| | Methodology/Excerpt INTRODUCTION & METHODOLOGY WHAT DOES THIS REPORT COVER? With the globalization of markets, greater foreign competition, and the reduction of entry barriers, it becomes all the more important to benchmark a company’s financial indicators against other firms on a worldwide basis. This report reflects to two inescapable trends: (1) a return to fundamentals, and (2) globalization. World stock markets have recently witnessed a return to fundamental financial analysis. Sound management as opposed to “hype” will in the long run generate shareholder value. This philosophy has lead to a greater emphasis on financial fundamentals and benchmarking. Not benchmarking in a traditional sense, but benchmarking at the global level as markets become all the more international and firms create transnational and global strategies. How does a firm's asset structure vary compared to global benchmarks? Does it hold more cash and other short term assets, or does it concentrate its assets in physical plant and equipment? On the liability side, does a company have a higher percent of payables compared to the benchmarks, or does it hold a higher concentration of long-term debt? The structure of the income statement is more telling. Does the firm have a relatively higher costs of goods sold, operating costs, or income taxes compared to its global benchmarks? Are their returns on equity higher? Are profit margins greater? Are inventories held longer? While these are the classic questions raised in most graduate MBA courses on managerial finance, in a globalizing economy the method to answer these questions may not be simple. If we consider that an industry spans multiple countries, continents and currencies, how can one perform benchmarking? This report does so by going beyond traditional analyses by considering companies competing in the same or similar industrial classification at a global level. Doing so, however, is not an obvious task. First, one needs to find firms competing in the same sector, but not necessarily competing directly with the company in local markets. These firms should not be perceived, therefore, to be direct competitors to the company in question, but simply those that have been classified by various sources (e.g. EDGAR or similar foreign filings), as competing to serve customers in the same link of the value chain, or broad industrial classification, as identified by SIC, NAICS or similar codes. Second, given the international nature of the task, one needs to control for exchange rate volatility. Finally, one needs use reasonably comparable financial line items or standards. The goal of this report is to save the reader time. It is designed to assist consultants, financial managers, strategic planners, and corporate officers in gauging indicators of a company’s financial structure compared to firms competing or participating in the same economic sector, at the global level. The Siam Commercial Bank Public Co Ltd, is it financially competitive? There is no absolute answer to this question. This report is not about whether a particular company or industry has performed well or poorly in the past or will do so in the future. Such conclusions are left to the reader. The Siam Commercial Bank Public Co Ltd neither sponsored nor endorsed the analysis that follows. METHODOLOGY This report analyzes deviations between The Siam Commercial Bank Public Co Ltd (Bangkok, Thailand) and international industrial benchmarks. Based on the methodology described below, the following chapters report a common-size statement or vertical analysis of The Siam Commercial Bank Public Co Ltd vis-à-vis global benchmarks. In contrast to this report, most vertical analyses focus on benchmarking against domestic ratios, often published by government agencies or commercial sources (e.g. Value Line, Dun and Bradstreet, and Standard & Poor’s). This type of analysis is commonly conducted by creditors, prospective investors, chief financial officers, lenders, and a corporation’s strategic management team. For those unfamiliar with this type of analysis, frequently taught in graduate schools of business, the reader is recommended Jae K. Shim and Joel G. Siegel’s recent book titled Financial Management. In their discussion of financial statement analysis and ratios, Skim and Siegel (p. 42-43), describe common-size statement (vertical analysis) as follows: A common-size statement is one that shows each item in percentage terms. Preparation of common-size statements is known as vertical analysis, in which a material financial statement item is used as a base value and all other accounts on the financial statement are compared to it. In the balance sheet, for example, total assets equal 100 percent, and each individual asset is stated as a percentage of total assets. Similarly, total liabilities and stockholders’ equity are assigned a value of 100 percent and each liability or equity account is then stated as a percentage of total liabilities and stockholders’ equity, respectively. … For the income statement, a value of 100 percent is assigned to net sales, and all other revenues and expense accounts are related to it. It is possible to see at a glance how each dollar of sales is distributed among various costs, expenses, and profits. The authors suggest that vertical analyses involve industry-based comparisons. Such a comparison “allows you to answer the question, ‘How does a business fare in the industry?’ You must compare the company’s ratios to… industry norms.” (p. 43-44) In this report, I calculate an industry norm by looking at firms at the global level, as opposed to a local level. In what follows, I will describe the seven-stage methodology used in performing this analysis. Each stage should be seen as a working assumption behind the numbers presented in later chapters. Stage 1. Industry Classification. This stage begins by classifying the company into an industry. For this, I have relied on a combination of the North American Industry Classification System (NAICS pronounced “Nakes”), a relatively new system for classifying business establishments, and the older Standard Industrial Classification (SIC) system. Adopted in 1997, NAICS codes are the new industry classification codes used by statistical agencies of the United States. NAICS was developed jointly by the U.S., Canada, and Mexico to provide comparability in statistics about business activity across North America. After 60 years of service, the outdated SIC system was retired on October 1, 2000, leaving only the NAICS codes for official use. The NAICS classification system adds some 350 new industries and represents a revision to over 60% of the previous SIC industries. Despite its official retirement, the SIC system is still commonly used (and often reported in firm’s financial statements). For most companies in the world, classification within either the new NAICS or older SIC systems is a rather straight forward exercise. For some, however, it can be problematic. This is true for several reasons. The first being that the SIC or NAICS classification systems are rather broad for many product and industry categories (a firm’s products or services may be only a minor aspect of the classification’s definition). The second is that some firms’ activities span multiple codes. Finally, it is possible that a firm is classified by one source using its SIC code, and by another using its NAICS code, and by a third using both. Furthermore, some sources do not report either code, but instead use qualitative statements of the firm’s activities. Nevertheless, if one wishes to pursue a vertical analysis, some classification needs to take place which selects a peer group. In making this classification, one can rely on a number of sources. In some countries, firms must “self” classify in official periodic reports (e.g. annular reports, 10Ks, etc.) to public authorities (such as the Securities and Exchange Commission). These reports are then open for public scrutiny (e.g. EDGAR filings). In other cases, commercial data vendors or private research firms provide SIC/NAICS codes for specific companies. These include:
It is interesting to note that commercial vendors often report different qualitative descriptions and industrial classifications from one to another. These descriptions and classifications may also be different from those reported by the firm itself. Anyone hoping to perform a benchmarking study, therefore, has to make a judgment call across these various sources in order to determine a reasonable classification. In this report, I have decided a meta-analytic process, by combining various sources (including linking a classification’s keywords to qualitative descriptions of the firm’s product line). In cases of inconsistency, the most recent or globally comparable available is chosen. Again, the overall goal is to classify firms, which either produce similar products, offer similar services, or are in the same stage of the value chain for a particular industrial classification. In the case of this report, the SIC code selected is: 602 which is defined as “Commercial Banks”. This classification should be seen as a working assumption. In order to obtain a more detailed discussion of this classification, the reader is referred to the web sites developed by the U.S. Census Bureau: http://www.census.gov/epcd/www/naics.html. Basic definitions and descriptions are provided at: http://www.census.gov/epcd/www/drnaics.htm#q1. A full correspondence table between SIC and NAICS codes, and detailed definitions are given at http://www.census.gov/epcd/www/naicstab.htm. Stage 2. Firm-level Data Collection. A global search is conducted across over 20,000 companies in over 40 major economies for those that (1) may be included in the classification from Stage 1, and (2) report financials (balance sheet and income statements). It should be noted that the public-domain financials can be either historic or projections. It should also be noted that even historic figures can be modified in the future and often represent “estimates” of performance. Stage 3. Standardization. Once collected, public domain financial figures of firms identified in Stage 2 are standardize into comparable categories (assets, liabilities, and income). From there, we eliminate all currency effects by standardizing within each category (creating ratios). In order to maintain comparability over time and across companies and countries, vertical analysis is used. In the case of a firm’s assets, I treat the total assets as equaling 100, irrespective of the value of the local currency. All other assets are then calculated as a percent of total assets. In this way, the structure of the firm’s assets can be easily interpreted and compared with international benchmarks. For liabilities, total liabilities and equity are indexed to equal to 100. For the income statement, total revenue is indexed to equal 100, and all other figures are calculated as a percent of these figures. Stage 4. Filtering. Not all the firms selected in Stage 2 or the ratios calculated in Stage 3 are used for the global benchmarks, as a number of companies are purposely dropped from the analysis, even though they may fall within the classification. This is justified by the “outlier” phenomenon that plagues such analysis. The problem lies in that any given company in the benchmarking pool may be facing some exceptional event or may be organized in an exceptional way so as to make its ratios vastly different from others in the same classification. By including such firms, the global benchmarks can be overly skewed. In many countries, firms are organized into holding groups. These groups nominally have very few employees (e.g. 4 to 25 employees), but have extremely large assets, liabilities, or revenues. As such, the inclusion or exclusion of firms having this form of management can affect the ratios and benchmarks reported. Likewise, some firms have no net sales, no assets, no liabilities, or ratios. Others have ratios that appear implausible for a normal or viable company. In order to not allow these firms to affect the global benchmarks, I have attempted to choose only those firms with reasonable financials. Finally, in some countries, detailed financials are not available or are not comparable to either the company in question or the global norm (e.g. various forms of depreciation). In this case, only those which exist and are comparable are reported. The details, therefore, that comprise a given ratio or set of ratios may not be reported. This may lead to the addition of several ratios, not summing to the whole. Stage 5. Calculation of Global Norms. Once the filtering process has eliminated outliers, a final list of companies included in the global averages is compiled. In this report, the following companies are included (country of headquarters in parentheses, exchanges, and ticker symbols); again this list should be seen as a working assumption: Company (Country) | Exchange | Ticker | 1st Source Corporation (USA) | NAS | SRCE | ABN AMRO Holding NV (Netherlands) | AMS | AAB | ABSA Group Limited (South Africa) | JNB, OTH | ASA | Adelaide Bank Limited (Australia) | SYD | ADB | Affin Holdings Berhad (Malaysia) | KUL | AFIN | Akita Bank, Ltd. (Japan) | TYO | 8343 | Alabama National Bancorporation (USA) | NAS | ALAB | Allgemeine Privatbank AG (Germany) | DUS, FRA, OTH | | Allied Banking Corp. (Philippines) | PHL | | Allied Irish Banks P.L.C. (Ireland) | LON, DUB | AIBK | Almanij NV -Algemene Maatschappij voor Nijverheidskrediet (Belgium) | BRU | ALM | Alpha Bank S.A. (Greece) | ATH | XPIST | Amcore Financial Incorporated (USA) | NAS | AMFI | Ameriserv Financial, Inc. (USA) | NAS | ASRV | AMMB Holdings Berhad (Malaysia) | KUL | AMMB | Amsouth Bancorporation (USA) | NYSE, BSE, MSE, PBW | ASO | Anglo Irish Bank Corporation PLC (Ireland) | LON, DUB | AIB | Aomori Bank, Ltd. (Japan) | TYO | 8342 | Arab-Malaysian Finance Berhad (Malaysia) | KUL, OTH | AMFB | Area Bancshares Corporation (USA) | NAS | AREA | Asia Financial Holdings Ltd. (Hong Kong) | HKG | 662 | Askari Commercial Bank Ltd (Pakistan) | KAR | | Associated Banc-Corp (USA) | NAS | ASBC | Australia and New Zealand Banking Group Ltd. (Australia) | MBE, NZL, SYD | ANZ | Awa Bank, Ltd. (Japan) | OSA, TYO | 8388 | Baden-Wurttembergische Bank A.G. (Germany) | FRA, OTH | WBK | Banca Agricola Mantovana (BAM) SPA (Italy) | ISE | BAGM | Banca Carige SpA - Cassa di Risparmio di Genova e Imperia (Italy) | ISE | CRG | Banca Commerciale Italiana (Italy) | | COM | Banca di Legnano SPA (Italy) | | BDL | Banca di Roma S.p.A. (Italy) | ISE | BRM | Banca Fideuram S.p.A. (Italy) | ISE | BFI | Banca Lombarda e Piemontese S.p.A. (Italy) | ISE | BL | Banca Monte dei Paschi di Siena SPA (Italy) | ISE | BMPS | Banca Popolare Commercio & Industria (Italy) | ISE | PCI | Banca Popolare dell'Emilia Romagna-Societa Cooperativa A.R.L. (Italy) | ISE | BPE | Banca Popolare dell'Etruria e del Lazio (Italy) | ISE | PEL | Banca Popolare di Bergamo - Credito Varesino S.c.r.l. (Italy) | ISE | PBCV | Banca Popolare di Cremona SCARL (Italy) | ISE | PCRE | Banca Popolare di Intra Scarl (Italy) | ISE | PIN | Banca Popolare di Lodi S.c.r.l. (Italy) | ISE | PLO | Banca Popolare di Luino e di Varese (Italy) | ISE | | Banca Popolare di Sondrio (Italy) | ISE | BPSO | Banca Toscana SPA (Italy) | ISE | BT | Bancfirst Corporation (USA) | NAS | BANF | Banco Atlantico, S.A. (Spain) | OTH | ATL | Banco Bandeirantes SA (Brazil) | SOP | | Banco Bilbao Vizcaya Argentaria Brasil S.A. (Brazil) | SOP | | Banco Bilbao Vizcaya Argentaria SA (Spain) | BCN, MAD | BBVA | Banco Bradesco S.A. (Brazil) | RIO, SOP | DC4 | Banco Comercial Portugues, S.A. (Portugal) | LIS | BCP | Banco Continental (Peru) | LIM | | Banco De A Edwards (Chile) | SAN | EDWARDS- | Banco de Andalucia, S.A. (Spain) | OTH | AND | Banco de Castilla, S.A. (Spain) | OTH | CAS | Banco de Credito del Peru (Peru) | LIM | | Banco de Galicia y Buenos Aires S.A. (Argentina) | BAR | GALI | Banco de Valencia, S.A. (Spain) | MAD | BVA | Banco de Vasconia, S.A. (Spain) | OTH | VAS | Banco di Chiavari e della Riviera Ligure (Italy) | ISE, OTH | BDC | Banco di Desio e della Brianza SPA (Italy) | OTH | BDB | Banco di Sardegna S.p.A. (Italy) | ISE | BSRP | Banco do Brasil SA (Brazil) | RIO, SOP | IPE | Banco do Estado de Sao Paulo S/A-BANESPA (Brazil) | RIO, SOP | BES | Banco do Nordeste do Brasil S.A. (Brazil) | RIO, SOP | BN4 | Banco Espanol de Credito S.A. (Spain) | BCN, MAD, OTH | BTO | Banco Espirito Santo S.A. (Portugal) | LIS | BES | Banco Guipuzcoano S.A. (Spain) | OTH | GUI | Banco Internacional del Peru - INTERBANC (Peru) | LIM | | Banco Internacional do Funchal S.A. (Portugal) | LIS | BNF | Banco Itau SA (Brazil) | RIO, SOP | IU4 | Banco Mello, S/A (Portugal) | | MEL | Banco Mercantil C.A. S.A.C.A. (Venezuela) | | BM.A | Banco Mercantil do Brasil S/A (Brazil) | RIO, SOP | BMP | Banco Pastor, S.A. (Spain) | BCN, MAD | PAS | Banco Pinto & Sotto Mayor SA (Portugal) | | BSM | Banco Popular Espanol (Spain) | MAD | POP | Banco Portugues do Atlantico SA (Portugal) | | BPA | Banco Santander Central Hispanoamericano SA (Spain) | BCN, FRA, LON, MAD, | SCH | Banco Santander-Chile S.A. (Chile) | SAN | | Banco Santiago (Chile) | SAN | SANTIAGO | Banco Sudameris Brasil S/A (Brazil) | RIO, SOP | AE4 | Banco Totta & Acores, S.A. (Portugal) | LIS | BTA | Banco Zaragozano S.A. (Spain) | OTH | ZRG | Bancorpsouth Incorporated (USA) | NYSE | BXS | Bancwest Corporation (USA) | NYSE | BWE | Bank Buana Indonesia Tbk. P.T. (Indonesia) | JAK | | Bank Central Asia Tbk. P.T. (Indonesia) | JAK | | Bank fur Karnten und Steiermark A.G. (Austria) | VIE | BKS | Bank Handlowy w Warszawie SA (Poland) | WAR | HANDLOW | Bank Hapoalim B.M. (Israel) | TEL | | Bank Leumi le-Israel B.M. (Israel) | TEL | | Bank NISP Tbk. P.T. (Indonesia) | JAK | NISP | Bank of America Corporation (USA) | NYSE, BSE, MSE, PBW, | BAC | Bank of Baroda (India) | BOM | | Bank of Greece SA (Greece) | ATH | TELL | Bank of Ireland (Ireland) | LON, DUB | BKIR | Bank of Iwate, Ltd. (Japan) | TYO | 8345 | Bank of Montreal (Canada) | MON, TOR, LON, OTH | BMO | Bank of Nagoya, Ltd. (Japan) | TYO, OTH | 8522 | Bank of Okinawa, Ltd. (Japan) | TYO | 8397 | Bank of Piraeus S.A. (Greece) | ATH | TBEIR | Bank of Punjab (The) (Pakistan) | KAR | | Bank of Scotland (Governor and Company of The) (United Kingdom) | LON | BSCT | Bank of the Philippine Islands (Philippines) | PHL | BPI | Bank of Western Australia Ltd. (Australia) | SYD | BWA | Bank Pan Indonesia Tbk. P.T. (Indonesia) | JAK | | Bank Pekao S.A. (Poland) | OTH, WAR | PEKAOA | Bank Przemyslowo-Handlowy SA (Poland) | WAR | BPHA | Bank Sarasin & Co. Ltd. (Switzerland) | OTH, ZHR | BSAN | Bank SinoPac (Taiwan) | OTH, TAI | T2839 | Bank Slaski Spolka Akcyjna w Katowicach (Poland) | WAR | BSKA | Bankinter, S.A. (Spain) | MAD, OTH | BKT | Banknorth Group Inc. (USA) | NAS | BKNG | Banque Cantonale Vaudoise (Switzerland) | GVA, OTH, ZHR | BCV | Banque Commerciale du Maroc (Morocco) | OTH | | Banque Generale du Luxembourg (Luxembourg) | LUX | 9789111 | Banque Marocaine du Commerce Exterieur (Morocco) | OTH | | Banque Nationale de Belgique (Belgium) | BRU | BNB | Banque Privee Edmond de Rothschild SA (Switzerland) | GVA, OTH, ZHR | RLD | Barclays Bank of Zimbabwe Limited (Zimbabwe) | ZIM | | Barclays PLC (United Kingdom) | PBW, LON, TYO | BARC | Basellandschaftliche Kantonalbank (Switzerland) | ZHR | BLKB | Basler Kantonalbank (Switzerland) | OTH | BSKP | Bayerische Hypo- und Vereinsbank AG (Germany) | DUS, FRA, GVA, PAR, VIE, | HVM | BB & T Corporation (USA) | NYSE | BBT | BBVA Banco BHIF (Chile) | SAN | | BBVA Banco Frances SA (Argentina) | OTH | FRAN | Berlin-Hannoversche Hypothekenbank AG (Germany) | DUS, FRA, OTH | BHH | Berner Kantonalbank (Switzerland) | GVA | BEKN | BHF-BANK (Germany) | DUS, FRA, GVA, OTH, ZHR | BHF | BIG Bank Gdanski S.A. (Poland) | WAR | BIGA | BIMB Holdings Berhad (Malaysia) | KUL | | Bipop-Carire S.p.A. (Italy) | ISE | BIP | BNL - Banca Nazionale del Lavoro S.p.A. (Italy) | ISE | BNLR | BNP Paribas (France) | FRA, LON, PAR, OTH | BNP | BOK Financial Corporation (USA) | NAS | BOKF | BPI-SGPS S.A. (Portugal) | OTH, LIS | BPI | Bradford & Bingley Plc (United Kingdom) | OTH | | BRE Bank SA (Poland) | WAR | BREA | Bremer Financial Corporation (USA) | OTC | | BSB Bancorp Incorporated (USA) | NAS | BSBN | BTV - Bank fur Tirol und Vorarlberg A.G. (Austria) | VIE | BTS | Caisse Regionale de Credit Agricole de Haute - Normandie (France) | PAR | CCI | Caisse Regionale de Credit Agricole Mutuel de Centre Loire (France) | PAR | 4529 | Caisse Regionale de Credit Agricole Mutuel de la Brie (France) | PAR | CAB | Caisse Regionale de Credit Agricole Mutuel de la Touraine e (France) | PAR, OTH | 4530 | Caisse Regionale de Credit Agricole Mutuel de l'Oise (France) | PAR | 4525 | Canadian Imperial Bank of Commerce (Canada) | MON, TOR, LON, TYO | CM | Canadian Western Bank (Canada) | TOR | CWB | Capital City Bank Group Incorporated (USA) | NAS | CCBG | Capitol Bancorp Ltd. (USA) | NAS | CBCL | Cass Commercial Corporation (USA) | NAS | CASS | Cassa di Risparmio di Firenze (Italy) | ISE | | Centura Banks, Inc. (USA) | | CBC | Ceska Sporitelna a.s. (Czech Republic) | PRG | | Chang Hwa Commercial Bank Ltd. (Taiwan) | OTH | T2801 | Chemical Financial Corporation (USA) | OTC | CHFC | Chikuho Bank, Ltd. (Japan) | OTH | 8398 | China Banking Corporation (Philippines) | PHL | CHIB | China Minsheng Bank (China) | SHG | | Chittenden Corpn (USA) | NYSE | CHZ | Christiania Bank og Kreditkasse (Norway) | | CKR | Chugoku Bank, Limited (Japan) | OSA, TYO, OTH | 8382 | Chukyo Bank, Limited (Japan) | TYO | 8530 | CITIC Ka Wah Bank Limited (Hong Kong) | HKG | 183 | Citigroup Inc (USA) | NYSE, BSE, CIN, MSE, | C | Citizens Banking Corporation (USA) | NAS | CBCF | City National Corporation (USA) | NYSE, MSE | CYN | Close Brothers Group Plc (United Kingdom) | LON | CBG | Colonial Bancgroup, Incorporated (USA) | NYSE | CNB | Columbia Banking Systems Inc. (USA) | NAS | COLB | comdirect bank AG (Germany) | DUS, FRA, OTH | | Comerica Incorporated (USA) | NYSE | CMA | Commerce Asset-Holding Berhad (Malaysia) | KUL | COMM | Commerce Bancorp Inc (USA) | NYSE | CBH | Commerce Bancshares, Incorporated (USA) | NAS | CBSH | Commercial Bank of Greece (Greece) | ATH | TEMP | Commerical Bank of Ceylon Limited (Sri Lanka) | COL | COMB | Commerzbank Aktiengesellschaft (Germany) | AMS, BRU, DUS, FRA, | CBK | Commonwealth Bank of Australia (Australia) | LON, SYD | CBA | Community Bank Systems Inc. (USA) | NYSE | CBU | Community First Bankshares Inc (USA) | NAS | CFBX | Community Trust Bancorp Incorporated (USA) | NAS | CTBI | Compass Bancshares, Inc. (USA) | NAS | CBSS | Corporation Bank (India) | OTH, BOM | | Corus Bankshares Incorporated (USA) | NAS | CORS | CPR Societe Anonyme (France) | PAR | PD | Credicorp Ltd. (Peru) | NYSE, PBW, PCS, OTH | | Credit Agricole Alpes Provence (France) | PAR | 4432 | Credit Agricole de la Gironde (France) | OTH | 4548 | Credit Agricole de la Somme (France) | PAR | SAO | Credit Agricole de Sud Rhone-Alpes (France) | PAR | 4534 | Credit Agricole de Toulouse (France) | OTH | 4554 | Credit Agricole d'Ile-de-France (France) | PAR | CAF | Credit Agricole d'Ille-et-Vilaine (France) | PAR | CIV | Credit Agricole du Morbihan (France) | OTH | CMO | Credit Agricole du Nord (France) | OTH | CLN | Credit Agricole Loire Atlantique (France) | OTH | 4550 | Credit Agricole Loire Haute-Loire (France) | OTH | 4523 | Credit Agricole Midi (France) | PAR, OTH | 4526 | Credit Commercial de France SA (France) | | CCF | Credit Foncier de France (France) | PAR | FF | Credit Industriel et Commercial (France) | PAR | 7305 | Credit Lyonnais SA (France) | PAR | CL | Credit Suisse Group (Switzerland) | FRA, GVA, OTH, ZHR | CSGN | Credito Bergamasco S.p.A. (Italy) | ISE | CB | Credito Emiliano SPA (Italy) | ISE | | Credito Predial Portugues SA (Portugal) | | CPP | Credito Valtellinese (Italy) | ISE | CVAL | Cullen/Frost Bankers Incorporated (USA) | NYSE | CFR | CVB Financial Corporation (USA) | NAS | CVBF | Dah Sing Financial Holdings Ltd. (Hong Kong) | HKG | 440 | Dai-Ichi Kangyo Bank, Limited (Japan) | | 8311 | Daisan Bank, Ltd. (Japan) | OSA, TYO, OTH | 8529 | Daito Bank, Ltd. (Japan) | TYO | 8563 | Danske Bank A.S. (Denmark) | CPH, LON, OTH | DDB | Depfa Deutsche Pfandbriefbank AG (Germany) | FRA, JNB | DPF | Deutsche Bank Aktiengesellschaft (Germany) | AMS, BRU, DUS, FRA, | DBK | Deutsche Bank Luebeck A.G. vormals Handelsbank (Germany) | OTH | HLK | Deutsche Hyp Deutsche Hypothekenbank Frankfurt-Hamburg AG (Germany) | FRA, OTH | NHY | Deutsche Verkehrs-Bank AG (Germany) | FRA | DVB | Dexia (Belgium) | BRU | DEX | DNB Holding ASA (Norway) | STO | DNB | Doral Financial Corporation (USA) | NAS | DORL | Dresdner Bank Aktiengesellschaft (Germany) | AMS, BRU, DUS, FRA, | DRB | EFG Eurobank Ergasias (Greece) | ATH | EFG | Ehime Bank, Ltd. (Japan) | OSA, TYO | 8541 | Eighteenth Bank, Limited (Japan) | OSA, TYO | 8396 | Entenial (France) | PAR | EZ | Entrium Direct Bankers AG (Germany) | FRA | EDB | ErgoBank SA (Greece) | | ERG | Erste Bank Der Osterreichischen Sparkassen A.G. (Austria) | VIE | EBS | F & M Bancorp (Maryland) (USA) | NAS | FMBN | F.N.B. Corporation (USA) | NAS | FBAN | Farmers Bank of China (Taiwan) | TAI | T2822 | Fifth Third Bancorp (USA) | NAS | FITB | Finansbank A.S. (Turkey) | IST | FINBN | First BanCorp (USA) | NYSE | FBP | First Bank America, Inc. (USA) | NYSE, BSE, MSE, PCS | FBA | First Charter Corporation (USA) | NAS | FCTR | First Citizens Bancorporation (USA) | OTC | FCBN | First Citizens Bancshares Inc (USA) | NAS | FCNCA | First Commonwealth Financial Corpn (USA) | NYSE | FCF | First Community Bancshares, Inc. (USA) | NAS | FCBC | First Financial Bancorp (USA) | NAS | FFBC | First Financial Bankshares Inc (USA) | NAS | FFIN | First Financial Corporation (USA) | NAS | THFF | First Midwest Bancorp Incorporated (USA) | NAS | FMBI | First National of Nebraska, Inc. (USA) | OTC | FINN | First Tennessee National Corporation (USA) | NYSE | FTN | First Virginia Banks Incorporated (USA) | NYSE, BSE, MSE, PBW | FVB | Fleetboston Financial Corporation (USA) | NYSE, BSE, PBW | FBF | ForeningsSparbanken AB (Sweden) | STO | FSPA-A | FPB Bank Holding Company Limited (Hong Kong) | HKG | 717 | Frontier Financial Corporation (USA) | NAS | FTBK | Fukui Bank, Ltd. (Japan) | OSA, TYO | 8362 | Fukuoka Chuo Bank, Ltd. (The) (Japan) | OTH | 8540 | Fulton Financial Corporation (USA) | NAS | FULT | General Hellenic Bank (Greece) | ATH | TGENR | Gifu Bank, Ltd. (Japan) | OTH | 8528 | Gold Banc Corporation Incorporated (USA) | NAS | GLDB | Graubundner Kantonalbank (Switzerland) | OTH, ZHR | GRKP | Great Southern Bancorp, Inc. (USA) | NAS | GSBC | Greater Bay Bancorp (USA) | NAS | GBBK | Grupo Financiero Banorte, S.A. (Mexico) | MXK | | Grupo Financiero BBVA Bancomer, S.A. (Mexico) | MXK | | Grupo Financiero BBV-Probursa, S.A. (Mexico) | | GFPROBUB | Haci Omer Sabanci Holding A.S. (Turkey) | IST | SAHOL | Hana Bank (South Korea) | SEO | 07360 | Harleysville National Corp. (USA) | NAS | HNBC | Harris Bankcorp, Inc. (USA) | | HBC | Hatton National Bank Limited (Sri Lanka) | COL | HNB | HDFC Bank Limited (India) | OTH, BOM | | Heartland Financial USA, Inc. (USA) | OTC | HTLF | Hibernia Corp. (USA) | NYSE | HIB | Higo Bank, Ltd. (Japan) | OSA, TYO | 8394 | Hokkoku Bank, Ltd. (Japan) | OSA, TYO | 8363 | Hong Leong Bank Berhad (Malaysia) | KUL | HLBK | Housing & Commercial Bank, Korea (South Korea) | SEO | 27460 | Housing and Development Bank (HDB) (Egypt) | OTH | | Howa bank, Ltd. (The) (Japan) | OTH | 8559 | HSBC Holding PLC (Hong Kong) | FRA, HKG, LON, SIN, OTH | 005 | HSBC Holdings plc (United Kingdom) | HKG, LON | HSBA | HSBC Trinkaus & Burkhardt KGaA (Germany) | DUS, FRA, OTH | TUB | HSBC USA Inc. (USA) | OTC | | Hua Nan Commercial Bank Ltd. (Taiwan) | TAI | T2803 | Hudson United Bancorp (USA) | NYSE | HU | Huntington Bancshares Incorporated (USA) | NAS | HBAN | Hyakugo Bank, Ltd. (Japan) | TYO, OTH | 8368 | Hyakujushi Bank, Ltd. (Japan) | OSA, TYO | 8386 | ICICI Bank Limited (India) | BOM | | IKB Deutsche Industriebank AG (Germany) | FRA | IKB | Imperial Bancorp (USA) | | IMP | Independent Bank Corpn (USA) | NAS | INDB | Independent Bank Corporation (USA) | NAS | IBCP | Industrial Bank of Japan, Limited (Japan) | | 8302 | Industrial Development Bank of India (India) | BOM | | Insinger SA (Luxembourg) | LUX | 8003572 | Integra Bank Corporation (USA) | NAS | IBNK | International Bancshares Corpn (USA) | NAS | IBOC | Intesabci S.p.A. (Italy) | ISE, OTH | BIN | INTRUST Financial Corporation (USA) | OTC | IFNC | Investec (South Africa) | JNB | INT | Investors Financial Services Corp. (USA) | NAS | IFIN | Irwin Financial Corpn (USA) | NAS | IRWN | Israel Discount Bank Ltd. (Israel) | TEL | | Itausa - Investimentos Itau SA (Brazil) | RIO, SOP | IS4 | Iyo Bank, Ltd. (Japan) | OSA, TYO | 8385 | JCG Holdings Limited (Hong Kong) | HKG | 626 | Jordan Islamic Bank for Finance and Investment (Jordan) | OTH | JOIB | Julius Baer Holding AG (Switzerland) | FRA, GVA, OTH, ZHR | BAER | Juroku Bank, Ltd. (Japan) | OSA, TYO, OTH | 8356 | Jyske Bank AS (Denmark) | CPH | JYSK | Kagawa Bank, Ltd. (Japan) | OSA, TYO | 8556 | Kagoshima Bank, Ltd. (Japan) | OSA, TYO | 8390 | Kas-Associatie N.V. (Netherlands) | AMS | KA | KBC Bankverzekeringsholding (Belgium) | BRU | KBC | Keppel Corporation Limited (Singapore) | DUS, SIN | K02 | KeyCorp (USA) | NYSE, MSE, PBW | KEY | Kiatnakin Finance Public Company Limited (Thailand) | BAN | KK | Komercni Banka, a.s. (Czech Republic) | PRG | | Kookmin bank (South Korea) | SEO | 23130 | Kredietbank S.A. Luxembourgeoise (Luxembourg) | LUX | 9228110 | Kredyt Bank PBI S.A. (Poland) | WAR | KREDYTBA | Kumamoto Family Bank, Ltd. (Japan) | OTC | 8553 | Laurentian Bank of Canada (Canada) | TOR | LB | Lloyds TSB Group plc (United Kingdom) | LON, OTH | LLOY | Local Financial Corporation (USA) | NAS | LFIN | London Scottish Bank PLC (United Kingdom) | LON | LSB | Luzerner Kantonalbank (Switzerland) | OTH, ZHR | LUKP | M & T Bank Corporation (USA) | NYSE | MTB | Macquarie Bank Ltd (Australia) | SYD | MBL | Marshall & Ilsley Corporation (USA) | NYSE | MI | MBNA Corporation (USA) | NYSE | KRB | Mediobanca SpA (Italy) | DUS, FRA, OTH | MB | Mellon Financial Corporation (USA) | NYSE, BSE, MSE, PCS | MEL | Michigan Financial Corporation (USA) | NAS | | Michinoku Bank, Ltd. (Japan) | TYO | 8350 | Mid America Bancorp (USA) | ASE | MAB | Mid-State Bancshares (USA) | NAS | MDST | Mie Bank, Ltd. (Japan) | OTH | 8374 | Minami-Nippon Bank, Ltd. (The) (Japan) | OTC | 8554 | Mitsubishi Trust and Banking Corporation (Japan) | | 8402 | Miyazaki Bank, Ltd. (Japan) | OTC | 8393 | Miyazaki Taiyo Bank, Ltd. (Japan) | OTH | 8560 | Musashino Bank, Ltd. (Japan) | TYO | 8336 | Muslim Commercial Bank Limited (Pakistan) | KAR | | Nagano Bank, Ltd. (Japan) | TYO | 8521 | National Australia Bank Limited (Australia) | LON, MBE, NZL, SYD, | NAB | National Bank of Canada (Canada) | MON, TOR | NA | National Bank of Greece, S.A. (Greece) | ATH | ETE | National City Corporation (USA) | NYSE, MSE, PBW | NCC | National Commerce Financial Corporation (USA) | NYSE | NCF | National Penn Bancshares, Inc. (USA) | NAS | NPBC | NBT Bancorp Incorporated (USA) | NAS | NBTB | Nedcor Investment Bank Holdings Limited (South Africa) | JNB | NIB | Nedcor Ltd (South Africa) | JNB | NED | North Fork Bancorp Incorporated (USA) | NYSE | NFB | Northern Trust Corporation (USA) | NAS | NTRS | Oberbank A.G. (Austria) | VIE | OBS | Oesterreichische Postsparkasse (Austria) | | PSPS | Oita Bank, Ltd. (Japan) | OSA, TYO | 8392 | Old National Bancorp (Indiana) (USA) | NAS | OLDB | Omega Financial Corporation (USA) | NAS | OMEF | Oriental Bank of Commerce (India) | BOM | | Orszagos Takarekpenztar es Kereskedelmi Bank Rt (OTP) (Hungary) | FRA, OTH, BUD | | Osterreichische Volksbanken A.G. (Austria) | VIE | VBPS | Oversea-Chinese Banking Corporation Limited (Singapore) | SIN, ZHR | | Overseas Union Bank Limited (Singapore) | SIN | | Pacific Capital Bancorp (USA) | NAS | SABB | Pacific Century Financial Corporation (USA) | NYSE | BOH | Pacific Northwest Bancorp (USA) | NAS | PNWB | Park National Corporation (USA) | ASE | PRK | Philippine Bank of Communications (Philippines) | PHL | PBC | Philippine Savings Bank (Philippines) | PHL | PSB | PNC Financial Services Group, Inc. (USA) | NYSE, MSE | PNC | Popular, Inc. (USA) | NAS | BPOP | Powszechny Bank Kredytowy S.A. (Poland) | OTH, WAR | PBKA | Promistar Financial Corporation (USA) | NAS | PRFC | Provident Bankshares Corporation (USA) | NAS | PBKS | Provident Financial Group Incorporated (USA) | CIN, PBW, PCS, NAS | PFGI | Prudential Banking Corp. (Philippines) | PHL | PB | Public Finance Berhad (Malaysia) | KUL | PFBM | Pusan Bank (South Korea) | SEO | 05280 | Rashid Hussain Berhad (Malaysia) | KUL, SIN | RHBS | RealDanmark (Denmark) | | REALDK | Regions Financial Corporation (USA) | NAS | RGBK | Republic Bancorp Incorporated (USA) | NAS | RBNC | Republic Bancshares Inc. (USA) | NAS | REPB | Republic Security Financial Corporation (USA) | | RSFC | RHB Capital Berhad (Malaysia) | SIN, OTH | DCBS | Rheinhyp Rheinische Hypothekenbank A.G. (Germany) | DUS, FRA, OTH | RHY | Riggs National Corpn (USA) | NAS | RIGS | Rizal Commercial Banking Corporation (Philippines) | PHL | RCB | Rolo Banca 1473 (Italy) | OTH | ROL | S & T Bancorp, Inc. (USA) | NAS | STBA | Saambou Holdings Limited (South Africa) | JNB | SBO | Sampath Bank Limited (Sri Lanka) | COL | | San Paolo IMI S.p.A. (Italy) | LON, OTH | SPI | San-in Godo Bank, Ltd. (Japan) | OSA, TYO, OTH | 8381 | Sanwa Bank, Limited (Japan) | | 8320 | Sapporo Bank, Ltd. (Japan) | OTC | 8531 | Sberbank Rosseii (Russian Federation) | MOS | | Shanghai Pudong Development Bank (China) | SZN | | Shiga Bank, Ltd. (Japan) | OSA, TYO, OTH | 8366 | Shimizu Bank, Ltd. (Japan) | TYO | 8364 | Shinhan Bank (South Korea) | SEO | 15580 | Silicon Valley Bancshares (USA) | NAS | SIVB | Simmons First National Corporation (USA) | NAS | SFNCA | Skandinaviska Enskilda Banken (publ) (Sweden) | STO | SEB-A | Sky Financial Group Incorporated (USA) | NAS | SKYF | Societe Generale (France) | BCN, PAR, OTH | GLE | Solucion Financiera de Credito del Peru (Peru) | LIM | | South Financial Group Incorporated (USA) | NAS | TSFG | Southtrust Corporation (USA) | NAS | SOTR | Southwest Bancorporation of Texas Incorporated (USA) | NAS | SWBT | Spar Nord Bankakti A.S. (Denmark) | CPH | SPNO | Sparebanken Midt-Norge (Norway) | OSL | MING | Sparebanken Nord-Norge (Norway) | OSL | NONG | Sparebanken Rogaland (Norway) | OSL | ROGG | St. George Bank Limited (Australia) | SYD | SGB | Standard Bank Investment Corporation Ltd (South Africa) | JNB | SBC | Standard Chartered PLC (United Kingdom) | LON | STAN | State Street Corporation (USA) | NYSE | STT | Sterling Bancshares, Inc. (USA) | NAS | SBIB | Suez Canal Bank (Egypt) | OTH | | Sun Bancorp, Inc. (USA) | NAS | SNBC | Suncorp-Metway Limited (Australia) | SYD | SME | Suntrust Banks Incorporated (USA) | NYSE, BSE, PBW | STI | Susquehanna Bancshares, Inc. (USA) | NAS | SUSQ | Svenska Handelsbanken A.B. (publ) (Sweden) | STO | SHB-A | Sydbank AS (Denmark) | CPH | SYDB | Synovus Financial Corporation (USA) | NYSE | SNV | Taichung Commercial Bank (Taiwan) | TAI | T2812 | Taipeibank Co., Ltd. (Taiwan) | TAI | T2830 | Taishin International Bank (Taiwan) | OTH, TAI | T2844 | TCF Financial Corporation (USA) | NYSE, MSE | TCB | Texas Regional Bancshares Inc (USA) | NAS | TRBS | The 77 Bank Limited (Japan) | TYO | 8341 | The Bank of East Asia Limited (Hong Kong) | HKG | 023 | The Bank of Fukuoka Limited (Japan) | OSA, TYO | 8326 | The Bank of New York Co Inc (USA) | NYSE, BSE, CIN, MSE, | BK | The Bank of Nova Scotia (Canada) | ASE, MON, LON, OTH | BNS | The Daegu Bank Ltd. (South Korea) | SEO | 05270 | The First International Bank of Israel Ltd. (Israel) | TEL | FTIN | The Hachijuni Bank Ltd (Japan) | TYO | 8359 | The Hiroshima Bank Limited (Japan) | OSA, TYO | 8379 | The Joyo Bank Ltd (Japan) | TYO | 8333 | The P |
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