trading collateral is periodically reviewed using a set of risk criteria and customers are notified of the change accordingly.

Description of the most important types of collateral

Approved list of Shariah compliant stocks listed on Tadawul.

Important types of guarantor and credit derivative counterparties

Not applicable.

Market or credit risk concentration within the credit risk mitigation

To control market risk concentration within the Murabaha trading collateral, Samba Capital has put in place limits on certain stock categories and per customer limit to control credit risk concentration to a single customer.

Quantitative disclosure

For quantitative disclosure on credit risk exposure mitigation please refer to Appendix V.

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4.4 Counterparty Credit Risk (CCR) and Off-Balance Sheet Disclosure


4.5 Market Risk Disclosure

Qualitative and quantitative disclosures regarding Market Risk are provided below:

General Disclosure

Samba Capital’s market risk exposure could potentially arise from underwriting commitments and Principal investments for which appropriate risk policies and processes are in place as discussed in general disclosure for market risk in section 4.1.2. Market risk arising from fiduciary business (asset management) are borne by customers as disclosed in the fund T&C and managed by the portfolio manager in accordance with fund product program within the regulatory parameters and objectives.

Quantitative disclosure: Trading book business


4.6 Operational Risk Disclosure

Qualitative and quantitative disclosures regarding Operational Risk are provided below:

General Disclosure

For discussion on general disclosure related to operational risk information please refer to section 4.1.3.

Approach adopted for operational risk capital assessment

The Operational Risk capital charge is calculated as higher of the amounts under the following two approaches.

1) Basic Indicator Approach: Under the Basic Indicator Approach, 15% capital charge is calculated on average operating Income of the last three audited financials.

2) Expenditure Based Approach: Under Expenditure Based Approach 25% capital charge is calculated on all overhead expenses except extraordinary expenses (such as write-offs) as per the most recent audited annual financial statements.

Quantitative disclosure:

Summary of Operational risk capital

requirement

Particulars2016

(SAR '000)

2015

(SAR '000)

Basic Indicator Approach(15% capital charge on average operaing income of the last 3

years audited financials)

101,861 102,981

Expenditure Based Approach(25% capital charge of last year audited overhead expenses)

49,190 49,709

Operational Risk charge(max. of the above 2 approaches)

101,861 102,981

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4.7 Liquidity Risk Disclosure

Qualitative and Quantitative disclosures regarding Liquidity Risk are provided below:

Strategies and guidelines for liquidity Risk Management:

The company has a highly liquid balance sheet with the majority of the assets being bank placements,

sufficient to cover its liquidity obligations. It is the company’s policy to maintain adequate liquidity to

meet operational and business requirements at all times. Additional funding needs for any new

product or investment is planned ahead by clearly stipulating the funding amount, source, timing and

expected funding costs in product proposals /programs. Risk Management is responsible for

developing adequate policies and limits for liquidity Risk Management, with Liquidity ratios and

Maturity Gap Analysis being used for monitoring the liquidity risk. The objective of maturity gap

analysis is to avoid occurrence of large funding gaps in the maturity structure of Samba Capital’s assets

and liabilities.

Stress test:

Stress testing is a part of the liquidity risk management policy which requires development of plausible

scenarios with the objective to assess that the company has sufficient funds under stressed conditions.

Quantitative disclosures: Liquidity Position:

The company’s liquidity reserve primarily consists of placement with the parent bank which sufficiently

covers the outstanding obligations as reflected in the below liquidity ratio as at 31st December 2016:

SN Ratio Dec-16 Dec-15 Description

1 Liquid assets / Total Assets

92.71% 86.43% This reflects overall liquidity of the balance sheet.

2 Maturity gap analysis Positive Positive This reflects that the company has positive gaps (net maturing assets) in all maturity buckets.

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APPENDICES

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APPENDIX I: DISCLOSURE ON CAPITAL BASE

Disclosure on capital base as of 31st December 2016 and 2015 are provided below:


(Dec - 2016)

SAR '000

(Dec - 2015)

Paid-up capital 500,000 500,000

Retained Earnings 376,678 447,559

Share premium - -

Reserves (other than revaluation reserves) 250,000 250,000

Tier-1 capital contribution - -

Deductions from Tier-1 capital - -

Total Tier-1 capital 1,126,678 1,197,559

Subordinated loans - -

Cumulative preference shares - -

Revaluation reserves - -

Other deductions from Tier-2 (-) - -

Deduction to meet Tier-2 capital limit (-) - -

Total Tier-2 capital 0 0

TOTAL CAPITAL BASE 1,126,678 1,197,559

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APPENDIX II: DISCLOSURE ON CAPITAL ADEQUACY Disclosure on capital adequacy as of 31st December 2016 is provided below:

*Collateral against margin financing has not been considered for calculation of risk weighted assets as per the CMA rules.

**Based on the audited average operating income for the last 3 years (2016, 2015, 2014)

Exposure Class

Net Exposures

after

CRM SAR '000

Risk

Weighted

Assets SR '000

Capital

Requirement

SAR '000

Credit Risk - - -

On-balance Sheet Exposures - - -

Governments and Central Banks - - -

Authorised Persons and Banks 1,170,144 234,029 32,764

Corporates - - -

Retail - - -

Investments - - -

Securitisation - - -

Margin Financing* 12,354 18,531 2,594

Other Assets 79,717 255,442 35,762

Total On-Balance sheet Exposures 1,262,215 508,002 71,120

Off-balance Sheet Exposures - - -

OTC/Credit Derivatives - - -

Repurchase agreements - - -

Securities borrowing/lending - - -

Commitments - - -

Other off-balance sheet exposures - - -

Total Off-Balance sheet Exposures - - -

- - -

Total On and Off-Balance sheet Exposures 1,262,215 508,002 71,120

Prohibited Exposure Risk Requirement - - -

- - -

Total Credit Risk Exposures 1,262,215 508,002 71,120

Market Risk Long Position Short Position

Interest rate risks - - -

Equity price risks 0 - -

Risks related to investment funds - - -

Securitisation/resecuritisation positions - - -

Excess exposure risks - - -

Settlement risks and counterparty risks - - -

Foreign exchange rate risks - - -

Commodities risks. - - -

Total Market Risk Exposures - - -

Operational Risk ** 101,861

Minimum Capital Requirements 172,982

Surplus/(Deficit) in capital 953,696

Total Capital ratio (time) 6.51

Amounts in SAR' 000

-

-

-

-

-

-

1,262,215

-

1,262,215

-

-

-

-

-

1,170,144

-

-

-

-

12,354

79,717

1,262,215

-

Exposures before CRM

SAR '000

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Disclosure on capital adequacy as of 31st December 2015 is provided below:

*Collateral against margin financing has not been considered for calculation of risk weighted assets as per the CMA rules.

** Based on the audited average operating income for the last 3 years (2015, 2014, 2013)

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APPENDIX III: DISCLOSURE ON CREDIT RISK’S WEIGHT Disclosure on credit risk’s weight as of 31st December 2016 is provided below:

Government

s and central

banks

Administrative

bodies and NPO

Authorised

persons and

banks

Margin

FinancingCorporates Retail

Past

due

items

Investments Securitisation Other

assets

Off-balance

sheet

commitments

Total Exposure

after netting

and Credit Risk

Mitigation

Total Risk

Weighted

Assets

0% -

20% 1,170,144 1,170,144 234,029

50% -

100% - -

150% 12,354 12,354 18,531

200% -

300% 75,782 75,782 227,346

400% - -

500% -

714%

(include

prohibited

exposure)

3,935 3,935 28,096

Average

Risk Weight20% 150% 320% 40%

Deduction

from

Capital

Base

Exposures after netting and credit risk mitigation

Risk

Weights

Amounts in SAR' 000

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Disclosure on credit risk’s weight as of 31st December 2015 is provided below:

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APPENDIX IV: DISCLOSURE ON CREDIT RISK’S RATED EXPOSURE Disclosure on credit risk’s rated exposure as of 31st December 2016 is provided below:

Credit quality step 1 2 3 4 5 6 Unrated

S&P AAA TO AA- A+ TO A- BBB+ TO BBB- BB+ TO BB- B+ TO B- CCC+ and below Unrated

Fitch AAA TO AA- A+ TO A- BBB+ TO BBB- BB+ TO BB- B+ TO B- CCC+ and below Unrated

Moody's Aaa TO Aa3 A1 TO A3 Baa1 TO Baa3 Ba1 TO Ba3 B1 TO B3 Caa1 and below Unrated

Capital Intelligence AAA AA TO A BBB BB B C and below Unrated

On and Off-balance-sheet Exposures - - - - - - - -

Governments and Central Banks - - - - - - - -

Authorised Persons and Banks - - 1,170,144 - - - - -

Corporates - - - - - - - -

Retail - - - - - - - -

Investments - - - - - - - -

Securitisation - - - - - - - -

Margin Financing - - - - - - - 12,354

Other Assets - - - - - - - 79,717

Total - - 1,170,144 - - - - 92,071

Credit quality step 1 2 3 4 Unrated

S & P A-1+, A-1 A-2 A-3 Below A-3 Unrated

Fitch F1+, F1 F2 F3 Below F3 Unrated

Moody’s P-1 P-2 P-3 Not Prime Unrated

Capital Intelligence A1 A2 A3 Below A3 Unrated

On and Off-balance-sheet Exposures - - - - - -

Governments and Central Banks - - - - - -

Authorised Persons and Banks - 1,170,144 - - - -

Corporates - - - - - -

Retail - - - - - -

Investments - - - - - -

Securitisation - - - - - -

Margin Financing - - - - - 12,354

Other Assets - - - - - 79,717

Total - 1,170,144 - - - 92,071

Exposure Class

Long term Ratings of counterparties

Short term Ratings of counterparties

Exposure Class

Amounts in SAR' 000

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Disclosure on credit risk’s rated exposure as of 31st December 2015 is provided below:

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APPENDIX V: DISCLOSURE ON CREDIT RISK MITIGATION Disclosure on credit risk mitigation as of 31st December 2016 is provided below:

Credit Risk

On-balance Sheet Exposures

Governments and Central Banks

Authorised Persons and Banks 1,170,144 1,170,144

Corporates

Retail

Investments

Securitisation

Margin Financing 12,354 12,354 12,354

Other Assets 79,717 79,717

Total On-Balance sheet Exposures 1,262,215 - - - 12,354 1,262,215

Off-balance Sheet Exposures

OTC/Credit Derivatives

Exposure in the form of repurchase agreements

Exposure in the form of securities lending

Exposure in the form of commitments

Other Off-Balance sheet Exposures

Total Off-Balance sheet Exposures

Total On and Off-Balance sheet Exposures 1,262,215 - - - 12,354 1,262,215

Amounts in SAR' 000

Exposures after

CRM

Exposures

covered by other

eligible

collaterals

Exposures

covered by

Financial

Collateral

Exposure ClassExposures before

CRM

Exposures

covered by

Guarantees/

Credit

derivatives

Exposures

covered by

Netting

Agreement

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Disclosure on credit risk mitigation as of 31st December 2015 is provided below:

pillar iii disclosure report as at -...

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