Corporate Center

Independence, OH, United States

Corporate Center

Independence, OH, United States
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-- Theta Holding Company, LP has completed its multi-million-dollar renovation of Overlook Corporate Center in Little Falls with the addition of tenant amenities including a state-of-the-art conference center, a full-service fitness center and airport-style lounge areas for meetings and social gatherings. Commercial real estate services firm Colliers International Group Inc. serves as exclusive leasing agent for the 415,000-square-foot Class A office property, located at 150 Clove Road.The Colliers team of Richard Mirliss and Richard J. Madison, executive managing directors, and associates Alex Vitro and Jack Callahan represents the building's ownership, which is based in Little Falls."Theta Holding has long been committed to repositioning this valuable asset, and the sustained momentum we've seen in terms of leasing activity is proof that their investment is paying off," said Mirliss. "The capital improvement initiative focused not only on upgrading the property's aesthetics, but on delivering the amenity-rich environment that today's office tenants demand," said Madison.Additional building-wide improvements included the renovation of the property's three-story atrium lobby and common areas and the replacement outdated green marble and brass railings. The cafeteria was also remodeled and a new grab-n-go coffee and juice bar installed.Conveniently situated at the juncture of Routes 46 and 3, Overlook Corporate Center is minutes from major road networks including the Garden State Parkway and I-80. The property is also adjacent to New Jersey Transit's Montclair State University train station, which provides direct access for employees who commute between New Jersey and New York City.The building's diverse tenant mix includes Morgan Stanley, Milliman Inc., American Society of Mechanical Engineers (ASME), Roche/Genentech, Cantel Medical, The Marcus Group and Montclair State University's administration offices. Transactions completed during the fourth quarter of 2016 included marketing and printing solutions company Federal Direct and accounting firm Buchbinder Tunick & Co, each of whom inked leases for 10,000 square feet.The Colliers team has secured 200,000 square feet in lease commitments to date and is currently marketing the remaining 100,000 square feet of available space at the property. This includes 3,000 to 50,000 contiguous square feet as well as the 20,000-square-foot penthouse featuring 14-foot ceilings and views of Manhattan."We are seeing a robust level of interest and expect leasing to continue at a brisk pace," noted Mirliss.###Colliers International ( http://www.colliers.com/ ) Group Inc. is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals' Global Outsourcing for 11 consecutive years, more than any other real estate services firm.For the latest news from Colliers, visitColliers.com or follow us on Twitter ( https://twitter.com/ Colliers ): @Colliers andLinkedIn (https://www.linkedin.com/company/colliers-international). To see the latest news on Colliers International in New York, follow @Colliers_NYC and Twitter (https://twitter.com/colliers_nyc)


News Article | May 23, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--UBS today announced that it will launch the UBS Visa Infinite® credit card on May 27, a sleek, new metal credit card designed to meet the luxury lifestyle needs of high and ultra-high-net-worth clients. The card provides an array of premium rewards, travel benefits and credits, including exclusive savings when users fly, stay, cruise or drive, and a rich earnings structure with rewards points that never expire while the card is open. By using the card, clients also have the benefit of concierge-style advice on all of their financial needs – from day-to-day cash management to long-term investment planning – working directly with their UBS Financial Advisor. "Our clients place an immense value on high-end and high-value services, which are integral to the UBS wealth management experience," said John Mathews, Head of Private Wealth Management and Ultra High Net Worth, UBS Wealth Management Americas. "By putting the UBS Visa Infinite credit card in our clients' hands, we can have a more meaningful impact on our clients' everyday lives and experiences by serving more than their traditional wealth management needs." Unparalleled client focus is a core UBS principle and translates into a bespoke, best-in-class experience for UBS credit card clients. UBS Visa Infinite credit card clients will have 24/7 access to a U.S.-based Concierge and Client Services Group, as well as Financial Advisors who are able to ensure a smooth card relationship by setting up automatic payments and enrolling clients in fraud, activity, and travel alerts. By having a UBS credit card, the client, together with their Advisor, can make more informed decisions when planning their financial future when both assets and liabilities are in one place. "The advisor's ability to service and advocate for their clients is just one thing that makes the UBS Visa Infinite credit card exceptional," said Fred Jubitz, Head of UBS Cards. “Visa has a long and successful history working with UBS to deliver world-class rewards credit card products serving UBS’s high-net-worth clients,” said TS Anil, Senior Vice President of Global Products at Visa. “The UBS Visa Infinite credit card goes beyond rewards to deliver the total customer experience, including comprehensive protection benefits and access to premium travel and lifestyle benefits.” UBS Visa Infinite credit card clients enjoy a wide array of exclusive travel benefits, credits and a rewards program with flexible redemption options, which result in a total combined value that may exceed $4,000 per year. The card features a rich 3-2-1 earning structure – three points per dollar spent for commercial air travel, two points per dollar spent for gas and groceries, and one point per dollar spent for all other eligible purchases.1 Clients also gain access to a travel-focused concierge service, special amenities, and perks at some of the world's most prestigious hotels and properties. Users can fly on any commercial airline for fewer points than most other rewards programs and with no blackout dates, booking fees, or point expiration.2 New UBS Visa Infinite credit card clients can earn up to 50,000 bonus points by spending $3,000 within the first 3 months of approval.3 The UBS Visa Infinite credit card replaces the current UBS Preferred Visa Signature® credit card with no change in the $495 annual card fee.* Existing UBS Preferred Visa Signature credit card clients will automatically receive the UBS Visa Infinite credit card. A sampling of the credit card's benefits and rewards include: Exceptional travel benefits—clients have access to a wide array of privileges and savings. Exclusive rewards—UBS Visa Infinite credit card clients earn 3x points on commercial air travel, 2x points on gas and groceries and 1 point on all other eligible purchases.1 Easy cash management— And, since the UBS credit card can connect to clients' cash management accounts at UBS, they are able to get cash at banks and ATMs worldwide without the usual finance charges or cash advance fees, provided the client has available cash in their UBS account.15 UBS has offered clients a simpler way to manage their cash and credit by eliminating the need to carry a separate debit card. Additionally, UBS clients can also enjoy unlimited ATM fee rebates in the U.S., up to $10 per transaction.16 Enhanced Client Service—Our 24/7 U.S.-based UBS Concierge is like a personal assistant that can help clients with anything from making dinner reservations and gift suggestions to planning complex travel arrangements near home or far away.17 Moreover, being that it is a UBS card, clients can always rely on their Advisor to service and advocate on their behalf. Wealth Management Americas is one of the leading wealth managers in the Americas in terms of financial advisor productivity and invested assets. Its business includes UBS’s domestic U.S. and Canadian wealth management businesses, as well as international business booked in the U.S. It provides a fully integrated set of wealth management solutions designed to address the needs of ultra-high net worth and high net worth clients. UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets. UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 34% of its employees working in the Americas, 35% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). 1Extra points are based on merchant category code. Groceries not bought at stand-alone grocery stores (such as purchases within a larger retail store) may not qualify. Air travel through online sites other than the airlines’ own sites may not qualify. 2If you voluntarily close your card or UBS Bank USA closes your card due to inactivity, you will be allowed 60 days following the effective date of termination of the UBS Account or Cards to redeem outstanding points for gift cards or merchandise. In the event UBS Bank USA closes your Card for any reason other than inactivity, your points will be immediately forfeited. 3To receive 50,000/25,000 bonus points, you must make $3,000 in eligible purchases within the first three months from card account approval. Your period to spend the total $3,000 may be shorter than 3 months if there is a delay in receiving your card. Also, purchases may fall outside the 3 month period in some cases, such as a delay in merchants submitting transactions to us or if the purchase date differs from the date you made the transaction. (For example, if you buy goods online, the purchase date may be the date the goods are shipped.) Qualifying purchases do NOT include fees or interest charges, balance transfers, cash advances, or using any checks that access your account. This one-time bonus offer is valid only for first-time cardholders with new accounts and only one bonus is available per card account, regardless of the number of cardholders on that card account. Existing cardholders are not eligible for this bonus offer. Must apply by December 31, 2017. This offer is valid only with your first UBS credit card application after receiving this offer and it cannot be combined with any other promotions, including existing offers. If you receive and apply for this offer but do not satisfy the requirements, you will not receive any new account bonus. All applications subject to credit approval. Points will be credited to your account after your spend reaches $3,000 in posted transactions within the above three-month period. Points can be redeemed at any time after they have been earned, as long as your card account stays open and in good standing. 4Airport club day pass or annual airport club membership must be purchased using your UBS Visa Infinite credit card. You are eligible for a statement credit of up to $500 if your total spending on your card was $50,000 or greater during either the current calendar year-to-date or the prior calendar year. You may claim the credit only once for each year in which you qualify for a credit. If you do not claim the credit in a year, it will not carry over into subsequent years. You must claim the credit during the same calendar year in which the fee posted to your card account. 5The Priority Pass Select offers access to over 1,000 participating airport lounges worldwide. Membership is required to access participating lounges. To request your complimentary membership card, visit ubs.com/prioritypassselect. 6UBS Visa Infinite credit cardholders are entitled to one $100 statement credit per card every four years in connection with the Global Entry program application fee. The $100 statement credit will be processed after the application fee is charged to a valid UBS Visa Infinite credit card. Global Entry is a U.S. Government program, operated by U.S. Customs and Border Protection (CBP). UBS and Visa have no control over the program including, but not limited to, application, approval process or enrollment fees charged by CBP, and no liability with regard to the Global Entry program. 7You must enroll in this benefit on UBS Online Services and select one of the eligible domestic U.S. carriers. The selected airline applies to all cards in the card account. Qualifying Airline Purchases must be charged to a UBS Visa Infinite credit card and may vary by airline. UBS and Visa rely on airlines to submit the correct information for these transactions. UBS Visa Infinite credit cardholders without a UBS Resource Management Account (RMA) or Business Services Account BSA can enroll in this benefit by calling us at 888-762-1232 or call collect 201-352-5257 when outside the U.S. 8Enrollment is required at visa.gogoair.com/UBS prior to flying; registration is not available in flight. Eligibility is determined by UBS; your 12 complimentary Inflight Wi-Fi Passes will be available to you at no additional cost after you complete the online enrollment. Passes are valid for 12 months from the date you register your card for this benefit. Any unused Passes at the end of the 12 month period will expire. Each Pass provides for complimentary inflight Wi-Fi Internet access for one device at a time on one flight segment on any participating Gogo-equipped aircraft between airports within the U.S. and Canada where network coverage is available. Participating airlines are listed at ubs.com/mycardbenefits and are subject to change at any time without notice. The use of the passes is subject to Gogo’s Terms of Use and Privacy Policy. This benefit is non-transferable. Visa and UBS reserve the right to modify or cancel this benefit at any time and without notice. Additional restrictions apply. Full program terms and conditions are available at visa.gogoair.com/UBS. UBS Visa Infinite credit cardholders without a UBS Resource Management Account (RMA) or Business Services Account BSA can enroll in this benefit by calling us at 888-762-1232 or call collect 201-352-5257 when outside the U.S. 9The Car Rental Privileges benefits are subject to each car rental company’s terms and conditions, which are subject to change. 10Certain restrictions and limitations may apply. Additional benefits and availability vary by hotel property. For additional details, please visit: visainfinitehotels.com 11Certain restrictions and limitations may apply. For additional details, please visit ubs.com/mycardbenefits. 12Benefits are subject to change and cancellation at any time. Certain conditions, limitations and exclusions apply. For more information on benefits, see ubs.com/visainfinite. 13Redeem 25,000/50,000 rewards points for one ticket up to $350/$900 on any commercial airline. Tickets must be booked through UBS and charged to your UBS Visa Infinite credit card. Once your purchase is complete, applicable rewards points per ticket will be deducted from your account and a credit posted to your credit card account for the ticket price. For tickets costing more than $350 or $900, you must pay the difference using additional rewards points at a rate of 5,000 points for any additional cost of up to $50 of ticket value. Additional payments may be made only in increments of 5,000 points. You must cover the full cost of ticket with rewards points. As of May 2017, American Express cardholders with a Platinum Card® must redeem 35,000/90,000 Membership Rewards® points for one ticket costing up to $350/$900. Please refer to the program and benefits guide that comes with your card for complete rules on redeeming your points. Restrictions apply. 14The item or items you purchase must add up to $100 or more before redeeming. 15There must be sufficient funds to repay the cash advance that night or you will incur applicable cash advance fees and interest charges. The automatic transfers used to pay off your CashConnect cash advances will reduce the available funds in your UBS account and as a result could affect other transactions dependent on cash, such as fee payment, investment purchases, online bill pay, debit card usage and outstanding checks. Please make sure that you have sufficient available funds in your UBS account to cover these items, as well as the CashConnect cash advance. Feature available only for cardholders with an RMA or Business Services Account BSA. 16We are able to rebate ATM fees only in cases where the transaction fee surcharge is identified and submitted to UBS by the ATM operator and/or network used. In the event that you do not receive a rebate for a fee that you believe is eligible, please call 800-762-1000 or collect at 201-352-5257 for assistance. 17Cardholders are responsible for the cost of any goods or services purchased through the UBS Concierge. *Important information about the UBS Visa Infinite credit card: 15.99% variable APR for purchases, 22.99% variable APR for cash advances, 29.99% variable APR for the penalty rate (maximum penalty APR 29.99%). For balance transfers, 0% intro APR for the first 12 billing cycles for balance transfers within 90 days of account opening; after that, 15.99% variable APR. APRs vary with the market based on the prime rate. Annual fee: $495. For balance transfers, a fee of $10 or 3% of the amount of the transfer, whichever is greater, applies. For cash advances, a fee of $10 or 3% of the amount of the cash advance, whichever is greater, applies. For residents of Iowa and Puerto Rico only, the balance transfer fee and cash advance fee are equal to $2 or 2% of the amount of the transfer or advance, whichever is greater (maximum fee is $10). Foreign purchase transaction fee: None. Subject to credit approval. Information is accurate as of May 27, 2017, and may have changed after that date. To learn what may have changed, please call 888-762-1232. VISA, VISA SIGNATURE and VISA INFINITE are registered trademarks owned by Visa International Service Association and used under license. UBS Preferred Visa Signature and UBS Visa Infinite credit cards are issued by UBS Bank USA with permission from Visa U.S.A. Inc. All other trademarks, registered trademarks, service marks and registered service marks are of their respective companies. All references to the Resource Management Account also apply to the Business Services Account BSA. The RMA and Business Services Account BSA are brokerage accounts. Resource Management Account, RMA and Business Services Account BSA are registered service marks of UBS Financial Services Inc. The phone number for UBS Bank USA is 1-800-762-1000. New York residents may contact the New York state department of financial services by telephone or visit its website for free information on comparative credit card rates, fees and grace periods at 1-800-342-3736 or www.dfs.ny.gov.


News Article | May 25, 2017
Site: co.newswire.com

We provide civil engineering, surveying, landscape architecture and geographic information system services to private developers as well as municipal and institutional clients. ​Behind the List with Jeffrey L. Ott of Ott Consulting Inc.'Excellent service with a personal touch' By Christopher Holland, February 20, 2017 at 6:00 AM Originally published in Lehigh Valley Business Engineering firms in the Greater Lehigh Valley provide many valuable services to our local communities. Making sure you find a firm that specializes in your needs is imperative to your business endeavor. Here to answer this week's “Behind the List” questions is Jeffrey L. Ott, president of Ott Consulting Inc. in Emmaus. The company, which also has an office in Bangor, is looking at expanding its services into the Poconos. Lehigh Valley Business: How long has Ott Consulting been operating in the Greater Lehigh Valley and what are its primary services? Jeffrey L. Ott: I started the firm with Reynold Petre in 2003. In 2006, we purchased an engineering firm in the Slate Belt to expand our services into the area. We provide civil engineering, surveying, landscape architecture and geographic information system services to private developers as well as municipal and institutional clients. LVB: What have been some of the biggest challenges and opportunities that Ott Consulting has encountered throughout its years in business? Ott: The housing market expansion in 2005 was a significant opportunity for our firm. However, the economic downturn in 2009 provided many challenges to our firm. We were involved in the planning of numerous residential projects which evaporated during the downturn. However, we were able to find opportunities to work in other segments of the market by diversifying our services. Our focus shifted from the residential market to other markets, which in the long term provided more stability for our firm. We learned to navigate a tumultuous market, which improved our business savvy. We find opportunities in underserved segments of the market with a goal to overperform for each and every client. This strategy has resulted in a favorable reputation for our firm in the Lehigh Valley and beyond. So, at this point, the need to expand our client base has diminished somewhat since the vast majority of our clients are repeat customers. However, we continue to expand as new technology develops. Reynold Petre, executive vice president and shareholder of the firm, received his Airman Certificate for a Small Unmanned Aircraft System (sUAS), commonly known as a drone. We now have an in-house sUAS pilot, authorized under FAA [Federal Aviation Administration] regulation Part 107, to operate a sUAS to meet the growing needs of our clients. We will stay on the cutting edge of this technology as it develops. LVB: What have been some of the most notable projects that Ott has completed on a local level? What projects is the firm currently working on? Ott: We are very proud of all of our projects. Our goal is continuous improvement in all of our processes. This attitude has provided us the opportunity to work on such notable projects as the Promenade Shops at Saucon Valley, the Weis Market in Forks Township, the new Faulkner Dealership facility on Stoke Park Road, the six-story Hyatt Place Hotel in the city of Bethlehem, a nine-story parking garage in the city of Allentown as well as several projects at the Saucon Valley Country Club. Most recently, we completed land development plans and permitting for a two-story, 80,500-square-foot transitional care facility and a five-story, 111-room hotel and banquet center, both located at the former Center Valley Club in Stabler Corporate Center. We also provided construction survey services for a new 1.1 million-square-foot manufacturing/distribution facility on an 800-acre parcel in the Chrin Commerce Centre. We are currently preparing land development plans for the expansion of an existing restaurant along Route 378 in Saucon Valley. We have a few other significant projects which are currently in the early stages of planning. LVB: How does Ott Consulting directly stimulate the local economy? Ott: We look to hire and employ local talent. Most of our employees graduated from high schools located in the Lehigh Valley and Slate Belt area. We also generously support a number of local organizations such as the March of Dimes, Allentown Rescue Mission, Lions Club, Kiwanis Club, Boy Scouts of America, Lehigh Valley Economic Development Corp., Emmaus and Bangor High School athletics, the Slate Belt Chamber of Commerce, the Greater Lehigh Valley Chamber of Commerce, the Emmaus Historical Society, local county conservation districts and the Miracle League of the Lehigh Valley. I also serve as a volunteer for the Slate Belt Rising committee and the Emmaus Borough Code Appeals Board. LVB: What does the future look like for Ott Consulting? Does it have plans for growth? Ott: We are excited about our future prospects. We have been in existence for almost 14 years and we have built a solid foundation to expand the firm and our services. Primarily, we will grow the firm based upon the needs of our clients. We don't have a desire to become a large firm. We prefer to stay on the smaller side and continue to provide excellent service with a personal touch. However, we do have immediate plans to expand our services into the Pocono region. For more information about Ott Consulting, Inc., call 610-928-4690 or visit our website at www.OttEng.com


News Article | May 9, 2017
Site: globenewswire.com

RESULTS[1] FOR THE FIRST QUARTER OF 2017 OF GROUPE BPCE Good performance achieved by all the business lines in the first quarter of 2017 Attributable net income of €948m[2], up by 8.2% EXCELLENT LEVEL OF ACTIVITY ACHIEVED BY THE BUSINESS LINES Asset management: return to positive inflows in the USA Corporate & Investment Banking: greater momentum enjoyed by Global markets and increased contribution from the international platforms               INCOME BEFORE TAX UP BY 11.6%[4] YEAR-ON-YEAR Sharp increase in the CIB division's contribution to income before tax: +81.4%, to €422m2 Gross operating income4: +11.9% year-on-year (despite the higher contribution to the SRF) Cost of risk stable at 22bp, lower than the business cycle average (30 to 35bp) Operating expenses down in the retail banking networks: if transformation expenses are excluded, the cost base changed as follows: Banque Populaire network -0.1% and Caisse d'Epargne network -1.7% Mergers: 31 regional banks in May 2017 vs. 35 one year ago CET1 ratio of 14.4%[5], up 10bp in Q1-17 TLAC ratio of 19.7%5 On May 9, 2017, the Supervisory Board of Groupe BPCE convened a meeting chaired by Pierre Valentin to examine the Group's financial statements for the first quarter of 2017. François Pérol, Chairman of the Management Board of Groupe BPCE, said: "Our first quarter results confirm the strength of our fundamentals and the resilience of our universal banking model. Thanks to business growth in all our major business lines, our revenues have increased by 4.9%4 with, in particular, 4.5% growth in the loan outstandings position of our Retail Banking division, strong development of our insurance business, the extremely significant expansion of our capital market activities this quarter, and the return of our asset management business to positive growth. Closely managed operating expenses and a new decline in the cost of risk have allowed our net income to increase by 8.2%2."    1. CONSOLIDATED RESULTS[6] OF GROUPE BPCE FOR THE FIRST QUARTER OF 2017 Groupe BPCE has published robust results for the first quarter of 2017, with a 4.9%4 increase in its revenues as a whole, emphasizing the good performance of the Group's three business divisions: Retail Banking, Investment Solutions, Corporate & Investment Banking (see below). Despite the low interest-rate environment, the revenues posted by the Retail Banking division only declined by 0.8% (excluding changes in provisions for home purchase savings schemes) thanks to strong business dynamics. Both the Corporate & Investment Banking and Investment Solutions divisions posted extremely good results, with 25.9% and 8.1% growth in revenues respectively. In this context, the Group's results improved still further in the first quarter of 2017: net income attributable to equity holders of the parent rose 8.2% to reach a total of 948 million euros2. Groupe BPCE boasts a robust, enhanced financial structure with a fully loaded TLAC ratio equal to 19.6% at March 31, 2017, exceeding the 19.5% required at the beginning of 2019. In the first quarter of the year, Groupe BPCE was also able to enjoy strong momentum in its operational excellence initiative pending the launch of the next strategic plan for 2018-2020 to be presented at the Investor Days event scheduled for November 20, 2017 for Natixis and November 29, 2017 for Groupe BPCE. Changes in segment reporting in the first quarter of 2017 Starting in the first quarter of 2017, information about the Group's different divisions is presented as follows: A Corporate center division, which includes the Corporate Center as such (BPCE SA and the Corporate center division of Natixis), Equity interests, and Other activities (cross-functional activities, investment activities, real-estate subsidiaries, etc.). Consolidated results for the first quarter of 2017: net income attributable to equity holders of the parent equal to 948 million euros2, up 8.2% The net banking income[7] of Groupe BPCE for the first quarter of 2017 came to 6,069 million euros, equal to an increase of 4.9% compared with the first quarter of 2016 thanks to extremely strong growth in revenues posted by the Corporate & Investment Banking division (+25.9%), a sharp rebound in the Investment Solutions division (+8.1%) driven by Asset management in Europe and strong momentum in Insurance activities, and a limited decline in revenues posted by the Retail Banking division (-0.8%, excluding changes in provisions for home purchase savings schemes). Retail Banking revenues only suffered a limited dip thanks to the strong resilience of the net banking income generated by the Banque Populaire and Caisse d'Epargne networks in a business environment characterized by continuous pressure on net interest margins, a favorable trend in commissions as well as net banking income generated by the Specialized financing business line (now included in the Retail Banking division) which enjoyed growth in all its different segments. The Group's operating expenses7 came to 4,504 million euros for the first quarter of 2017, representing year-on-year growth of 2.6%. This increase in expenses can be explained by a number of reasons, notably the increase in different regulatory contributions (accounted for in the Corporate center division). If we exclude the increase in the estimated contribution to the SRF of 256 million euros in the first quarter of 2017 (against 229 million euros in the first quarter last year), the Group's operating expenses increased by 2.0%. The operating expenses of the Retail Banking division have declined by 0.5%7, while the expenses of the Investment Solutions and Corporate & Investment Banking divisions experienced a moderate increase given the buoyant growth in their activities. The Group's gross operating income7 came to 1,565 million euros, up by 11.9% compared with the first quarter of 2016. The Group's cost of risk stood at 366 million euros7 for the first quarter of 2017. It was down 1.6%7 compared with the first quarter of 2016, reaching 22 basis points[8] in the first quarter of 2017 (against 24 basis points in the first quarter of 2016). This low level is equivalent to the average annual cost of risk observed in 2016. The ratio of non-performing loans to gross loan outstandings has declined, falling from 3.6% at March 31, 2016 to 3.4% at March 31, 2017, and the impaired loans coverage ratio (including guarantees related to impaired outstandings) came to 82.5% at March 31, 2017 (against 82.3% at March 31, 2016). The Group's income before tax7 has risen by a substantial 11.6% to reach 1,274 million euros in the first quarter of 2017. The Group's income tax7 charge comes to 497 million euros, up 11.1% compared with the first quarter of 2016. The tax rate is structurally high in the first quarter of the year (41.6% in the first quarter of 2017 and 40.6% in the same period of 2016) as the contribution to the Single Resolution Fund (SRF) and the tax on systemic banking risks (TSB) are not deductible from taxable income. Net income attributable to equity holders of the parent7 has risen by 9.7% compared with the first quarter of 2016 to reach a total of 664 million euros. After restatement to account for the impact of IFRIC 21, net income attributable to equity holders of the parent7 stands at 948 million euros, up by 8.2%, the cost/income ratio7 has declined by 1.6 percentage points to 68.3% and the Group's ROE7 comes to 6.2%, stable on a year-on-year basis. After accounting for non-economic and exceptional items and cancelling restatements made to account for the impact of IFRIC 21, published net income attributable to equity holders of the parent stands at 623 million euros, up by 8.8%. CONSOLIDATED RESULTS OF GROUPE BPCE FOR THE FIRST QUARTER OF 2017 Q1-2016 pro forma, cf. the notes on methodology at the end of this press release 2. HIGH LEVEL OF CAPITAL ADEQUACY RATIOS PUTS THE GROUP IN A STRONG POSITION TO MEET FUTURE REGULATORY REQUIREMENTS The CET1[9] ratio of Groupe BPCE continued to progress in the first quarter of 2017, reaching a level estimated at 14.4% at March 31, 2017, up from 14.3% at December 31, 2016, equal to an increase of 10 basis points. The increase in the CET19 ratio reflects the continuous generation of Common Equity Tier 1 thanks to the Group's policy regarding retained earnings (+13 basis points since December 31, 2016) and the issue of cooperative shares (+15 basis points since December 31, 2016). The total capital ratio9, with a level estimated at 18.7% at March 31, 2017, has stabilized vis-à-vis December 31, 2016 with a 190 basis-point rise since January 1st, 2016 on a pro forma basis. The total capital ratio without transitional measures, which came to an estimated 18.7% at March 31, 2017, is pursuing its upward trajectory with an increase of 20 basis points since the beginning of 2017 and an increase of 200 basis points since January 1st, 2016 pro forma. Total capital9 increased by 0.3 billion euros in the first quarter of 2017, rising from 73.0 billion euros at December 31, 2016 to an estimated 73.3 billion euros at March 31, 2017. This growth in the Group's total capital is mostly related to the increase in CET1 (thanks, in particular, to retained earnings) which amounted to an estimated 56.5 billion euros at March 31, 2017 vs. 56.0 billion euros at December 31, 2016. Risk-weighted assets remain under tight control, at 391 billion euros at March 31, 2017, stable compared with their level at December 31, 2016 (at current exchange rates). 2.2 TLAC ratio required for early 2019 attained as of the first quarter of 2017 Total loss-absorbing capacity[10] (TLAC) stood at 76.9 billion euros9 at the end of March 2017. The TLAC ratio9 (expressed as a percentage of risk-weighted assets), which stood at an estimated 19.7% at March 31, 2017, is already higher than the TLAC level of 19.5% required at the beginning of 2019. In order to remain compliant with this requirement, Groupe BPCE plans to issue senior non-preferred debt of between 1.5 and 3.5 billion euros per year, and does not anticipate having recourse to the fixed portion of senior preferred debt. In view of Groupe BPCE's TLAC policy, it is now more likely that the call options attached to former additional Tier-1 capital instruments issued by BPCE without step-up clauses will be exercised subject, however, to obtaining prior approval from the banking supervisory authorities. At March 31, 2017, the leverage ratio9,[11] was equal to 5.0%, stable compared with the December 31, 2016 ratio. At March 31, 2017, Groupe BPCE's total liquidity reserves[12] stood at 215 billion euros at March 31, 2017, including 61 billion euros in available assets eligible for central bank funding, 69 billion euros in securities eligible for the Liquidity Coverage Ratio (LCR), and 85 billion euros in cash placed with central banks. At March 31, 2017, the total liquidity reserves of Groupe BPCE covered 154% of total short-term funding outstandings and medium-/long-term debt maturing within one year or less (against 158% at December 31, 2016). The LCR remained in excess of 110% at March 31, 2017. 2.4 A wholesale medium-/long-term funding plan for 2017 already 60% completed as at April 30, 2017 Groupe BPCE's ability to access major debt markets allowed it to raise medium-/long-term (MLT) resources for an aggregate total of 11.9 billion euros at April 30, 2017, equal to 60% of the 2017 program (20 billion euros). This total includes an issue of 1.85 billion dollars raised in a pre-funding operation for 2017, completed on November 29, 2016. The average maturity at issue stands at 8.6 years and the average interest rate is equal to mid-swap +32 basis points. During this period, 58% of MLT funding was completed in the form of public bond issues and 42% in the form of private placements. The 11.9 billion euros raised as at April 30, 2017 can be broken down as follows: During this period, Groupe BPCE continued to raise substantial funds thanks to the considerably broad diversification of its investor base. As a result, 54% of the bonds issued in the unsecured segment were placed in currencies other than the euro (notably 34% in US dollars and 15% in Japanese yen). 3. RESULTS[13] OF THE BUSINESS LINES: EXCELLENT LEVEL OF ACTIVITY ACHIEVED BY THE BUSINESS LINES The contribution of the business lines to the results of Groupe BPCE in the first quarter of 2017 can be broken down as follows (excluding the Corporate center division): The Retail Banking division groups together the activities pursued by the Banque Populaire and Caisse d'Epargne retail banking networks, the Specialized Financial Services of Natixis and the activities of the Other networks comprised of Crédit Foncier, Banque Palatine and BPCE International. The Retail Banking division maintained strong commercial momentum in the first quarter of 2017. With new loan production in excess of 33 billion euros in the first quarter of this year, the result of strong growth in all business segments, the Retail Banking division is playing an active role in financing the French economy: increase in home loans and equipment loans of 86% and 35% respectively and 22% growth in consumer loans. Loan outstandings enjoy regular growth, reaching an aggregate total of 521 billion euros at March 31, 2017, equal to growth of 4.5% since March 31, 2016. Total deposits & savings of the Retail Banking division came to 672 billion euros at March 31, 2017, up 2.0% since March 31, 2016 (representing an increase of more than 13 billion euros). This growth is largely the result of an increase in on-balance sheet deposits & savings driven, in particular, by strong growth in demand deposits (+13.7%). Synergies between the Retail Banking activities and the business lines of Natixis continued to be developed in the first quarter of 2017: Retail Banking: financial results for the first quarter of 2017 The net banking income of the Retail Banking division came to 4,122 million euros (excluding changes in provisions for home purchase savings schemes) in the first quarter of 2017, representing a marginal decline of 0.8% over the previous 12-month period. The environment characterized by historically low interest rates continued to depress net interest income. Commissions have risen, buoyed up by growth in the customer base and by the wider use of banking products and services, as have commissions related to payment processing. Commissions related to early loan redemption also enjoyed substantial growth during the first quarter of the year. Operating expenses (excluding exceptional items[14]) came to 2,814 million euros for the first quarter of 2017, marginally down compared with the first quarter of 2016 (-0.5%). Gross operating income (excluding exceptional items) remained virtually unchanged (-0.1%) in the first quarter of 2017 and stands at 1,295 million euros. The cost of risk, which reached 304 million euros in the first quarter of 2017, has risen by 8.3% compared with the first quarter of 2016 (this increase is chiefly due to BPCE International while the cost of risk has declined in the Banque Populaire and Caisse d'Epargne retail banking networks). The contribution of the Retail Banking division to the Group's income before tax (excluding exceptional items) came to 1,003 million euros in the first quarter of 2017, down 4.0% compared with the same period in 2016. Restated to reflect the impact of IFRIC 21 and excluding exceptional items, income before tax stood at 1,125 million euros in the first quarter of 2017, translating a decline of 4.1% compared with the first quarter of 2016, while the cost/income ratio rose marginally (+0.1 percentage point) to 65.5%. If account is taken of exceptional items and the restatement of the impact of IFRIC 21 is cancelled, published income before tax came to a total of 973 million euros in the first quarter of 2017, down by 5.4% compared with the first quarter of 2016. 3.1.1 Banque Populaire: net banking income driven by the dynamism of commissions The Banque Populaire network comprises the 15 Banque Populaire banks, including CASDEN Banque Populaire and Crédit Coopératif and their subsidiaries, Crédit Maritime Mutuel and the Mutual Guarantee Companies. The Banque Populaire retail banking network expanded its customer base in the first quarter of 2017 with a 20% increase in the number of new relationships forged with individual customers (+137,000 customers). The Banque Populaire network pursued its strategy of increasing the delivery of banking services and products to its customers resulting, at the end of March 2017, in 2.6% year-on-year growth in the number of principal active customers aged 25 or more using banking services (or +84,300 customers including +78,000 customers using banking services). Loan outstandings came to 187 billion euros at the end of March 2017, representing 7.1% growth compared to March 31, 2016. Deposits & savings stood at 246 billion euros at March 31, 2017, equal to growth of 4.3% compared with March 31, 2016.                             Insurance activities continued to grow with a year-on-year increase in the portfolio of 10.0% for P&C/non-life insurance and of 8.3% for provident and health insurance. Net banking income stood at 1,614 million euros in the first quarter of 2017 (excluding changes in provisions for home purchase savings schemes), up 1.3% compared with the first quarter of 2016. This progress is the result, in particular, of an 8.3% decrease in customer net interest income (excluding changes in provisions for home purchase savings schemes), a substantial increase in early loan redemption fees (+61.4%), and a 6.3% rise in other commissions. Operating expenses (excluding exceptional items), which came to 1,107 million euros in the first quarter of 2017, are marginally down (-0.1%) compared with the same period in 2016. Gross operating income (excluding exceptional items) stood at 499 million euros in the first quarter of 2017, up 5.2% compared with the first quarter of last year. The cost of risk, which amounted to 105 million euros in the first quarter of 2017, enjoyed a significant drop of 19.9% compared with the first quarter of 2016. Income before tax (excluding exceptional items) came to 404 million euros in the first quarter of 2017, equal to growth of 8.5% compared with the first quarter of 2016. Restated to reflect the impact of IFRIC 21 and excluding exceptional items, income before tax stands at 449 million euros, up 7.3%, and the cost/income ratio declined by 1.0 percentage point to 66.1% in the first quarter of 2017. After taking account of exceptional items and the cancellation of the restatement of the impact of IFRIC 21, published income before tax came to 393 million euros in the first quarter of 2017, up 7.2% compared with the first quarter of 2016. 3.1.2 Caisse d'Epargne: commercial activities buoyed up by new customer influx and the take-up of banking services, leading to growth in commissions In the first quarter of 2017, the Caisse d'Epargne network comprised the 17 individual Caisses d'Epargne along with their subsidiaries. The Caisse d'Epargne Hauts de France, created from the merger between the Caisse d'Epargne Picardie and the Caisse d'Epargne Nord France Europe on May 1st, 2017, takes to 16 the number of Caisses d'Epargne as of this date. The strategy consisting in delivering banking services to the individual customers of the Caisse d'Epargne retail banking network continued during the first quarter of 2017 and led to 2.3% growth in the number of principal active customers aged 25 or more, i.e. 120,500 additional customers (of which 102,000 customers using banking services). In the professional customers market segment, the strategy aimed at attracting new customers made it possible to increase the number of active customers by 7.0% (+12,500 clients in the space of a year). In the corporate customer segment, the number of active customers increased by 8.7% (+1,400 customers). Loan outstandings stood at 240 billion euros at March 31, 2017, up 6.2% compared with March 31, 2016. Deposits & savings came to 404 billion euros at March 31, 2017. This figure represents a 1.1% increase over their level at March 31, 2016. The Caisse d'Epargne retail banking network saw significant expansion in its insurance activities, leading to 6.9% growth in its portfolio of P&C/non-life insurance contracts and 11.6% growth in provident and health insurance cover. Net banking income stood at 1,820 million euros in the first quarter of 2017 (excluding changes in provisions for home purchase savings schemes), down 2.9% compared with the first quarter of 2016. This change is the result, in particular, of a 10.5% reduction in customer net interest income (excluding changes in provisions for home purchase savings schemes), a significant rise in early loan redemption fees (+50.6%) and a 2.5% increase in other commissions. Operating expenses (excluding exceptional items) came to a total of 1,222 million euros in the first quarter of 2017, down 1.7% compared with the same period in 2016. Gross operating income (excluding exceptional items) stood at 594 million euros in the first quarter of 2017, down 2.6% compared with the first quarter of 2016. The cost of risk, which came to 81 million euros for the first quarter of 2017, is 4.5% lower than in the first quarter of 2016. Income before tax (excluding exceptional items) amounted to 513 million euros in the first quarter of 2017, down 2.0% on a year-on-year basis. When restated to reflect the impact of IFRIC 21 and excluding exceptional items, income before tax for the quarter stands at 564 million euros, down 2.2%, and the cost/income ratio is up by a 0.3 percentage point, at 64.5% for the first quarter of the year. After accounting for exceptional items and cancelling restatements made to account for the impact of IFRIC 21, published income before tax comes to 495 million euros for the first quarter of 2017, down 3.5% compared with the same period in 2016. 3.1.3 Specialized Financial Services: net banking income stands up well The Specialized Financial Services (SFS) division of Natixis includes eight activities organized within two business lines: Specialized financing (factoring, sureties & financial guarantees, consumer finance, lease financing, film industry financing) and Financial services (employee savings plans, payments, securities services). Net banking income stood at 344 million euros in the first quarter of 2017, virtually unchanged (+0.4%) compared with the first quarter of 2016. More particularly, the net banking income generated by the Specialized financing business line achieved year-on-year growth of 2% driven by Consumer finance (+2%), Factoring (+4%) and Lease financing (+5%). Operating expenses amounted to 231 million euros in the first quarter of 2017, up 2.7% compared with the first quarter of 2016. This increase is due to the inclusion of Groupe BPCE's payment structures within Natixis. Gross operating income came to 113 million euros in the first quarter of 2017, down 4.0% compared with the first quarter of 2016. The cost of risk, which came to 21 million euros for the first quarter of 2017, increased by a significant 65.9% versus the same period in 2016. This deterioration is chiefly due to the Lease financing activity (unfavorable basis of comparison) and the Consumer finance business (migration toward a new recovery system). Return to normal is expected in the second quarter of 2017. Income before tax amounted to 92 million euros in the first quarter of 2017, down 12.5% over a 12-month period. Restated to account for the impact of IFRIC 21, income before tax for the quarter stands at 99 million euros, representing a decline of 12.6%, while the cost/income ratio increases by a 1.8 percentage point to 65.2% for the first quarter of 2017. Figures specifying the contribution to Groupe BPCE are different from those published by Natixis. For a more detailed analysis of the business lines and results of Natixis, please refer to the press release published by Natixis that may be consulted online at www.natixis.com. The Other networks business line is chiefly comprised of the activities pursued by Crédit Foncier, Banque Palatine, and BPCE International. Crédit Foncier is the principal entity contributing to the Real estate Financing business line. Aggregate new loan production remained at a good level, comparable to that of the 4th quarter of 2016, with 3.2 billion euros in the first quarter of 2017 versus 2.1 billion euros in the same period last year. Home loans granted to individual customers accounted for 2.4 billion euros in the aggregate new loan production figure. At the same time, and chiefly owing to the high rate of early loan redemptions noted over the past nine months, Crédit Foncier has experienced a gradual decline in its loan outstandings position. As a result, loan outstandings stood at 80.7 billion euros at March 31, 2017 against 84.6 billion euros at March 31, 2016. Against a background of low interest rates and more intense competition, the contribution made by Crédit Foncier to the Group's income before tax has declined, falling from 39 million euros in the first quarter of 2016 (pro forma) to 12 million euros in the first quarter of this year. This downward trend should be viewed in the light of a 10.7% decline in net banking income as a result of early loan redemption and the booking in the first quarter of 2017 of a provision related to a retirement forecasting agreement; indeed, within the framework of a new operational efficiency plan, five agreements were signed at the beginning of the year with trade union organizations. Crédit Foncier is also pursuing its policy aimed at substantially cutting its costs. As a result, operating expenses - restated to account for the provision booked regarding the retirement forecasting agreement - declined by almost 7% in the first quarter of 2017. The average loan outstandings position has increased to stand at 8.6 billion euros (against 8.2 billion euros in the first quarter of 2016). In line with the policy to manage the cost of resources, the average level of deposits & savings has declined to 16.6 billion euros (against 17.7 billion euros in the first quarter of 2016). The contribution made by Banque Palatine to the Group's income before tax came to 18 million euros in the first quarter of 2017 against 14 million euros in the same period of 2016 on a pro forma basis. This increase is related to an improvement in the cost of risk; the net banking income and operating expenses, for their part, remain stable overall. BPCE International represents all the international subsidiaries of Groupe BPCE, with the exception of Natixis. Aggregate loan outstandings stand at 5.5 billion euros (against 5.8 billion euros in the first quarter of 2016). Deposits & savings amount to 5.0 billion euros (against 5.3 billion euros in the first quarter of 2016). The contribution of BPCE International to the Group's income before tax was negative in the first quarter of 2017 at -37 million euros. This sharp decline is due to the booking of additional provisions on loan portfolios in Tunisia. 3.2 Investment Solutions: continued strong momentum enjoyed by Insurance activities and return to positive inflows in the USA The Investment Solutions business line includes the Asset management, Private banking and Insurance activities. Net banking income came to 891 million euros in the first quarter of 2017, up 8.1% compared with the first quarter of 2016. This sharp recovery can be explained by the strong momentum achieved by Asset management activities in Europe and by Insurance. Operating expenses (excluding exceptional items) came to 625 million euros in the first quarter of 2017, up 5.9% compared with the same period in 2016. Gross operating income (excluding exceptional items) stood at 266 million euros in the first quarter of 2017, up 13.6% compared with the same period in 2016. The cost of risk is zero, as in the first quarter of 2016. Income before tax (excluding exceptional items) stood at 280 million euros in the first quarter of 2017, up 8.4% year-on-year. If exceptional items are excluded, and after restating to account for the impact of IFRIC 21, income before tax came to 294 million euros in the first quarter of 2017, up 9.1% over the 12-month period, and the cost/income ratio improved by 1.6 percentage points, to 68.6% in the first quarter of 2017. After cancelling restatements made to account for the impact of IFRIC 21 and exceptional items, the quarter's published income before tax stands at 259 million euros, up 0.6%. Figures specifying the contribution to Groupe BPCE are different from those published by Natixis. For a more detailed analysis of the business lines and results of Natixis, please refer to the press release published by Natixis that may be consulted online at www.natixis.com. The Corporate & Investment Banking division includes the Global markets and Global finance & Investment banking activities of Natixis. Net banking income rose 25.9% in the first quarter of 2017 to reach a total of 984 million euros. If the CVA/DVA desk is excluded, net banking income rose by 20% on a year-on-year basis driven in particular, by the increased contribution from the international platforms. Operating expenses came to 563 million euros in the first quarter of 2017, up 10.0% compared with the first quarter of 2016. The increase in fixed costs is limited to 4%. Gross operating income amounted to 421 million euros in the first quarter of 2017, up 56.1% compared with the first quarter of 2016. The cost of risk, which stood at 29 million euros for the first quarter of 2017, has declined by a total of 58.9% compared with the first quarter of 2016. Income before tax stood at 394 million euros in the first quarter of 2017. It has almost doubled in the space of one year (+95.4%). When restated to account for the impact of IFRIC 21, the income before tax for the quarter comes to 422 million euros, equal to growth of 81.4%, while the cost/income ratio improved by 7.1 percentage points, to 54.4%, for the first quarter of 2017. Figures specifying the contribution to Groupe BPCE are different from those published by Natixis. For a more detailed analysis of the business lines and results of Natixis, please refer to the press release published by Natixis that may be consulted online at www.natixis.com. Q1-16 results are presented pro forma (cf. notes on methodology at the end of this press release) For further details about the financial results for the first quarter 2017, please consult the Investors/Results section of the corporate website www.groupebpce.fr The quarterly financial statements of Groupe BPCE for the period ended March 31, 2017 approved by the Management Board at a meeting convened on May 2, 2017, were verified and reviewed by the Supervisory Board at a meeting convened on May 9, 2017. The financial results contained in this presentation have not been reviewed by the statutory auditors. Presentation of 2016 pro-forma quarterly results The segment information was modified as of Q1-17, with the creation of the Retail Banking division, which includes the Banque Populaire and Caisse d'Epargne retail banking networks, the Specialized Financial Services division of Natixis and the Other networks division (Crédit Foncier, Banque Palatine and BPCE International). The SFS division includes two business lines: Specialized financing (factoring, sureties & financial guarantees, lease financing, consumer finance) and Financial services (payments, employee savings plans, and securities services), which are central to the Group's retail banking networks and at the service of their continuing growth. The minority equity interest in CNP Assurances, consolidated using the equity method and previously included for reporting purposes within the Commercial Banking & Insurance division, has been transferred to the Corporate center division. The IFRS 9 standard adopted in November 2016 permits the early adoption - starting with the financial year ended on Dec. 31, 2016 - of regulatory provisions governing the bank's own credit risk, to the effect that all changes will henceforth be recorded in shareholders' equity and no longer as previously in the income statement. The first three quarters of 2016 have been restated accordingly. When the Q1-16 results were published, the amount recognized as the Group's contribution to the Single Resolution Fund was based on an estimate. Following notification of the actual amount of the contribution in Q2-16, the amount of the SRF recognized in Q1-16 has been readjusted. Non-economic and exceptional items The non-economic and exceptional items and the reconciliation of the restated income statement with the income statement published by Groupe BPCE are specified in the table above. The Group has launched a number of transformation operations helping to simplify its organizational structure and to generate synergies. The resulting transformation costs (restructuring expenses specific to projects for the combination/merger of entities and the migration to existing IT platforms) have been isolated on a retrospective basis as of Q2-16. Restatement of the impact of IFRIC 21 The results, cost/income ratios and ROE, after being restated to account for the impact of IFRIC 21, are calculated on the basis of 1/4 of the amount of taxes and contributions resulting from the interpretation of IFRIC 21 for a given quarter, or 1/2 of the amount of taxes and contributions resulting from the interpretation of IFRIC 21 for a 6-month period. In practice, for Groupe BPCE, the principal taxes concerned by IFRIC 21 are the company social solidarity contribution (C3S) and contributions and levies of a regulatory nature (systemic risk tax levied on banking institutions, contribution to ACPR control costs, contribution to the Single Resolution Fund and to the Single Supervisory Mechanism). Net banking income Net customer interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Epargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings are assimilated to commissions. Operating expenses The operating expenses correspond to the aggregate total of the "Operating Expenses" (as presented in the Group's registration document, note 6.6 appended to the consolidated financial statements of Groupe BPCE) and "Depreciation, amortization and impairment for property, plant and equipment and intangible assets." Cost of risk The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period. Business line performance presented using Basel 3 standards The accounting ROE of Groupe BPCE, is the ratio between the following items: Net income attributable to equity holders of the parent restated to account for the interest expense related to deeply subordinated notes classified as equity and for non-economic and exceptional items Equity attributable to equity holders of the parent restated to account for the deeply subordinated notes classified as equity and for unrealized gains and losses The normative ROE of the business lines (Retail Banking; Investment Solutions and Corporate & Investment Banking), is the ratio between the following items: Business line contributory net income attributable to equity holders of the parent, less interest (computed at the standard rate of 3%) paid on surplus equity compared with normative capital and restated to account for non-economic and exceptional items Normative capital adjusted to reflect goodwill and intangible assets related to the business line Normative capital is allocated to Groupe BPCE business lines on the basis of 10% of Basel-3 average risk-weighted assets. Capital adequacy Common Equity Tier 1 is determined in accordance with the applicable CRR/CRD IV rules; fully-loaded equity is presented without the application of transitional measures, except for the restatement of deferred tax assets (DTA) on tax loss carryforwards and pro forma of the additional phase-in of the stock of DTA in accordance with regulation 2016/445. Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force. The leverage ratio is calculated using the rules of the Delegated Act published by the European Commission on October 10, 2014, without transitional measures, after restating to account for deferred tax assets on tax loss carryforwards. Securities financing operations carried out with clearing houses are offset on the basis of the criteria set forth in IAS 32, without consideration of maturity and currency criteria. Account has been taken in the total leverage exposure of savings deposits centralized with the Caisse des Dépôts et Consignations since Q1-16. Total loss-absorbing capacity The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined on the basis of our understanding of the Term Sheet published by the FSB on November 9, 2015: "Principles on Loss-Absorbing and Recapitalization Capacity of G-SIBs in Resolution." This amount is comprised of the following 4 items: >Common Equity Tier 1 in accordance with the applicable CRR/CRD IV rules, >Additional Tier-1 capital in accordance with the applicable CRR/CRD IV rules, >Tier-2 capital in accordance with the applicable CRR/CRD IV rules, >Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely: Eligible amounts differ slightly from the amounts adopted for the numerator of the capital adequacy ratios; these eligible amounts are determined using the principles defined in the Term Sheet published by the FSB on November 9, 2015. Liquidity Total liquidity reserves include: >Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and Federal Reserve), net of central bank funding. >LCR eligible assets comprising the Group's LCR reserve taken for their LCR valuation. >Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added. Short-term funding corresponds to funding with an initial maturity of less than or equal to 1 year, and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months. The Group's LTD ratio (customer loan-to-deposit ratio) is the ratio between customer loans and centralized regulated passbook savings accounts in the numerator, and customer deposits in the denominator. The scope of the calculation excludes SCF (Compagnie de Financement Foncier, the Group's société de crédit foncier, a French covered bond issuer). These items are taken from the Group's accounting balance sheet after accounting for the insurance entities using the equity method. Customers' deposits are subject to the following adjustments: >Addition of security issues placed by the Banque Populaire and Caisse d'Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits >Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities. Loan outstandings and deposits & savings Restatements regarding transitions from book outstandings to outstandings under management (loans and deposits & savings) are as follows: >Deposits & savings: the scope of outstandings under management excludes debt securities (certificates of deposit and savings bonds) >Loan outstandings: the scope of outstandings under management excludes securities classified as customer loans and receivables and other securities classified as financial operations. About Groupe BPCE Groupe BPCE, the 2nd-largest banking group in France, includes two independent and complementary cooperative commercial banking networks: the network of 15 Banque Populaire banks and the network of 16 Caisses d'Epargne. It also works through Crédit Foncier in the area of real estate financing. It is a major player in Investment Solutions & Insurance, Corporate & Investment Banking and Specialized Financial Services with Natixis. Groupe BPCE, with its 108,000 employees, serves a total of 31.2 million customers and enjoys a strong local presence in France with 8,000 branches and 9 million cooperative shareholders. [1] Q1-16 pro forma (cf. the note on methodology at the end of this press release) ; unless specified to the contrary, all changes use the same reference base of March 31, 2016 [2] Excluding non-economic and exceptional items and after restating to account for the impact of IFRIC 21 [3] Entities included: CNP Assurances, Natixis Assurances, Prépar vie (gross inflows from the Banque Populaire and Caisse d'Epargne retail banking networks) [5] Estimate at March 31, 2017 - CRR/CRD  IV without transitional measures (except for deferred tax assets on tax loss carryforwards); additional Tier-1 capital takes account of subordinated debt issues that have become ineligible and capped at the phase-out rate in force [6] Q1-16 pro forma (cf. the note on methodology at the end of this press release) ; unless specified to the contrary, all changes use the same reference base of March 31, 2016 [7] Excluding non-economic and exceptional items (presented at the end of this press release) [8] Cost of risk expressed in annualized basis points on gross customer outstandings at the beginning of the period [9] CRR/CRD IV without transitional measures (except for deferred tax assets on tax loss carryforwards - pro forma of the additional phase-in of the stock of DTA in accordance with regulation 2016/445 for periods prior to December 31, 2016); additional Tier-1 capital takes account of subordinated debt issues that have become ineligible and capped at the phase-out rate in force [10] According to the term sheet published by the Financial Stability Board on the "Total Loss-Absorbing Capacity" dated November 9, 2015 [11] Estimate at March 31, 2017 calculated using the rules of the Delegated Act published by the European Commission on October 10, 2014 [13] Q1-16 pro forma (cf. the note on methodology at the end of this press release); unless specified to the contrary, all changes use the same reference base of March 31, 2016 [14] The exceptional items correspond to transformation costs (cf. Notes on methodology at the end of this press release)


NEW YORK--(BUSINESS WIRE)--UBS announced today that it intends to extend its relationship with Solium Capital Inc. (Solium) to create a new corporate equity plan platform called, UBS "Plan Admin Pro". The new platform will leverage Solium's market leading Shareworks technology and will provide UBS corporate clients access to cutting edge, cloud-enabled equity plan administration capabilities. Roll out will begin in the third quarter of this year. "Clients tell us that state-of-the-art technology is top of mind for them," said Michael Barry, Head of Equity Plan Advisory Services, UBS Wealth Management Americas." Delivering Solium's technology provides a multi-faceted platform, and allows us to focus on accelerating an enhanced participant experience. We will continue to own and deliver all aspects of service delivery to our clients and are firmly committed to helping both our corporate clients and participants achieve success." EPAS is a leading provider of wealth management and recordkeeping services for corporate equity compensation plans. EPAS services over 180 corporations and 1 million employee participants in over 100 countries and is the only provider who delivers both education and advice to all levels of employee, from executives to broad based employees. This is accomplished through our Financial Advisors and digital channel, UBS One Source. Once UBS Plan Admin Pro is implemented, UBS corporate clients will have immediate access to over 50 new features, as well as enhanced analytics, scalability and efficiency. This strategic partnership with Solium is part of a larger digital strategy for Wealth Management Americas to develop customized digital tools that will enhance and expand services to clients. UBS has announced strategic alliances and partnerships with leading fintech companies and launched an Advisor Technology Research & Innovation Lab working with SigFig, to develop digital solutions and next-generation technological capabilities for clients. UBS AG provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. EPAS is part of Wealth Management Americas. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets. UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 34% of its employees working in the Americas, 35% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). Solium Capital Inc. (TSX: SUM) provides cloud-enabled services for global equity administration, financial reporting and compliance. From offices in the United States, Canada, the United Kingdom, Europe and Australia, our innovative software-as-a-service (SaaS) technology powers share plan administration and equity transactions for more than 3,000 corporate clients with employee participants in more than 100 countries. Follow us @Solium and visit us at solium.com. This material is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates ("UBS"). Products and services mentioned in this material may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/). Disclaimer: Certain UBS Financial Services Inc. products and services require the establishment of a full service account, which would require additional documentation and may not be available in all jurisdictions. Additional fees may apply, depending on the products and services selected.


News Article | February 27, 2017
Site: www.prlog.org

More than 35,000 square feet in new lease commitments and an expansion by an existing tenant signify notable progress for Highpoint Corporate Center in Fairfield, announced Colliers International Group Inc.


News Article | February 20, 2017
Site: www.businesswire.com

UBS Group AG (SIX:UBSG) (NYSE:UBS) (SWX:UBSN) / ISIN: CH0024899483 and Northern Trust Corporation (Nasdaq:NTRS) announce that UBS AG has entered into an agreement for Northern Trust to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland. The acquisition will enable Northern Trust to expand its presence in Luxembourg and gain local fund administration capabilities in Switzerland, becoming a leading administrator by assets in the market. The transaction is expected to close in the second half of 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions. Upon completion of the transaction, Northern Trust will become the fund administration services provider for funds with approximately CHF420 billion (US$413bn) in assets1, including UBS Asset Management's traditional funds currently serviced by UBS Fund Management (Switzerland) AG or UBS Fund Services (Luxembourg) S.A. UBS clients will continue to be supported by their current relationship management teams following the transaction and UBS Asset Management will continue to offer Management Company, White Labelling and Representative Services to its clients. “This agreement represents a significant opportunity for Northern Trust and our clients as we broaden our scale, products and market reach across Europe,” Northern Trust Corporation Chairman and Chief Executive Officer Frederick H. Waddell said. “We look forward to expanding our service offering in Switzerland and further deepening our presence in Luxembourg.” Ulrich Koerner, President UBS Asset Management, said: “We continue to drive the transformation of our platform to further increase efficiency and effectiveness. This move will enable us to further focus our efforts on helping clients address their global investment challenges, while ensuring their fund administration needs continue to be well served. "We believe the transaction and ongoing collaboration with Northern Trust is a compelling proposition for our clients, who will benefit from the combined resources and capabilities of UBS Asset Management and Northern Trust, along with our mutual commitment to innovation and an industry-leading platform," he added. Northern Trust has operated in Luxembourg since 2004, and the transaction will make Northern Trust a top 10 asset servicing provider in terms of assets under administration. UBS Fund Management (Switzerland) AG, based in Basel, is the Swiss market leader in Management Company and White Labelling Services. Northern Trust will integrate the Swiss fund administration unit into its Global Fund Services business. The transaction will complement Northern Trust’s significant existing Swiss client base, which reflects more than 30 years of experience providing a range of investment management and asset servicing solutions to Swiss clients. “The strong client franchise, together with the geographic footprint of the business in Luxembourg and Switzerland, make this an excellent strategic fit for our growing business in the region,” Toby Glaysher, head of Northern Trust Global Fund Services, International, said. “Like Northern Trust, UBS Asset Management is committed to excellence, innovation and superior client service. These shared values will enable us to continue to differentiate ourselves with our clients, strengthen our position as a leader in these markets and position us for long-term global growth.” Goldman Sachs International served as financial advisor to Northern Trust on the transaction. Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2016, Northern Trust had assets under custody of US$6.7 trillion, and assets under management of US$942 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit www.northerntrust.com or follow us on Twitter @NorthernTrust. ©2017 Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets. Asset Management is a large-scale asset manager with a presence in 22 countries. It offers investment capabilities and investment styles across all major traditional and alternative asset classes to institutions, wholesale intermediaries and wealth management clients around the world. It is a leading fund house in Europe, the largest mutual fund manager in Switzerland, the third-largest international asset manager in Asia, the second largest fund of hedge funds manager and one of the largest real estate investment managers in the world. UBS Fund Management Services is the competence center for all Management Companies and White Labelling Solutions within UBS Asset Management focusing on Fiduciary and Governance and Substance Services via its market leading Management Companies in Luxembourg and Switzerland. This release includes forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) concerning an agreement entered into by Northern Trust to acquire UBS Asset Management’s fund administration servicing business in Luxembourg and Switzerland, including certain statements related to future results and intentions, and expectations regarding the impact of such acquisition on Northern Trust and UBS. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: the ability of Northern Trust and UBS to obtain required regulatory and fund board approvals and satisfy closing conditions; applicable market and industry conditions; Northern Trust’s ability to integrate the acquired business successfully and realize the benefits of the acquisition; actions of regulatory bodies and other governmental authorities; changes in laws and regulations; and other risks identified in Northern Trust’s most recent filing on Form 10-K and other SEC filings, or UBS's most recent filings on Form 6-K or Form 20-F, all of which are available on Northern Trust's and UBS's websites. Northern Trust and UBS do not undertake to update their forward-looking statements.


News Article | February 27, 2017
Site: www.businesswire.com

RYE, N.Y.--(BUSINESS WIRE)--Gabelli & Company will host its 11th Annual Omaha Research Trip in conjunction with the Berkshire Hathaway Annual Meeting on May 5-6, 2017. We will host group management meetings on Friday afternoon, May 5, led by members of our research team including Jose Garza & Mac Sykes. We also plan to attend the Berkshire Hathaway (NYSE: BRK.A, NYSE: BRK.B) Annual Meeting on Saturday, May 6 at the CenturyLink Center Omaha. Institutional investors should contact their sales representative for additional information or to register. G.research, LLC, an institutional research and brokerage firm, is a subsidiary of Associated Capital Group, Inc. (NYSE:AC). Gabelli & Company is the marketing name for the registered broker dealer G.research, LLC. G.research, LLC, One Corporate Center Rye, NY 10580. Member of FINRA and SIPC.


News Article | February 16, 2017
Site: www.businesswire.com

RYE, N.Y.--(BUSINESS WIRE)--Gabelli & Company will host its Specialty Chemicals Conference on March 22, 2017 in New York City. This research meeting will feature presentations and one-on-one meetings with senior management of several leading specialty chemicals companies. Institutional investors should contact their salesperson for more information or to register. G.research, LLC, an institutional research and brokerage firm, is a subsidiary of Associated Capital Group, Inc. (NYSE:AC). Gabelli & Company is the marketing name for the registered broker dealer G.research, LLC. G.research, LLC, One Corporate Center Rye, NY 10580. Member of FINRA and SIPC.


News Article | February 17, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--UBS Investment Bank today announced coupon payments for the ETRACS Alerian MLP Index ETN (NYSE Arca: “AMU”) and ETRACS Alerian MLP Index ETN Series B (NYSE Arca: “AMUB”), both traded on the NYSE Arca. * The table above provides a hyperlink to the relevant prospectus and supplements thereto for each of our ETRACS ETNs, which are identified by their names. For more information on each ETRACS ETN, see "List of ETNs". **"Current Yield (annualized)" equals the current Coupon Amount, multiplied by four (to annualize such coupon), divided by the Closing Indicative Value of the ETN on its current Coupon Valuation Date rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the ETN. You are not guaranteed any coupon or distribution amount under the ETN. ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor’s principal, and is subject to the creditworthiness of UBS AG. Investors are not guaranteed any coupon or distribution amount under the ETNs. We urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement, or product supplement and pricing supplement, as applicable, for the ETRACS ETN. UBS AG has filed a registration statement (including a prospectus and supplements thereto) with the Securities and Exchange Commission, or SEC, for the offerings of securities to which this communication relates. Before you invest, you should read the applicable prospectus, pricing or product supplement, dated as of various dates, and the prospectus dated April 29, 2016 to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the ETRACS. The applicable offering document for each ETRACS may be obtained by clicking on the ticker symbol of each ETRACS identified above. You may also get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. The securities related to the offerings are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction. UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. The operational structure of the Group is comprised of our Corporate Center and five business divisions: Wealth Management, Wealth Management Americas, Personal & Corporate Banking, Asset Management and the Investment Bank. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates, in order to generate attractive and sustainable returns for its shareholders. All of its businesses are capital-efficient and benefit from a strong competitive position in their targeted markets. UBS is present in all major financial centers worldwide. It has offices in 54 countries, with about 34% of its employees working in the Americas, 35% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 13% in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). This material is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates ("UBS"). Products and services mentioned in this material may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/). ETRACS ETNs are sold only in conjunction with the relevant offering materials. UBS has filed a registration statement (including a prospectus, as supplemented by the applicable prospectus supplement, or product supplement and pricing supplement, for the offering of the ETRACS ETNs) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the applicable prospectus supplement, or product supplement and pricing supplement, by calling toll-free (+1-877-387 2275). In the US, securities underwriting, trading and brokerage activities and M&A advisor activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC. UBS Financial Services Inc. is a registered broker/dealer and affiliate of UBS Securities LLC. UBS specifically prohibits the redistribution or reproduction of this communication in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. Alerian MLP Index, Alerian MLP Infrastructure Index, Alerian Natural Gas MLP Index, AMZ, AMZI, and ANGI are trademarks of Alerian and their use is granted under a license from Alerian. © UBS 2017. The key symbol, UBS and ETRACS are among the registered and unregistered trademarks of UBS. Other marks may be trademarks of their respective owne

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