WNS (Holdings) Limited (WNS) (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced results for the fiscal 2019 second quarter ended September 30, 2018.
 

 
Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also “About non-GAAP Financial Measures.”
 
Revenue in the second quarter was $199.1 million, representing a 6.8% increase versus Q2 of last year and a 0.3% decrease from the previous quarter. Revenue less repair payments* in the second quarter was $195.5 million, an increase of 7.2% year-over-year and a 0.3% decline sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal second quarter grew 11.0% versus Q2 of last year and 3.4% sequentially. Year-over-year, fiscal Q2 revenue improvement was driven by healthy organic growth across key verticals, services, and geographies, which more than offset headwinds from currency movements and hedging losses. Sequentially, organic revenue growth was more than offset by currency movements and hedging losses.
 
Operating margin in the second quarter was 14.5%, as compared to 10.8% in Q2 of last year and 12.6% in the previous quarter. On a year-over-year basis, margin improvement was the result of increased productivity, lower share-based compensation expense, operating leverage on higher volumes, and currency movements net of hedging. These benefits more than offset the impact of our annual wage increases and lower seat utilization. Sequentially, margins improved due to increased productivity, favorable currency movements net of hedging, and operating leverage on higher volume. These benefits more than offset the impact of our annual wage increases.
 
Second quarter adjusted operating margin* was 21.0%, versus 18.5% in Q2 of last year and 18.8% last quarter. On a year-over-year basis, adjusted operating margin* improved due to increased productivity, operating leverage on higher volumes, and currency movements net of hedging. These benefits were partially offset by the impact of our annual wage increases and lower seat utilization. Sequentially, adjusted operating margin* improved due to increased productivity, favorable currency movements net of hedging, and operating leverage on higher volume. These benefits more than offset the impact of our annual wage increases.
 
Profit in the fiscal second quarter was $24.8 million, as compared to $18.9 million in Q2 of last year and $22.4 million in the previous quarter. Adjusted net income (ANI)* in Q2 was $33.7 million, up $6.0 million as compared to Q2 of last year and up $2.9 million from the previous quarter. 
 
From a balance sheet perspective, WNS ended Q2 with $158.1 million in cash and investments and $75.3 million of debt. In the second quarter, the company generated $30.6 million in cash from operations, and incurred $10.7 million in capital expenditures. In the second quarter, WNS repurchased 649,700 ADSs at an average price of $50.73 per ADS. Share repurchases impacted Q2 cash by $33.3 million, and the company also made scheduled debt payments of $14.1 million. Days sales outstanding were 35 days, as compared to 30 days reported in Q2 of last year and 31 days in the previous quarter.
 
“WNS’s second quarter financial performance continued to demonstrate our solid business momentum and differentiated positioning in the BPM marketplace. In the fiscal second quarter, the company grew revenue less repair payments* 7% year-over-year, or 11% on an organic, constant currency* basis. We were also able to expand our margins during the quarter and deliver a 23% increase in adjusted diluted earnings* per ADS versus the same quarter of last year,” said Keshav Murugesh, WNS’s Chief Executive Officer. “WNS remains committed to helping our clients outperform in their respective industries through co-creation, and to delivering enhanced value to all our key stakeholders.”
 
Fiscal 2019 Guidance
 

WNS is updating guidance for the fiscal year ending March 31, 2019 as follows:

• Revenue less repair payments* is expected to be between $775 million and $801 million, up from $741.0 million in fiscal 2018. This assumes an average GBP to USD exchange rate of 1.31 for the remainder of fiscal 2019.
• ANI* is expected to range between $127 million and $135 million versus $118.4 million in fiscal 2018. This assumes an average USD to INR exchange rate of 74.0 for the remainder of fiscal 2019.
• Based on a diluted share count of 52.4 million shares, the company expects adjusted diluted earnings* per ADS to be in the range of $2.42 to $2.58 versus $2.24 in fiscal 2018.

“The company has updated our forecast for fiscal 2019 based on current visibility levels and exchange rates,” said Sanjay Puria, WNS’s Chief Financial Officer. “Our guidance for the year reflects growth in revenue less repair payments* of 5% to 8%, or 8% to 12% on a constant currency* basis. We currently have 98% visibility to the midpoint of the range.”

Conference Call

WNS will host a conference call on October 25, 2018 at 8:00 am (Eastern) to discuss the company's quarterly results.  To participate in the call, please use the following details: +1-888-656-9018; international dial-in +1-503-343-6030; participant passcode 3582659. A replay will be available for one week following the call at +1-855-859-2056; international dial-in +1-404-537-3406; passcode 3582659, as well as on the WNS website, www.wns.com, beginning two hours after the end of the call.

About WNS

WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 350+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer interaction services, technology solutions, research and analytics and industry specific back office and front office processes. As of September 30, 2018, WNS had 38,516 professionals across 57 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit www.wns.com. 

Safe Harbor Statement

This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should” and similar expressions. These statements include, among other things, the discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, expectations concerning our future financial performance and growth potential, including our fiscal 2019 guidance, future profitability, and expected foreign currency exchange rates. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to worldwide economic and business conditions; political or economic instability in the jurisdictions where we have operations; our dependence on a limited number of clients in a limited number of industries; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; telecommunications or technology disruptions; our ability to attract and retain clients; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; negative public reaction in the US or the UK to offshore outsourcing; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; and future regulatory actions and conditions in our operating areas. These and other factors are more fully discussed in our most recent annual report on Form 20-F and subsequent reports on Form 6-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at www.sec.gov. We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances.
 
References to “$” and “USD” refer to the United States dollars, the legal currency of the United States; references to “GBP” refer to the British pound, the legal currency of Britain; and references to “INR” refer to Indian Rupees, the legal currency of India. References to GAAP refers to International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS).
 

WNS (HOLDINGS) LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, amounts in millions, except share and per share data)

Arch Mortgage Insurance dac (“Arch”) today announced it has completed a capital relief transaction on a €3 billion subset of a residential mortgage loan portfolio of ING DiBa A.G., a wholly owned subsidiary of ING Bank N.V. The deal is the first of its kind in the European mortgage market and represents a valuable new tool for financial institutions in managing their regulatory capital.

“Arch is delighted to complete a transaction that supports mortgage lending in Germany,” said Beau Franklin, President and Chief Executive Officer of Arch’s International Mortgage Group. “Arch is committed to bringing innovative products to market and taking a leadership role in providing capital relief solutions on residential mortgage loans globally.”

About Arch Mortgage Insurance dac

Arch Mortgage Insurance dac is based in Dublin and provides efficient and innovative credit risk management and capital optimisation solutions to clients throughout Europe. Arch is a highly rated and highly capitalised mortgage insurance company authorised and regulated by the Central Bank of Ireland.

Cautionary Note Regarding Forward-looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.

Forward−looking statements can generally be identified by the use of forward−looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us; and other factors identified in our filings with the U.S. Securities and Exchange Commission.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.

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Cred, the leading provider of crypto-backed lending with over $250 million in credit facilities, announced the addition of three executive team members. Maxim Rohkline joins as Chief Product Officer, James Alexander joins as Chief Capital Officer, and Richard Oh joins as GM of Asia. Each executive brings a 20+ year proven track record of financial technology innovation, spanning capital markets, online lending, payment systems, risk management, and analytics.

“Cred is fortunate to attract some of the most talented executives in financial technology who identify with our mission of democratizing global borrowing and lending,” said Dan Schatt, Co-founder and President of Cred. “Maxim, James, and Richard have led highly talented global teams and built some of the most sophisticated financial services products in the world. They will bring thought leadership to the crypto community and help attract the next 100 million users of crypto.”

Maxim Rohkline, Cred’s Chief Product Officer manages Cred’s global platform. Previously, Maxim served on the executive team of Tradeshift, leading its financial technology unit, providing global supply chain, and trade finance banking. Maxim's diverse financial services and product management experience includes management of a global card acquiring platform at Merchant e-Solutions, global mobile payments platform development at Intuit, global core payments, and analytics at PayPal, credit card portfolio risk management at Washington Mutual and internet banking development for Wells Fargo.

James Alexander, Cred’s Chief Capital Officer, leads Cred’s global capital markets development, having recently secured Cred’s $250+ million global lending facilities. Previously, James held positions in traditional banking, capital markets, research, and institutional sales; and has worked at Goldman Sachs, Royal Bank of Canada and Nomura. He is also the co-founder of the Swiss merchant bank, Alternative Capital Associates.

Richard Oh joins Cred as General Manager of Asia. Prior to Cred, Richard was the Head of Payments for PayPal in the Asia Pacific market where he looked after PayPal’s payment systems and partnerships with banks, financial institutions, and processors.

Having spent nearly 20 years in digital payments since the early days of eBay payments and PayPal, Richard is considered one of the top fintech experts in the region and has played a significant role in expanding PayPal’s payment capabilities globally.

“This is one of the strongest executive teams I’ve encountered in the crypto and blockchain industry,” said Scott Thompson, former President of PayPal and CEO of Yahoo! “Many of the individuals at Cred are former PayPal executives during my tenure. I have no doubt they will bring the same energy, commitment and results to Cred as they did at PayPal.”

“You need a seasoned executive team to pull off something as ambitious as Cred, and we are thrilled to see the Company make so much progress in a matter of months,” said Vincent Zhou, Co-Founder of FBG Capital and Investor in Cred. “We invest in teams that have a vision, a deep understanding of their domains and the intellectual and organizational agility to build enduring businesses in the crypto space. Cred is a model company in our portfolio and we’re thrilled to be a part of it.”

About Cred

Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred has secured over $250,000,000 of lending capital with offices in San Francisco, Shanghai, Singapore, Sydney, and Munich. Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred brings together a diverse team of entrepreneurial leaders, machine learning, and the power of blockchain technology. The LBA token is available in 180+ countries an. For more information, visit mycred.io. For more information on purchasing the LBA token, visit: https://www.mycred.io/#/token.

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• 17% growth in the overall loan book on an Assets Under Management (AUM) basis as at September 30, 2018  
• 25% growth in individual loans (after adding back loans sold in the preceding 12 months)  
• Reduction in non-performing loans to 1.13% as at September 30, 2018 compared to 1.18% as at June 30, 2018  
• 18% growth in Net Interest Income for the half-year ended September 30, 2018  
• Spreads at 2.28%  
• Profit After Tax for the quarter ended September 30, 2018 stood at Rs. 2,467 crore – a growth of 25%  

• Stage 1: Outstanding up to 30 days;
• Stage 2: Outstanding greater than 30 days, but less than 90 days;
• Stage 3: Non-performing Assets – Outstanding for greater than 90 days.

Moody’s Analytics, a global provider of financial intelligence, has expanded the Data Alliance so that members can now securely upload data for all accepted asset classes and all regions through the Data Alliance Portal (“the Portal”).

It is now more convenient and more secure for Data Alliance members to contribute data and collect credit risk benchmarking insights in return. The Data Alliance’s global database continues to grow and now includes 100 million Commercial & Industrial (C&I) private firm financial statements, $398 billion in Commercial Real Estate (CRE) loan balances covering 354 MSAs, and 63% of all Project Finance loans originated since 1983.

Protecting the confidentiality of member data is paramount. With all data submissions now made exclusively through the Portal, we have strengthened the program’s data security.

“Our members look to the Data Alliance for meaningful insight into their portfolio risk,” said Jean Liu, Senior Director at Moody’s Analytics. “Being able to use the Portal for all their submissions makes getting those insights faster, easier, and more secure.”

Adding to our CRE release earlier this year, Project Finance, Asset Finance, C&I, and Agriculture are among the asset classes for which members can now contribute data and receive insight through the Portal. The Data Alliance also continues to expand globally, including a focus on European CRE and African C&I.

“We’re pleased that Data Alliance members can now contribute data and collect insight for all Portal asset classes,” said Doug Johnson, Director at Moody’s Analytics. “In particular, agricultural lenders will welcome the availability of agriculture lending data and best practices.”

We are also continually looking at other Moody’s Analytics solutions for ways to enhance the Data Alliance. For example, a recent initiative to deepen portfolio analysis builds on our RiskFrontier™ solution and gives Data Alliance members and clients of the RiskFrontier solution the ability to compare their lending profile to peer group benchmarks for economic capital and profitability.

The Data Alliance earned Moody’s Analytics the award for Credit Data Provider of the Year in the 2018 Risk Technology Awards. This win added to the growing list of awards for Moody’s Analytics, including Technology Vendor of the Year in the 2018 Risk Awards.

Click here to contact the Data Alliance team for more information including the exclusive benefits of being a member.

About Moody’s Analytics

Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit www.moodysanalytics.com.

Moody's Analytics is a subsidiary of Moody's Corporation (NYSE:MCO). MCO reported revenue of $4.2 billion in 2017, employs approximately 12,600 people worldwide and maintains a presence in 42 countries.

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• Tata Value Homes to share 30% of customer’s Pre- EMI interest for 3 years
• Customers can avail this offer from 1^st to 5^th November 2018

View, the leader in dynamic glass, announced a $1.1 billion investment from the SoftBank Vision Fund. Demand for View’s intelligent windows is rapidly growing as companies increasingly recognize the benefits of modernizing their work environments to improve the health and productivity of their employees.

"We are excited to have this strong endorsement of our vision from SoftBank,” said Dr. Rao Mulpuri, CEO of View, Inc. “This investment enables us to scale our business to meet rapidly growing demand, and further expand our mission: creating delightful human environments that are more intelligent, more connected and more personalized than ever before."

View makes the entire skin of buildings intelligent for the first time. This improves human health and wellness by preserving unobstructed views, automatically letting in the optimum amount of natural light, and greatly reducing heat and glare. It also cuts the building energy consumption by up to 20 percent.

"We believe that View has created an entire new market category that makes buildings healthier and smarter,” said Tom Cheung, Partner at SoftBank Investment Advisers. “They are reinventing the way we create building spaces by putting the well‐being of occupants first. We are very impressed with the care with which Rao and the team have built View and we are excited to partner with them.”

View Dynamic Glass is installed in 35 million square feet of buildings and is growing rapidly. There is compelling evidence that View helps improve the health and wellness of occupants. Harvard Business Review published a study identifying natural light as the #1 desired office perk. Another recent study found significant health benefits associated with View Dynamic Glass over regular windows, including greater than 50% reductions in eye strain, headaches, and drowsiness – all contributing to improved employee health and productivity.

This investment will help further expand production and deployment capabilities, and accelerate product innovations, and is subject to customary closing conditions, including receipt of applicable regulatory approvals.

About View

View manufactures View Dynamic Glass, a new generation of dynamic glass windows that let in natural light and views and enhance mental and physical wellbeing by significantly reducing headaches, eyestrain and drowsiness. In addition, View’s windows reduce glare and heat, improving the energy efficiency of buildings by up to 20 percent. View’s windows are digital, connected, and can be controlled from anywhere, including your smart phone – no blinds or shades required.

For more information about View, visit: www.viewglass.com

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• Net Profit grew by 94% to Rs.146 crore for the half year ended September 30, 2018 as against Rs.75 crore for the same period of last fiscal
• Income from operations (Net Interest Income) rose by 85% to Rs.354 crore for the half year ended September 30, 2018 as against Rs.191 crore for the same period of last fiscal
• Consolidated AUM as of September 30, 2018 stood at Rs. 5,794 Crore; growth of 47% over H1FY’18

• Net Profit grew by 20% to Rs.73 crore for the quarter ended September 30, 2018 as against Rs.61 crore for the same period last fiscal
• Income from operations (Net Interest Income increased) rose by 64% to Rs.181 crore for the quarter ended September 30, 2018 as against Rs.111 crore for the same period last fiscal
• Borrower base as of September 30, 2018 grew by 29% YoY to 20.78 lakhs as compared to 16.06 lakhs as of September 30, 2017
• Gross NPA reduced to 1.0% for the half year ended September 30, 2018 as against 5.8% for the same period last fiscal. Net NPA reduced to 0.05% for the half year ended September 30, 2018 as against 2.0% for the same period last fiscal
• Added 140 new branches in H1 FY19 as compared to 47 branches in H1 FY18. Total branches as on September 30, 2018 stands at 656 across 156 districts in 8 states and 1 union territory
• Cost to income ratio reduced to 34.4% for the half year ended September 30, 2018 as against 42.2% for the same period last fiscal
• RoA and RoE for H1FY’19 are 5.1% and 16.9% respectively 

It’s official. Intuit Inc. (Nasdaq:INTU) today named Cloud Bookkeeping Services the grand prize winner of the 2018 Intuit QuickBooks Global Firm of the Future contest during the Accountant Main Stage at the fifth annual QuickBooks Connect in San Jose, California. The Canadian firm was awarded $30,000 USD total in cash prizes as the global firm that best embraces the future to help their small business clients succeed and prosper. Brighton Sport & Wellness Centre, a small business client of Cloud Bookkeeping Services, was also named a winner in the contest and received $20,000 USD total in cash prizes. PJCO of the United Kingdom, Reconciled of the United States, Regional Business Services Pty Ltd of Australia and Wealth Café Business Advisors Pvt Ltd of India were also announced as finalists and respective country winners in this year’s contest, with each firm along with its small business receiving a cash prize of $5,000 USD.

“This year’s finalists have truly raised the bar for what it means to be a Firm of the Future. Not only do they embrace online technologies, but they have also gone above and beyond to find new technological innovations that automate processes, so they can spend more time as trusted advisors,” said Ariege Misherghi, global leader of Intuit’s Accountant Segment, Small Business and Self-Employed Group. “We are sure that Cloud Bookkeeping Services and all of our finalists will continue to serve as an inspiration to other firms around the globe.”

In June, Intuit began its search to find the most future-ready bookkeeping, full-service accounting and tax firms in Australia, Canada, India, the United Kingdom and United States, receiving entries from solo practitioners to large firms. Ariege Misherghi and a panel of qualified judges from Intuit’s global sites selected the top five finalists whose written submissions best embodied the attributes of Firms of the Future.

• Cloud Bookkeeping Services of Canada: Cloud Bookkeeping Services is committed to using online technologies and artificial intelligence for all new clients and believes in promoting education. As volunteer mentors with Futurepreneurs Canada, the firm uses the time saved with QuickBooks Online to work with mentees to give back to the business community. The firm hosts a Bookkeepers Bootcamp and recently launched a similar Business Bootcamp, which is offered to all small- to medium-sized businesses, not just bookkeeping clients. Cloud Bookkeeping Services successfully transitioned its client Brighton Sport & Wellness Centre to the cloud and now has more time to serve as the client’s strategic advisor.
• PJCO of the United Kingdom: In 2016, the firm invested in a specialist cloud services department and recruited a team of recently graduated ACCA trainees to research and develop their knowledge of business apps and cloud accounting while pursuing their ACCA qualification; and PJCO hasn’t looked back. The Cloud Services Manager and his team freely share their understanding of how technology can be used to solve small business owners’ problems. PJCO’s charity partner, Norwich FoodHub, collects food that would otherwise be wasted by supermarkets and redistributes it to people in need. PJCO introduced technology to make operations more efficient and better for volunteers, and as a result they now offer over 60 volunteering slots each week, across 14 stores, filled by a volunteer base of over 100 people.
• Reconciled of the United States: Reconciled is an online bookkeeping and business advisory firm that has grown from one bookkeeper to a team of 16 in less than three years by leveraging online sales efforts. The firm is active on social media, using Facebook Live once a month for a video series called "Everyday Entrepreneur" in which the firm interviews one of its small business clients or an entrepreneur in its network. Reconciled also leverages email marketing and its brand story to connect with new customers. Its client Ogee wanted to have accounting systems ready as it launched its product, and Reconciled advised Ogee on the best method to record sales by channel, including how to invoice wholesale customers from QuickBooks Online. Ogee was able to focus on making and selling their product, knowing that they had a strong accounting process and partner behind them.
• Regional Business Services Pty Ltd of Australia: Thanks to the power of QuickBooks Online and online technologies, Regional Business Services now serves 450 businesses each year across the Eastern Australian Coast, and has developed its own specific finance system and workflow process. The firm has worked with client Townsville Service Group for the last five years, since the client’s start. Now the client turns over more than $2 million per fiscal year, and Regional Business Services meets every month with the client’s accountant, with whom they have a great relationship, to discuss performance, strategy and areas for improvement.
• Wealth Café Business Advisors Pvt Ltd of India: Wealth Café serves close to 125 small businesses end-to-end for bookkeeping, accounting and tax requirements and has been using QuickBooks Online since the product’s launch in India. Having the firm’s entire process on the cloud has enabled it to implement a policy internally wherein it has a turnaround time of no more than four hours to resolve a client query. Its client Pepper Mint Studios transitioned its entire finance operations over to Wealth Café, thanks to the robust system the firm set up to meet its client’s needs.

As part of this year’s contest, Intuit will make a $25,000 USD donation to Kiva.org in recognition of every vote received during the voting period, which ultimately determined the grand prize winner.

Access Cloud Bookkeeping Services’ video here. To join the conversation, share on Facebook and Twitter using #QBFirmOfTheFuture.

About Intuit

Intuit’s mission is to Power Prosperity Around the World. Our global products and platforms, including TurboTax, QuickBooks, Mint and Turbo, are designed to empower consumers, self-employed and small businesses to improve their financial lives, finding them more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide, unleashing the power of many for the prosperity of one. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.

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The Bitfury Group, the world’s leading full-service blockchain technology company, has closed a $80 million USD Private Placement with global institutional and corporate investors.

Since 2011, Bitfury has been at the forefront of the blockchain revolution, providing high performance computing technologies and processing capacities, as well as some of the most advanced software solutions for governments and corporations to deploy real life blockchain business solutions. Bitfury employs 700 people in 15 countries across North America, EMEA and Asia, and operates 5 data centers located in Iceland, Canada, Georgia and Norway. Bitfury leveraged on a strong momentum characterized by a triple digit growth and more than half a billion dollars in revenues to expand its shareholder base. The company will use its funds to support its growth and build on its unique technology expertise to expand in adjacent market segments such as AI.

The Private Placement was led by Korelya Capital, the European growth capital firm backed by Korean digital giant Naver Group which was joined by global institutional and corporate investors such as Macquarie Capital and Dentsu Japan, European fund managers Jabre, Lian Group, Argenthal and Armat Group, insurance groups Foyer and MACSF, as well as Galaxy Digital, a specialized digital asset merchant bank led by Mike Novogratz. ITech Capital, a Europe-focused venture capital firm and historical investor in Bitfury, also took part in the placement. The company remains controlled by its management team.

Bryan, Garnier & Co, the leading European growth focused investment bank acted as Sole Financial Advisor and Placement Agent for the Bitfury group. “As the market is maturing, we are witnessing an acceleration in the adoption of blockchain technologies throughout the world, in all domains, at both corporate and governmental level”, states Greg Revenu, Managing Partner of Bryan, Garnier & Co. This transaction illustrates the global institutionalization of the industry. It also demonstrates the positioning of the company as the world leading B2B technology infrastructure provider, with a breadth of activities that enables the company to be seen as the proxy for a global Blockchain investment thesis.”

With a technology team of close to 90 professionals in Europe, Bryan Garnier & Co has focused on this disruptive industry segment since 2017, publishing on the Blockchain sector combining equity research and investment banking resources in semi-conductors, technology infrastructures, energy transition, payments, software, security, and artificial intelligence. Bryan, Garnier & Co leveraged this industry expertise, combined with a 20-year experience in leading late stage private growth capital rounds, to expand the shareholder base and position ideally the company for a new stage of development.

Valery Vavilov, Founder and CEO of the Bitfury Group comments: “Bryan, Garnier & Co did an outstanding job, demonstrating a deep understanding of Bitfury’s strategy and needs, with a strong control on the transaction process. Most important, they constantly provided us with sound advice and showed an indefectible commitment to the success of the transaction.”

About The Bitfury Group (www.bitfury.com)

The Bitfury Group is the world’s leading full-service blockchain technology company. Bitfury is building solutions for the future, with the most significant technologies of the millennium. Our mission is to make the world more transparent and trusted by innovating at every level of technology – hardware, security, and software – to put trust back into the equation. Founded in 2011, Bitfury is the leading security and infrastructure provider for the Bitcoin Blockchain. In addition to securing the Bitcoin Blockchain, Bitfury also designs and produces innovative hardware that keeps blockchains secure, including custom semiconductor chips and mobile datacenters. Bitfury is also a software provider for the some of the world’s most cutting-edge applications through its private blockchain framework, Exonum, its advanced analytics platform Crystal Blockchain, and its specialized engineering team for the open-source Lightning Network, LightningPeach.

About Bryan, Garnier & Co (www.bryangarnier.com)

Bryan, Garnier & Co is a European, full service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Healthcare, Consumer and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich, Zurich and New York. The firm is a member of the London Stock Exchange and Euronext.

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Cred, the leading provider of crypto-backed lending with over $300 million in credit facilities, announced that it provides USD loans, collateralized by XRP. Ripple customers now have the opportunity to save their XRP long term without the need to sell or incur tax consequences. XRP holders in several countries can borrow as low as single-digit interest rates when they visit www.mycred.io and click “Get Early Access.”

“As a Cred borrower, I appreciate how responsive Cred is to my needs. They continue to impress me with their ability to act as a trusted bridge between the traditional financial services ecosystem and the crypto community,” said Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor. “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”

Cred has secured over $300 million in credit facilities available for lending, 3x more than the rest of the industry combined. Leading crypto wallets and crypto exchange platforms are integrating Cred’s Crypto Line of Credit (C-LOC) platform to retain and delight their customers. Recently, Cred announced it will be powering the earn and borrow products for the Universal Protocol Alliance and Uphold.

“We’re thrilled to offer XRP holders the same low rates and convenient liquidity services as ETH and BTC holders,” said Dan Schatt, Co-founder of Cred. “We’re looking forward to continuing to support our many partners who are integrating the Cred platform for the benefit of their users.”

About Cred

Cred is a decentralized global lending platform that facilitates open access to credit anywhere and anytime. Founded by former PayPal financial technology veterans, Cred’s mission is to harness the power of blockchain to allow everyone to benefit from low-cost credit products. Cred’s LBA token is available in more than 180+ countries including the US. For more information, visit mycred.io or follow us on Twitter, Facebook and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181108005269/en/

UEFA and Alipay, the world’s leading payment and lifestyle platform, operated by Ant Financial Services Group, are proud to announce a new eight-year global partnership for all UEFA national team football competitions from 2018 to 2026.

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(Photo: Business Wire)

Alipay, with over 700 million active users in China, becomes the Official Global Payment Partner,

Official Global Digital Wallet and the Official Global FinTech Partner, for all men’s national team events, including UEFA EURO 2020 and UEFA EURO 2024.

Alipay’s first four-year cycle as a UEFA national team competitions sponsor will see them involved in a total of eight competitions, spanning 420 matches and having an estimated total live audience of 7.4 billion people.

Football fans from all over the world will experience top-quality national team football. As global leaders in digital financial technology and mobile payment, Alipay and Ant Financial aim to bring digital innovation to football fans, enhance their onsite experience and provide seamless payment and other services to fans in Europe and across the world.

“We are proud to announce this unique and groundbreaking partnership with Ant Financial and Alipay for UEFA’s national team competitions,” UEFA President Aleksander Čeferin said.

“Alipay is at the forefront of digital payments and in association with its global partners, Alipay has unique connections with over 900 million users. We believe the partnership will further innovate the way in which UEFA engages with football fans around the world.”

“We will work closely with Alipay to provide a unique digital experience for the hundreds of thousands of football fans that will follow their teams during UEFA EURO 2020 across 12 countries, and in Germany at UEFA EURO 2024.”

Eric Jing, Executive Chairman and Chief Executive Officer of Ant Financial, said: “We are thrilled to work with UEFA to bridge the world through the common language of football. We will empower UEFA to engage with football fans around the world through digital platforms and help UEFA reach and interact with a potential audience of billions in Asia.”

“Alipay will offer digital payment experiences to football fans using mobile phones and other technology innovations both online and on-site. The innovation we will bring to the partnership will also allow fans to engage with their teams and show their support in completely new ways.”

“Alipay has been working with partners who share the same dream of bringing the world equal opportunities by providing inclusive financial services to individuals and SMEs. Together, Alipay and its global partners will connect fans from all over the world with the exciting UEFA national team competitions.”

“By partnering with UEFA, we hope to share the passion and happiness of football with more people across the world and bring them the benefits of digital life.”

The partnership was established with the support of China’s sports business market leader Shankai Sports.

About UEFA

UEFA – the Union of European Football Associations – is the governing body of European football. It is an association of associations, a representative democracy, and is the umbrella organisation for 55 national football associations across Europe.

Its objectives are, among others, to deal with all issues relating to European football, to promote football in a spirit of unity, solidarity, peace, understanding and fair play, without any discrimination on the part of politics, race, religion, gender or any other reason, to safeguard the values of European football. UEFA also promote and protect ethical standards and good governance in European football, maintain relations with all stakeholders involved in European football, and support and safeguard its member associations for the overall well-being of the European game.

About Ant Financial

Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security and computing. This empowers us and our partners’ ecosystem to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and small and micro-sized customers and small businesses worldwide.

Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.

For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.

About Alipay

Operated by Ant Financial Services Group, Alipay is the world’s largest mobile and online payment platform. Launched in 2004, Alipay currently works with over 200 domestic financial institution partners. Over the years, Alipay has evolved from a digital wallet, to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app.

In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 40 countries and regions across the world, and tax reimbursement via Alipay is supported in 29 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.

About CAA 11

CAA Eleven is the exclusive marketing agency of UEFA appointed to manage commercial rights to UEFA national team football competitions, including the UEFA Nations League; the European Qualifiers; the UEFA European Under-21 Championship; UEFA Women’s EURO and the UEFA European Futsal Championship.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181109005165/en/

CommScope (NASDAQ: COMM), a global leader in infrastructure solutions for communications networks, has agreed to acquire ARRIS International plc (NASDAQ: ARRS), a global leader in entertainment and communications solutions, in an all-cash transaction for $31.75 per share, or a total purchase price of approximately $7.4 billion, including the repayment of debt.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181108005272/en/

The combined company is expected to drive profitable growth in new markets, shape the future of wired and wireless communications, and position the new company to benefit from key industry trends, including network convergence, fiber and mobility everywhere, 5G, Internet of Things and rapidly changing network and technology architectures. (Graphic: Business Wire)

In addition, The Carlyle Group, a global alternative asset manager, has reestablished an ownership position in CommScope through a $1 billion minority equity investment as part of CommScope’s financing of the transaction.

The combination of CommScope and ARRIS, on a pro forma basis, would create a company with approximately $11.3 billion in revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately $1.8 billion, based on results for the two companies for the 12 months ended September 30, 2018.

The combined company is expected to drive profitable growth in new markets, shape the future of wired and wireless communications, and position the new company to benefit from key industry trends, including network convergence, fiber and mobility everywhere, 5G, Internet of Things and rapidly changing network and technology architectures.

ARRIS, an innovator in broadband, video and wireless technology, combines hardware, software and services to enable advanced video experiences and constant connectivity across a variety of environments – for service providers, commercial verticals, small enterprises and the people they serve. ARRIS has strong leadership positions in the three segments in which it operates:

• Customer Premises Equipment (CPE), featuring access devices such as broadband modems, gateways and routers and video set-tops and gateways;
• Network & Cloud (N&C), combining broadband and video infrastructure with cloud-based software solutions; and
• Enterprise Networks, incorporating the recently acquired Ruckus Wireless® and ICX Switch® businesses, and focusing on wireless and wired connectivity, including Citizens Broadband Radio Service solutions.

For the 12 months ended September 30, 2018, ARRIS generated revenues of approximately $6.7 billion, consisting of $3.9 billion from CPE, $2.2 billion from N&C and $568 million from Enterprise Networks (reflecting only a partial year of Ruckus since its acquisition in December 2017).

“After a comprehensive evaluation of our business and the evolving industry we operate in, we are confident that combining with ARRIS is the best path forward for CommScope to grow and provide the greatest returns for shareholders,” said Eddie Edwards, president and chief executive officer, CommScope. “CommScope and ARRIS will bring together a unique set of complementary assets and capabilities that enable end-to-end wired and wireless communications infrastructure solutions that neither company could otherwise achieve on its own. With ARRIS, we will access new and growing markets, and have greater technology, solutions and employee talent that will provide additional value and benefit to our customers and partners.

“CommScope and ARRIS share a customer-first culture that emphasizes innovation, made possible by incredibly talented and experienced teams of people. As we have with numerous transactions in the past, we expect to work together with Bruce McClelland and the ARRIS team to create a best-in-class management team and achieve a seamless integration. Together, CommScope and ARRIS will be well positioned to serve a more diverse set of customers and generate substantial value for our shareholders.”

ARRIS Chief Executive Officer Bruce McClelland said, “CommScope is an ideal partner for ARRIS. In addition to providing immediate and substantial cash value to our shareholders, we are excited for what this combination will deliver for our customers, partners and employees around the world. Today’s agreement is a testament to the strength of ARRIS: our leading technology, talented employees and established competitive position. With CommScope, we expect to further advance ARRIS’ strategy to drive innovation across our iconic brands and pioneer the standards and pathways for tomorrow’s personalized, connected always-on consumer experience. ARRIS will become part of an even stronger, more global industry leader, and I look forward to working with the CommScope team to achieve great results for the combined company.”

Transaction is a critical step in fueling growth, shareholder value and customer benefits:

• Positioned to Capitalize on Positive Industry Trends: The combined company will be well positioned to benefit from key industry trends by combining best-in-class capabilities in network access technology and infrastructure and creating end-to-end and comprehensive solutions. We believe trends such as network convergence, fiber and mobility everywhere, the advent of 5G and fixed wireless access, Internet of Things and rapidly changing network and technology architectures will provide compelling long-term opportunities for the combined company and its unique end-to-end communications infrastructure capabilities.
• Unlocks Significant, High-Growth Segments and Increases Product Addressable Market: The company expects to more than double its total product addressable market to more than $60 billion, with a unique set of complementary assets and capabilities that enable end-to-end communications infrastructure solutions such as:
  • Converged small cell solutions for licensed and unlicensed wireless spectrum;
  • Complementary wired and wireless communications infrastructure;
  • Integrated broadband access;
  • Private network solutions for industrial, enterprises and public venues; and
  • Comprehensive connected and smart home solutions.
• Expanded Product Offerings and R&D Capabilities to Meet Diversified Customer Base: CommScope and ARRIS will share strong technical expertise with approximately 15,000 patents and approximately $800 million in average annual research and development investments. With a stronger global footprint, the combined company is expected to serve customers across more than 150 countries.
• Strong Financial Profile with Cost Savings Opportunities: For the 12 months ended September 30, 2018, on a pro forma basis, the combined company would have generated revenues of approximately $11.3 billion with adjusted EBITDA of approximately $1.8 billion. As a result of the combined company’s increased scale, CommScope expects to achieve annual run-rate cost savings of at least $150 million within three years post-close, with synergies of more than $60 million expected to be realized in the first full year after closing and more than $125 million expected to be realized after the second year post-close, driven from natural synergies primarily in direct procurement and SG&A.
• Significantly Accretive to CommScope’s Earnings: The transaction is expected to be more than 30 percent accretive to CommScope’s adjusted earnings per share by the end of the first full year after closing, excluding purchase accounting charges, transition costs and other special items.
• Maintains CommScope’s Strong Balance Sheet, Credit Position and Financial Flexibility: With a unique set of complementary assets and capabilities that enable end-to-end communications infrastructure solutions, the combined company is expected to generate approximately $1 billion in cash flow from operations¹ in the first full year after closing. Upon completion of the transaction, CommScope’s net leverage (debt less cash) ratio based on pro forma adjusted EBITDA¹ for the 12 months ended September 30, 2018 is expected to be 5.1x, including full run-rate synergies of $150 million. Given the increased scale and cash flow generation, as well as both companies’ track records of successful integration, CommScope expects to rapidly de-lever, targeting a net leverage ratio of approximately 4.0x in the second full year after closing. Long term, the company is targeting a net leverage ratio of 2.0x to 3.0x.

Terms and Financing

The per share cash consideration represents a premium of approximately 27 percent to the volume weighted average closing price of ARRIS’ common stock for the 30 trading days ended October 23, 2018, the day prior to market rumors regarding a potential transaction.

The transaction is not subject to a financing condition. CommScope expects to finance the transaction through a combination of cash on hand, borrowings under existing credit facilities and approximately $6.3 billion of incremental debt for which it has received debt financing commitments from J.P. Morgan Securities LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc.

In addition, The Carlyle Group, a former CommScope owner, is reestablishing a minority ownership position in the company through a $1 billion equity investment, equal to approximately 16 percent of CommScope’s outstanding shares.

“We are delighted to resume our collaboration with CommScope’s accomplished management team,” said Cam Dyer, Carlyle managing director and global co-head of Technology, Media and Telecom. “We believe in the company’s long-term strategy, customer-centric culture and ability to deliver results. This optimism has fueled our desire to be a part of such a promising transaction with ARRIS.”

Leadership and Headquarters

Following completion of the combination, Eddie Edwards will continue in his role as president and chief executive officer of CommScope, with Bruce McClelland and other members of the ARRIS leadership team joining the combined company.

CommScope will remain headquartered in Hickory, NC, and the combined company will maintain a significant presence in Suwanee, GA. Upon completion of the transaction, CommScope will continue to be led by an experienced board of directors and management team that leverage the strengths of both companies.

Approvals

The transaction, which is expected to close in the first half of 2019, is subject to the satisfaction of customary closing conditions; expiration or termination of the applicable waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act; receipt of certain regulatory approvals; and approval by ARRIS shareholders.

Advisors

Allen & Company LLC, Deutsche Bank, J.P. Morgan Securities LLC, and BofA Merrill Lynch are serving as financial advisors to CommScope, and Alston & Bird LLP, Latham & Watkins LLP, Cravath, Swaine & Moore LLP, Pinsent Masons LLP and Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal counsel. Evercore is serving as financial advisor to ARRIS. Troutman Sanders LLP, Herbert Smith Freehills LLP and Hogan Lovells LLP are serving as legal counsel to ARRIS. Simpson, Thacher & Bartlett LLP is serving as Carlyle’s legal counsel.

Conference Call and Webcast

CommScope and ARRIS will host a conference call today, November 8, 2018, at 8:30 a.m. ET to discuss the transaction. The conference call can be accessed by dialing +1 844-397-6169 (U.S. and Canada only) or +1 478-219-0508 and giving the passcode 1458698.

A live webcast of the conference call will be available on the investor relations section of each company’s website at ir.commscope.com and ir.arris.com. The webcast will be archived on the investor relations section of each company’s website.

Presentation and Infographic

Associated presentation materials and an infographic regarding the transaction will be available on the investor relations section of each company’s website at www.commscope.com and www.arris.com.

About CommScope

CommScope (NASDAQ: COMM) helps design, build and manage wired and wireless networks around the world. As a communications infrastructure leader, we shape the always-on networks of tomorrow. For more than 40 years, our global team of greater than 20,000 employees, innovators and technologists have empowered customers in all regions of the world to anticipate what’s next and push the boundaries of what’s possible. Discover more at http://www.commscope.com/
Follow us on Twitter and LinkedIn and like us on Facebook.

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About ARRIS

ARRIS International plc (NASDAQ: ARRS) is powering a smart, connected world. The company's leading hardware, software and services transform the way that people and businesses stay informed, entertained and connected. For more information, visit www.arris.com.

For the latest ARRIS news:

• Check out our blog: ARRIS EVERYWHERE
• Follow us on Twitter: @ARRIS

¹ Financial metrics presented are adjusted to exclude purchase accounting charges, transaction and integration costs and other special items.

Caution Regarding Forward Looking Statements

This press release or any other oral or written statements made by CommScope or ARRIS, or on either company’s behalf, may include forward-looking statements that reflect the current views of CommScope and/or ARRIS (collectively, “us,” “we,” or “our”) with respect to future events and financial performance, including the proposed acquisition by CommScope of ARRIS. These statements may discuss goals, intentions or expectations as to future plans, trends, events, results of operations or financial condition or otherwise, in each case, based on current beliefs of our management, as well as assumptions made by, and information currently available to, such management. These forward-looking statements are generally identified by their use of such terms and phrases as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “potential,” “anticipate,” “should,” “could,” “designed to,” “foreseeable future,” “believe,” “think,” “scheduled,” “outlook,” “target,” “guidance” and similar expressions, although not all forward-looking statements contain such terms. This list of indicative terms and phrases is not intended to be all-inclusive.

These statements are subject to various risks and uncertainties, many of which are outside of our control, including, without limitation: dependence on customers’ capital spending on data and communication systems; concentration of sales among a limited number of customers and channel partners; changes in technology; industry competition and the ability to retain customers through product innovation, introduction and marketing; risks associated with sales through channel partners; changes to the regulatory environment in which our customers operate; product quality or performance issues and associated warranty claims; the ability to maintain effective management information systems and to implement major systems initiatives successfully; cyber-security incidents, including data security breaches, ransomware or computer viruses; the risk our global manufacturing operations suffer production or shipping delays, causing difficulty in meeting customer demands; the risk that internal production capacity or that of contract manufacturers may be insufficient to meet customer demand or quality standards; changes in cost and availability of key raw materials, components and commodities and the potential effect on customer pricing; risks associated with dependence on a limited number of key suppliers for certain raw materials and components; the risk that contract manufacturers we rely on encounter production, quality, financial or other difficulties; our ability to integrate and fully realize anticipated benefits from prior or future acquisitions or equity investments; potential difficulties in realigning global manufacturing capacity and capabilities among global manufacturing facilities or those of our contract manufacturers that may affect our ability to meet customer demands for products; possible future restructuring actions; substantial indebtedness and maintaining compliance with debt covenants; our ability to incur additional indebtedness; our ability to generate cash to service our indebtedness; possible future impairment charges for fixed or intangible assets, including goodwill; income tax rate variability and ability to recover amounts recorded as deferred tax assets; our ability to attract and retain qualified key employees; labor unrest; obligations under defined benefit employee benefit plans may require plan contributions in excess of current estimates; significant international operations exposing us to economic, political and other risks, including the impact of variability in foreign exchange rates; our ability to comply with governmental anti-corruption laws and regulations and export and import controls worldwide; our ability to compete in international markets due to export and import controls to which we may be subject; the impact of the U.K. invoking Article 50 of the Lisbon Treaty to leave the European Union; changes in the laws and policies in the United States affecting trade, including recently enacted tariffs on imports from China, as well as the risks and uncertainties related to tariffs or a potential global trade war that may impact our products; costs of protecting or defending intellectual property; costs and challenges of compliance with domestic and foreign environmental laws; the impact of litigation and similar regulatory proceedings that we are involved in or may become involved in, including the costs of such litigation; risks associated with stockholder activism, which could cause us to incur significant expense, hinder execution of our business strategy and impact the trading value of our securities; and other factors beyond our control. These risks and uncertainties may be magnified by CommScope’s acquisition of ARRIS, and such statements are also subject to the risks and uncertainties related to ARRIS’ business.

Such forward-looking statements are subject to additional risks and uncertainties related to CommScope’s proposed acquisition of ARRIS, many of which are outside of our control, including, without limitation: failure to obtain applicable regulatory approvals in a timely manner, on acceptable terms or at all, or to satisfy the other closing conditions to the proposed acquisition; the risk that CommScope will not successfully integrate ARRIS or that CommScope will not realize estimated cost savings, synergies, growth or other anticipated benefits, or that such benefits may take longer to realize than expected; risks relating to unanticipated costs of integration; the potential impact of announcement or consummation of the proposed acquisition on relationships with third parties, including customers, employees and competitors; failure to manage potential conflicts of interest between or among customers; integration of information technology systems; conditions in the credit markets that could impact the costs associated with financing the acquisition; the possibility that competing offers will be made; and other factors beyond our control.

These and other factors are discussed in greater detail in the reports filed by CommScope and ARRIS with the U.S. Securities and Exchange Commission, including CommScope’s Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the period ended September 30, 2018 and ARRIS’ Quarterly Report on Form 10-Q for the period ended June 30, 2018. Although the information contained in this press release represents our best judgment as of the date hereof based on information currently available and reasonable assumptions, neither CommScope nor ARRIS can give any assurance that the expectations will be attained or that any deviation will not be material. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date made. Neither CommScope nor ARRIS are undertaking any duty or obligation to update this information to reflect developments or information obtained after the date of this report, except as otherwise may be required by law.

Non-GAAP Financial Measures

CommScope and ARRIS’ management believe that presenting certain non-GAAP financial measures provides meaningful information to investors in understanding operating results and may enhance investors' ability to analyze financial and business trends. Non-GAAP measures are not a substitute for GAAP measures and should be considered together with the GAAP financial measures. As calculated, CommScope and ARRIS’ non-GAAP measures may not be comparable to other similarly titled measures of other companies. In addition, CommScope and ARRIS’ management believe that these non-GAAP financial measures allow investors to compare period to period more easily by excluding items that could have a disproportionately negative or positive impact on results in any particular period. GAAP to non-GAAP reconciliations for historical periods are included in the reports CommScope and ARRIS file with the U.S. Securities and Exchange Commission.

Important Additional Information Regarding the Transaction and Where to Find It

In connection with the proposed transaction, ARRIS will prepare a proxy statement to be filed with the Securities and Exchange Commission (the “SEC”). When completed, a definitive proxy statement and a form of proxy will be mailed to the stockholders of ARRIS. INVESTORS AND STOCKHOLDERS OF ARRIS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, INCLUDING ARRIS’ PROXY STATEMENT WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS WITH RESPECT TO THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. Those documents, if and when filed, as well as ARRIS’ other public filings with the SEC may be obtained without charge at the SEC’s web site, http://www.sec.gov, or at ARRIS’ website at http://ir.arris.com. ARRIS’ stockholders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) by directing a request by mail to ARRIS Investor Relations, 3871 Lakefield Drive, Suwanee, GA 30024 or at http://ir.arris.com.

Participants in the Solicitation

ARRIS and its directors and certain of its executive officers, and CommScope and its directors and certain of its executive officers, may be deemed to be participants in the solicitation of proxies from ARRIS’ stockholders in connection with the proposed transaction. Information about the directors and executive officers of ARRIS is set forth in its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on March 23, 2018, and its proxy statement for its 2018 annual meeting of stockholders, which was filed with the SEC on March 23, 2018. Information about the directors and executive officers of CommScope is set forth in the proxy statement for CommScope’s 2018 annual meeting of stockholders, which was filed with the SEC on March 20, 2018. Additional information regarding potential participants in the solicitation of proxies from ARRIS’ stockholders and a description of their direct and indirect interests, by security holdings or otherwise, will be included in ARRIS’ proxy statement when it is filed.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181108005272/en/

Further to the announcement on May 8, 2018, by Takeda Pharmaceutical Company Limited (“Takeda” or the “Company”) regarding the proposed acquisition (the “Acquisition”) of Shire plc (“Shire”), Takeda announces the publication of a circular (the “Circular”) containing a notice of its decision to hold an Extraordinary General Meeting of Shareholders (the “EGM”) to vote on the necessary matters relating to the Acquisition. The EGM is to be convened at 10:00 a.m. on December 5, 2018 at INTEX Osaka, Hall 6B Zone.

The procedures and timings for shareholders to vote on the resolutions are set out in the notice of the EGM in the Circular. The Circular will shortly be available to view on the Company's website at www.takeda.com/investors/offer-for-shire.

“The acquisition of Shire will accelerate our strategic transformation to create a stronger, more global and more competitive company with the financial strength to continue investing in delivering highly innovative medicines and transformative care to patients around the world,” said Christophe Weber, President and Chief Executive Officer of Takeda. “With the date of our Extraordinary General Meeting of Shareholders now set, we are looking forward to continuing our dialogue with shareholders regarding the compelling strategic and financial benefits of this transaction.”

Further to the announcement on October 26, 2018, Takeda and Shire have held discussions with the European Commission (“EC”) in relation to the future potential overlap in the area of inflammatory bowel disease between Takeda’s marketed product Entyvio (vedolizumab) and Shire’s pipeline compound SHP647, which is currently in Phase III clinical trials. As a result of those discussions, Takeda has offered commitments to divest SHP647 and certain associated rights, with a view to the EC granting a Phase I conditional clearance for the Acquisition and not initiating proceedings under Article 6(1)(c) of Council Regulation (EC) 139/2004. The EC will issue its decision in relation to the Acquisition on or before November 20, 2018 and an announcement containing the substance of that decision will be made in due course.

Subject to receiving the necessary regulatory and shareholder approvals, Takeda intends that completion of the Acquisition will take place on January 8, 2019 or as soon as practicable thereafter following approval from the EC to proceed to completion. Further announcements will be made as appropriate.

Compelling Strategic and Financial Rationale for the Acquisition

Takeda also reaffirms the compelling strategic and financial rationale for the Acquisition:

• The Acquisition will create a global, values-based, R&D-driven biopharmaceutical company incorporated and headquartered in Japan, with an attractive geographic footprint and leading positions in Japan and the United States, respectively the third and first largest pharmaceutical markets globally.
• The Acquisition will strengthen Takeda’s presence across two of its three core therapeutic areas - gastroenterology (GI) and neuroscience – and provide leading positions in rare diseases and plasma-derived therapies. Following completion of the Acquisition, Takeda will continue to focus on the acceleration of its oncology business, following its recent acquisition of ARIAD Pharmaceuticals. In addition, Takeda’s vaccine business will continue to address the world’s most pressing public health needs.
• The Acquisition will also create a highly complementary, modality-diverse pipeline and a strengthened R&D engine focused on breakthrough innovation. As a result of greater scale and efficiencies in commercial activities, the Acquisition will enable the combined group to further fuel its R&D investment, better positioning Takeda to deliver highly-innovative medicines and transformative care to patients around the world.
• In addition to the significant strategic benefits of the transaction, the Acquisition will also deliver compelling financial benefits for the combined group. The Acquisition is expected to deliver substantial pre-tax cost synergies of at least $1.4 billion each year by the end of the third fiscal year following completion¹, with the potential for additional revenue synergies from the complementary geographic and therapeutic focus.
• The Acquisition is expected to be significantly accretive to underlying earnings per Takeda share from the first full fiscal year following completion and to produce strong combined cashflows. The Acquisition is also expected to be earnings accretive per Takeda share on a reported basis within three years post completion.
• The Acquisition is expected to result in attractive returns for Takeda shareholders, with the return on invested capital (ROIC) expected to exceed Takeda's cost of capital within the first full fiscal year following completion.

¹ This statement includes a quantified financial benefits statement which has been reported on under Rule 28.1 of the City Code on Takeovers and Mergers in the UK. Related reports can be found in the Rule 2.7 Announcement made by Takeda on May 8, 2018, as well as information regarding the method of calculation of the synergies and the costs to achieve such synergies.

• The substantial cash flow generation expected to result from the Acquisition will enable the combined group to de-lever quickly following completion. Takeda intends to maintain its investment grade credit rating with a target net debt to Adjusted EBITDA ratio of 2.0x or less within three to five years following completion of the Acquisition, without the need to issue new shares. To help accelerate the de-leveraging process and ensure an optimal business mix, Takeda will consider selected disposals of non-core assets.
• An enlarged and well-positioned combined portfolio will strengthen the combined group’s ability to invest in the business and deliver returns to Takeda shareholders. Takeda’s dividend policy has remained consistent over the past 9 years, with an annual dividend of JPY 180 per share having been paid to Takeda shareholders. Takeda has remained disciplined with respect to the terms of the Acquisition and intends to maintain its well-established dividend policy of JPY 180 per share.
• The Acquisition is expected to result in Takeda being the only pharmaceutical company listed on both the Tokyo Stock Exchange in Japan, where it will continue to have its primary listing, and the New York Stock Exchange in the U.S., enabling it to access two of the world’s largest capital markets.

Shire Scheme Document and Shareholder Meetings

Takeda also notes that Shire has published its scheme document (the “Scheme Document”) in relation to the Acquisition and plans to hold its shareholder meetings in connection with the Acquisition on December 5, 2018, following Takeda’s EGM.

The Scheme Document and certain other documents relating to the Acquisition will shortly be available to view on the Company's website at www.takeda.com/investors/offer-for-shire.

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About Takeda Pharmaceutical Company

Takeda Pharmaceutical Company Limited (TSE: 4502) is a global, research and development-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines. Takeda focuses its R&D efforts on oncology, gastroenterology and neuroscience therapeutic areas plus vaccines. Takeda conducts R&D both internally and with partners to stay at the leading edge of innovation. Innovative products, especially in oncology and gastroenterology, as well as Takeda's presence in emerging markets, are currently fueling the growth of Takeda. Approximately 30,000 Takeda employees are committed to improving quality of life for patients, working with Takeda's partners in health care in more than 70 countries. For more information, visit https://www.takeda.com/newsroom/.

Additional Information

This Announcement is provided for information purposes only. It is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Acquisition or otherwise nor will there be any sale, issuance, exchange or transfer of securities of Shire or Takeda pursuant to the Acquisition or otherwise in any jurisdiction in contravention of applicable law.

Forward Looking Statements

This Announcement contains certain statements about Takeda and Shire that are or may be forward looking statements, including with respect to a possible combination involving Takeda and Shire. All statements other than statements of historical facts included in this Announcement may be forward looking statements. Without limitation, forward looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or words or terms of similar substance or the negative thereof. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this Announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the possibility that a possible combination will not be pursued or consummated, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the possible combination if it is pursued, adverse effects on the market price of Takeda’s ordinary shares and on Takeda’s or Shire’s operating results because of a failure to complete the possible combination, failure to realise the expected benefits of the possible combination, negative effects relating to the announcement of the possible combination or any further announcements relating to the possible combination or the consummation of the possible combination on the market price of Takeda’s or Shire’s ordinary shares, significant transaction costs and/or unknown liabilities, general economic and business conditions that affect the combined companies following the consummation of the possible combination, changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax laws, regulations, rates and policies, future business combinations or disposals and competitive developments. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this Announcement.

Additional risk factors that may affect future results are contained in Shire’s most recent Annual Report on Form 10-K and in Shire’s subsequent Quarterly Reports on Form 10-Q, in each case including those risks outlined in ‘ITEM1A: Risk Factors’, and in Shire’s subsequent reports on Form 8-K and other Securities and Exchange Commission filings (available at www.Shire.com and www.sec.gov), the contents of which are not incorporated by reference into, nor do they form part of, this Announcement. These risk factors expressly qualify all forward-looking statements contained in this Announcement and should also be considered by the reader.

All forward-looking statements attributable to Takeda or Shire or any person acting on either company’s behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by applicable law, neither Takeda nor Shire undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

No profit forecasts or estimates

Unless expressly stated otherwise, nothing in this Announcement (including any statement of estimated synergies) is intended as a profit forecast or estimate for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per share or dividend per share for Takeda or Shire, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share or dividend per share for Takeda or Shire, as appropriate.

Medical information

This Announcement contains information about products that may not be available and in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs, including the ones under development.

Publication on Website

In accordance with Rule 26.1 of the Code, a copy of this Announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on Takeda's website at www.takeda.com/investors/offer-for-shire by no later than 12 noon (London time) on November 13, 2018. The content of the website referred to in this Announcement is not incorporated into and does not form part of this Announcement.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20181111005092/en/

• Revenue from operations improves by 17% to Rs. 1,837 crore compared to Rs. 1,566 crore
• EBITDA (excluding other income) reduces by 9% Y-o-Y to Rs. 125 crore compared to Rs. 138 crore
• PAT increases to Rs. 11 crore compared to Rs. 0.51 crore
• Diluted Earnings Per Share up to Rs. 0.22 as compared to Rs. 0.01

• Revenue from operations improves by 16% to Rs. 3,612 crore compared to Rs. 3,123 crore
• EBITDA (excluding other income) grew by 40% Y-o-Y to Rs. 249 crore compared to Rs. 178 crore
• PAT increases to Rs. 23 crore compared to loss of Rs. 76 crore
• Diluted Earnings Per Share up to Rs. 0.47 as compared to loss of Rs. 1.65

• For the first time in North Kerala, Aster MIMs hospital performed an Endoscopic Vein Harvesting for CABG (Coronary artery bypass grafting)
• A benign tumor that weighed 4.5 KG was removed from the thoracic cavity of a patient by the Cardiac team at Aster MIMs Hospital in Calicut, Kerala
• A fully amputated arm was reimplanted successfully by a plastic surgeon and the team at Aster MIMs
• Phrenic Nerve Stimulation for diaphragmatic palsy was performed by Neurosurgery team at Aster CMI Hospital in Bangalore
• Mechanical Thrombectomy performed by Neurosurgery team at Aster CMI Hospital in Bangalore
• Dorsal column stimulation for traumatic paraplegia was performed by the Neurosurgery team at Aster CMI Hospital in Bangalore
• Integrated Liver Care Team at Aster CMI Hospital used a deceased donor liver with an exsitu split to benefit 2 patients at Aster CMI Hospital in Bangalore
• An Obstetrics and Gynaecology Consultant at Aster Sanad Hospital delivered a baby on-board a flight from Saudi to Philippines

• Aster Medcity completed 100 Liver transplants in July 2018 and100 Robotic Gynae Surgeries in August 2018
• New procedures have been introduced at Aster MIMS Hospital, Calicut: Deep Brain Stimulation surgery, Laser Surgery for Hemarhoid and Varicose Veins, Minimally Invasive Spine Surgery
• Aster Medcity Launched a Vertigo Clinic in September 2018
• Medcare partnered with The United Medical Eastern Services (UEMedical) to launch a new HealthPlus Fertility Centre in Dubai
• Medcare Women and Children Hospital announced the opening of the first DHA accredited Fetal Medicine Unit in the UAE
• New specialty clinics launched by Ramesh Hospitals: Cardiology Clinic in Markapuram, Gastroenterology Clinic and Pulmonology Clinic in Tenali
• Aster CMI Hospital received NABH Accreditation

• “Aster Volunteers” a global programme launched on the occasion of Aster’s 30th anniversary, aims to bridge the gap between people who would like to help with those in need. Some of the key highlights between July – September include:
  • Aster Homes Fund of Rs. 15 crore was promised as an effort to rebuild Kerala after the floods. The Aid Kerala project which was initiated to provide humanitarian aid to the victims right after the flood benefitted more than 50,000 people
  • Around 41,716 individuals were treated through mobile medical services in GCC and India through 340 medical camps
  • Basic Life Support training was conducted for 9,842 individuals
  • Around 3,618 free investigations and surgeries were conducted
  • 70,727 individuals were treated through 422 medical camps
• The Aster DM Foundation has been contributing through the following activities across various geographies:
  • Free Dialysis benefitted 36,141 people
  • Free Treatment Subsidy worth ~INR 4.3 million provided
  • Community Good Health Programme benefitted 47,520 people (UAE, Qatar, Philippines, India)
  • The Diseases Detection & Cancer Screening Programme benefitted 2,462 people
  • Education & Social Empowerment Programmes MILEs benefitted 110 people                                   

1. NBFCs and HFCs have played a significant role in credit growth over the last few years. In particular, when the focus of Public Sector Banks (PSBs) shifted to restructuring, resolution, recoveries, controlling provisions and Capital Adequacy, their credit growth came down, and in many cases, turned negative. That space was partially filled by NBFCs and HFCs.
2. These sectors registered a CAGR of 19% and 18% respectively in their AUM over the 3 years period (2015 – 2018), and consequently, their borrowings also went up. While the required CRAR was maintained (Regulatory minimum: 15% for NBFCs and 12% for HFCs), the gearing ratios have increased, and hover between 5x to 8x among major companies. RBI’s data as of 31.3.2018 indicates that total amount raised by these sectors (excluding receivables) from the financial system, is Rs. 7,17,000 Crs and Rs. 5,28,400 Crs respectively, and for banks, the combined position represents their highest sectoral exposure.
3. RBI’s data also shows that the NBFCs and HFCs have 22% and 26% respectively as Short Term funding, comprising of Commercial Paper (CP), Short Term Loan, ST Deposit and other ST liabilities, and out of this, nearly 50% comprises of CPs. Most of the CPs is invested by Mutual Funds, Insurance Companies, Provident Funds, etc. This means, these companies need to constantly refinance a portion of their debt, and if these refinancing options become scarce, or are expensive, it affects their operations. Since the last week of September 2018, this sector is facing such issues.
4. On the basis of market’s perception of the position of each company or group, their share prices also have taken a beating in the range of 30 - 60%. Based on Q2FY19 results (or Q1FY19 figures where Q2 results are not yet published) fundamentals of these companies, as reflected by their asset quality, provisions, provision coverage ratio, NIM or Capital Adequacy, etc., have more or less remained the same as at 31^st March 2018. The only change appears to be the market’s view on ST ALM mismatches, and the present scarcity of ST funding sources. There also appear to be concerns on some of these companies’ exposure to real estate developers – particularly in some geographies.
5. This development is taken note of by the regulators (RBI and NHB), as also by Govt of India, and many steps have been taken, including exhorting banks to continue to fund NBFCs based on standard norms, enlarging refinance windows, providing Partial Credit Guarantees, buying securitized pools, etc. BWR expects that these steps will provide much-needed relief. Since NBFCs have significant portion of their short-term funding made through market instruments, BWR is of the view that continued participation of Mutual Funds, Insurance Companies & Provident Funds in the form of refinance options/fresh investments in these NBFCs would be critical for their successful management of liquidity pressures.
6. For NBFCs/HFCs, all funding – whether LT or ST represents ‘Working Capital’ facility, and hence the availability of funds, coupled with Capital Adequacy determines the size of their portfolio. In the current scenario, BWR expects that the NBFCs/HFCs will slow down their disbursements, and focus on maintaining liquidity. Consumer retail loans also could decline, to conserve resources. Due to a higher level of securitization and sale of assets, overall AUM will come down. They will also reduce their dependence on CP/ST market, and move towards LT facilities, including revolving facilities from banks. In view of increasing cost of funds, the margins may decline and in turn, could result in lower NIMs in Q3 and Q4 of FY19. Exposure to products like LAP, SME financing and Corporate Loans (mainly to the real estate sector) needs close monitoring by the issuers for any slippages or trends.
7. BWR would keep a continuous watch on the developments, and take appropriate rating action in individual cases, when warranted.

Far from being the universal banking giants of Wall Street, London, Frankfurt, Paris, Tokyo or Beijing that typically combine commercial and investment banking activities, the best banks in the world are focused on consumer and business banking. They are also smaller and often younger than the big brands of the banking industry. So says a new study from global banking research firm, Lafferty Group, London.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181111005008/en/

STAR-RATINGS OF UNIVERSAL BANKS (Photo: Business Wire)

These best-performing banks are dotted all over the world and are more likely to be found in the emerging markets of Asia, Africa, Eastern Europe and Latin America than in the developed countries of Western Europe, Australia or North America (see appendix B).

These are some of the headline findings of the latest Lafferty Banking 500 benchmarking study of listed banks from over 70 countries across the globe. The giant ‘elephant in the room’ question raised by the study is this: why are the leading Anglo banks of the US, Canada, UK, Ireland, and Australia at BEST average players? See Appendix A for the star-ratings of the world's largest universal banks.

Lafferty Banking 500 rates banks from 72 countries for their overall quality. This year 500 banks are benchmarked, compared to 100 in each of the previous two years.

The study does not take the form of a report. It is a vast database with 19 separate metrics for each of the 500 banks. It is used by banks and others as a bank benchmarking tool.

The Lafferty Banking 500 awards star-ratings to each bank that is benchmarked – from 5 stars for the best to 1 star at the other extreme. The methodology rates banks for their overall quality and sustainability - and has nothing to do with credit ratings. It uses 19 separate metrics to score the banks and relies almost entirely on their annual reports for the source data. “In many respects our work is based on what can only be described as signals given out by annual reports - signals that are there regardless of how much a bank might try to disguise them.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181111005008/en/