PKB Banca Privada (Panama) S.A. - PKB Privatbank

PKB Banca Privada (Panama) S.A.

Introduction
� PKB Privatbank is a Swiss banking institution with an international outlook,
founded in 1958 and specialized in Private Banking
� Based in Lugano, with branches in Zurich, Geneva and Bellinzona, and subsidiaries
in Panama City and St. John’s, Antigua (West Indies), PKB is made up of staff of
multiple national and linguistic backgrounds
� The Bank focuses mainly on Private Banking and offers a wide array of solutions.
Its range of services is completed by Corporate Banking and Capital Markets
activities, a field in which it is one of the leading independent market makers on the
domestic Swiss Franc Bond Market
� PKB has signed the “Swiss Banks’ and Securities Dealers’ Depositor Protection
Agreement” and therefore customers’ funds at the bank are guaranteed according
to the Swiss law

History of PKB
PKB was founded in Zurich in 1958 under the name Privat Kredit Bank. Its growth
was marked by the following milestones:
1969 Lugano branch opening
1984 Geneva branch opening
1990 Acquisition of Banque Worms & Cie (Suisse) SA, Geneva
1995 Incorporation of Privat Kredit Bank Ltd., St. John’s, Antigua (West Indies)
1998 Change of name to the current PKB Privatbank AG
2000 Transfer of registered office to Lugano
2001 Acquisition of 30% of Cassa Lombarda Spa, Milano
2004 Acquisition of Banca Monte Paschi (Suisse) SA
2009 Bellinzona branch opening
2010 Acquisition of Banca Gesfid Lugano
2010 Purchase of equity participation in Queluz Gestao de Ativos Ltda, São Paulo
2012 Acquisition of CMB (Lugano, Switzerland)
2012 Opening of PKB Banca Privada (Panama) S.A.

PKB’s Commitment to Latin America
� PKB is the Swiss bank with a Latin flair. Therefore, it has built a
strong foothold in the Latin American private banking market.
� PKB has pursued the strategy to diversify its traditional clients base
which is predominantly European for many years. For this reason the
bank has hired dedicated and specialized talent for Latin America in
Switzerland.
� Its commitment to the region is also evidenced by the presence in
Montevideo and the participation in Queluz Gestao de Ativos LTDA in
Sao Paulo.
� PKB is the only Swiss bank to attain a full banking license and also a
brokerage license in Panama. As a result PKB is in the position to offer
to its clients the full range of international banking services in both
the Panamanian and Swiss jurisdictions

Important Aspects about Panama
Political
Situation
Economic
and Social
Situation
Regulatory
Aspects
• The Panama Canal provides steady and growing revenues for the
government. The expansion project should be finished by 2014
• Traditional parties have governed the country in the last 25 years. No radical
parties and movements exist
• Panama has evolved to a major financial centre in the Americas
• The home currency has been the US$ for over 100 years
• Multinationals are re-locating to Panama as a result of the attractive regulations,
advanced infrastructure and political stability
• Enforcement, scope and sanctions of the banking secrecy in Panama are
similar to the ones in Switzerland
• The existence of a competitive tax regime has led to an economic cluster
(finance & industry) which will grow in the future

Offering of PKB Banca Privada S.A. out of Panama
� PKB obtained a banking license and a brokerdealer
license in 2012. As a result it is in a
position to offer all available banking services
and securities
� Panama is an alternative jurisdiction with a Swiss
style banking secrecy
� Swiss Relationship Managers with the
professionalism and service approach known in
Switzerland will serve PKB’s clients in Panama
� Cultural and linguistic affinity will be guaranteed
� The Panamanian set-up will be a robust operation with state-of-the art processes and security measures
� PKB Banca Privada (Panama) S.A. will be fully owned by PKB Privatbank CH A.G. and will benefit from the
sizeable capital base of the parent company
� PKB Banca Privada (Panama) S.A. will offer multi-currency accounts to clients
� Panama has been one of the fastest growing financial centers and its regulatory framework is very
advanced by international standards

PKB‘s Culture & Commitment
The culture of Swiss Private
Banking
Swiss banking secrecy, as
provided for by the Federal
Banking Law, guarantees to
clients the protection of their
private sphere and obligates the
bank and its employees to the
utmost confidentiality
At PKB, discretion,
confidentiality and the respect
of the private sphere are more
than a legal requirement: they
are an attitude, a code of
conduct, applied on a daily
basis and governing every
single action. They are the true
culture of the bank
The culture of reliability
The culture of personalized service
�PKB offers a range of services comparable to that of large banks, but with a
personalized approach, a boutique private bank. PKB is committed to
satisfying all financial requirements of its customers, and in particular
strives to provide advice that is always in keeping with the client’s personal
objectives
�At PKB, all clients, regardless of the extent of their assets, have a direct
access to a senior private banker. At PKB there are no pre-packaged
products, but only customized solutions born of listening and
understanding each client’s needs
�Moreover, PKB’s streamlined organization allows a large degree of
flexibility and responsiveness. The purchase of a new product, information
on financial markets, investment advice, the granting of a credit line or of a
mortgage loan, among others, all these can be delivered rapidly
Satisfying client expectations is central to PKB’s attention. When contacting the bank, clients are sure to be able to count on a
rapid and high quality response to all their requirements
Thanks to its team of qualified bankers, supported by a responsive and efficient organization, PKB ensures, in every
circumstance, the highest level of service reliability

Principles behind PKB’s Open Architecture
By opting for an open architecture, PKB intends to offer the most appropriate investment products and services to its
clients, independently from the issuer’s origin or the product’s manager
The Following Principles are behind PKB’s Open Architecture
Quality
Independence
Transparency
Diversification
Specification
Differentiation
Responsibility
• The fund selection follows the principle of best of breed, i.e. PKB selects the most appropriate funds
for the client in the marketplace
• Research activities as well as wealth management are performed in the best interest of the client and
not with the objective to increase the bank’s income
• The pricing system is unambiguous and transparent; the research process, the fund selection and the
asset management are structured, documented and place at the client’s disposal
• The client advisors and the clients do have a comprehensive selection of different types of funds and
different alternatives in the same asset class
• PKB researches, selects, recommends and manages only types of investments which it owns a indepth
knowledge and can provide state-of-the-art service for the client
• PKB has a strong conviction that the active asset management and the fund-picking activity is of value
for the client needs
• Clear definition of the objectives and of the roles of the different stakeholder involved

Offering for Independent Asset Managers (IAM)
PKB Privatbank has a team dedicated exclusively to assist Independent Asset Managers (IAM)
in order to administer their clients’ portfolios. Independent managers can benefit from PKB’s
experience in asset management, the bank’s market networks and the opportunity to
compare PKB’s market perspective with their own. Independent Managers also enjoy
privileged access to a full range of products selected by internal and external specialists,
together with dedicated administrative and operational support.
In addition, PKB’s Remote Access allows the IAM to consult its clients’ portfolios at any time
from any internet in the world in a secure way.
PKB’s services for Independent Asset Managers:
• Direct contact with the specialist team
• Direct access to our traders
• Market maker in the primary market for CHF-denominated bonds
• Total transparency and team spirit
• Regular inputs and research
• Flexibility and rapid response times

Art Services & Collection
� Works of art have always aroused interest and passion amongst conneisseurs. Over the years, they have
become forms of investment that are increasingly present in both private and institutional estates
� PKB is particularly sensitive to the artistic phenomenon in general and is firmly convinced of the validity
of this investment class. The bank has therefore dedicated part of its own resources in acquiring ancient,
modern and contemporary works of art, forming a private collection that is worthy of the attention of
experts
� On one hand, it focused on acquiring paintings of the fifteenth century Lombard school, such as of
Bernardo Zenale, Vincenzo Foppa, Bernardino Luini, Andrea Solario and Giovanni Gerolamo Savoldo. On
the other hand, it has collected and continues to select works of contemporary international artists such
as Anselm Kiefer, Julian Schnabel, Yvan Theimer, William Kentridge, Peter Doig, Laura Owens, Nalini
Malani and the younger artists Vik Muniz, Tom McGrath, Ivan Bazak and Chantal Joffe
� To complete the range of services offered, PKB can provide access to clients to its valuable contacts
established in the art world, assisting them in:
• Identifying the most suitable experts for appraisals and valuations of ancient and modern paintings and
sculptures
• Completing purchases or sales in public auctions, guaranteeing absolute confidentiality
• Selecting intermediaries for the purchase or sale of paintings and sculptures on the international market

Contact
PKB Privatbank
Lugano
Bellinzona
Geneva
Zurich
Antigua
www.pkb.ch
PKB Banca Privada (Panama) SA
Torres de las Americas
Torre A, Piso 15
Ciudad de Panama
Republica de Panama
Tel. +507 294 43 20
PKB Privatbank SA
Via S. Balestra 1
CH 6901 Lugano
Tel. +41 (0)91 913 35 35
Fax +41 (0)91 923 35 22
PKB Privatbank SA
Viale Stazione 4
CH 6500 Bellinzona
Tel. +41 (0)91 874 33 33
Fax +41 (0)91 874 33 44
PKB Privatbank SA
Rue Charles-Galland 12
CH 1206 Geneva
Tel. +41 (0)22 346 91 55
Fax +41 (0)22 346 42 56
PKB Privatbank AG
Tödistrasse 47
CH 8002 Zurich
Tel. +41 (0)44 204 34 34
Fax +41 (0)44 204 34 35
PKB Privatbank ltd
10 Redcliffe Quay
St. John’s
Antigua (west Indies)
Tel. +1 268 481 12 50 62
Fax +1 268 481 12 63

APPENDIX

PKB’s Shareholders
� PKB is fully-owned by Compagnie de l’Occident pour la Finance et l’Industrie SA (COFI),
a company incorporated in the Grand Duchy of Luxembourg and listed on the local
stock exchange
� In addition to PKB, COFI also controls Cassa Lombarda Spa, Milano, a bank founded in
1923 specialized in private banking and asset management for Italian clients
� PKB holds a number of important shareholdings in companies active in private banking,
such as Cassa Lombarda Spa. and 100% of PKB Privatbank Ltd. in St. John's, Antigua. In
the asset management field, noteworthy is PKB's significant participation in Anthilia
Capital Partners SGR Spa (Milano)
� The reference shareholders of COFI are two institutional companies, Antipodes SA
Luxembourg and Plénitude SA Luxembourg, each holding 25.92% of the COFI share
capital and representing the heirs of the estate left by the deceased Mr. Serafino
Trabaldo Togna

Shareholder Structure (COFI Financial Arm)
PKB Privatbank Ltd
Antigua
(100%)
Planetarium
PKB Consultoria
Montevideo
(100%)
100%
PKB Privatbank
AG
PKB Banca Privada
(Panama) SA
Panama (100%)
Cofi SA
Luxembourg
36.6%
33.9%
Valuevalor SA
(100%)
EIH SA
(25%)
Queluz Gestao de
Ativos LTDA,
Sao Paulo (10%)
Antihlia Capital
Part. SGR SPA
65.6%
9.15%
Cassa Lombarda
Italia
Lombarda & ASS.
(35%)
Istfid SPA
Milano
(12.6%)

Board of Directors and Management
Board of Directors
Jean Patry 1) - Chairman
Maurizio Jesi Ferrari 1) 2) - Vice-Chairman
Fernando Zari Malacrida 1) - Vice-Chairman
Edio Delcò
Benedetto Fontana
Dieter Hauser 2)
Jean-Philippe Rochat 2)
Henry Peter 1)
Massimo Trabaldo Togna
1) Members of the Executive Committee
2) Members of the Audit Committee
General Management
Umberto Trabaldo Togna – Chief Executive
Officer
Ferdinando Coda Nunziante – Executive
Board Member, Head of Private Banking
Luca Soncini – Executive Board Member,
Chief Finance and Risk Officer
Lorenzo Tavola – Executive Board Member,
Head of Commercial Banking
Enrico Tonella - Executive Board Member,
Chief Operational Officer

Characteristics of Private Banking in LatAm
Clients’ needs differ through countries in LatAm
• Brazil, Mexico and Chile have a higher propensity to bank/book onshore
• The rest of LatAm, i.e. Central America, the Pacto Andino and Argentina,
show an accentuated propensity to bank/book abroad
The main reasons for international banking are (not conclusive):
•Security
Often kidnappings, extortions, etc. happen because of information
sourcing from authorities
•Political instability:
Most countries have been ruled by two political fronts over decades.
Whenever, one comes into power the political and juridical systems
change dramatically
•Territorial tax system:
In many countries in LatAm a territorial tax system (or derivates of
it) are into force. Assets within the national territory need to be
declared and are taxed. Assets abroad nor need to be declared nor
are taxed

Private Banking in Panama – International Competition
Main Players
• UBS, JP Morgan, Merrill Lynch, Citi, Santander, BBVA
Service Models
• Swiss Banks: UBS, CS and BSI service out of Panama
• EU Banks: Traveling RMs and some Rep. Off. in some countries
• US and Canadian Banks: Traveling RMs and some with local presence
Background Information
• UBS: Manages around 2.5bn AuM out of Panama, has been committed
to the location for decades, acquisition of Dresdner LA in 2005
• HSBC: Onshore market through the acquisition of Banistmo,
international business through Miami and CH
• JP Morgan: operating through MIA/NY, has gained market share after
the crisis
• Santander: discrete presence in Panama, strong in LatAm onshore
• BBVA: strong presence in Panama as well as in LatAm
• Merrill Lynch: strong presence in Panama with a broker dealer license
• Citi: onshore presence in Panama, it lost market share after the crisis
� UBS is still the market
leader in international
PB out of Panama
� JP Morgan is the
absolute PB-market
leader in LatAm mainly
through the US
� HSBC’s commitment
to the region is
evidenced by the $2bn
acquisition of Banistmo
� US banks are still
benefitting from the
strong client preference
for US booking

Markets to Develop in LatAm out of Panama
• Guatemala
• El Salvador
• Nicaragua
• Honduras
• Costa Rica
• Panama
• Colombia
• Venezuela
• Ecuador
• Peru
• Bolivia
• Trinidad
• Dominican Republic
• Caribbean
• Selectively other countries