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Annual Report 2006

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Annual Report 2006 STRATEGY ANNUAL REPORT 2006 Strategic 2 partnership ABSOLUT BANK BECAME A MEMBER THE NEW SHAREHOLDERS SUPPORT KBC GROUP IS CURRENTLY PRESENT OF KBC GROUP — ONE OF THE OUR STRATEGY OF SEEKING REGIONAL IN MORE THAN 27 COUNTRIES LARGEST FINANCIAL GROUPS IN THE EXPANSION AND STRENGTHENING OUR AROUND THE WORLD. ABSOLUT BANK WORLD — IN APRIL 2007, WHEN KBC POSITIONS IN THE RETAIL MARKET. WAS CHOSEN AS A PLATFORM FOR ACQUIRED A 95 % SHAREHOLDING. THEIR TECHNOLOGIES, EXPERIENCE THE DEVELOPMENT OF THE BANKING AND RESOURCES WILL MEAN EVEN BUSINESS IN THE PROMISING, THIS IS AN EXCELLENT START FOR MORE FAVORABLE CONDITIONS GROWING RUSSIAN MARKET. THE NEXT STAGE IN ABSOLUT BANK’S AND INTERNATIONAL STANDARDS FACTORS FAVOURING THE STRATEGIC DEVELOPMENT. THE NEW STRATEGIC OF SERVICE FOR OUR CLIENTS AND PARTNERSHIP INCLUDE THE DYNAMIC PARTNERSHIP WILL ALLOW US TO PARTNERS. BEING PART OF A LEADING GROWTH SHOWN BY THE BANK IN THE COMPETE EVEN MORE EFFECTIVELY FINANCIAL GROUP IN EUROPE HAS LAST FEW YEARS, ITS HIGH LEVEL BOTH WITH THE LEADING RUSSIAN STRENGTHENED THE CREDIBILITY OF EFFICIENCY AND ITS STRONG BANKS AND WITH THE FOREIGN BANKS OF ABSOLUT BANK, WHICH WILL BE MANAGEMENT. THAT ARE TODAY ENTERING RUSSIA’S REFLECTED IN THE RATINGS AWARDED FINANCIAL MARKET. BY INTERNATIONAL RATING AGENCIES. ANDR BERGEN, CEO, KBC GROUP: NIKOLAY SIDOROV, CEO, ABSOLUT BANK: “Over the past years, KBC has signif- “Joining KBC, one of the larg- icantly strengthened its positions in est financial groups in Europe, member countries of the European presents opportunities for Union. The long-term strategy of improving Absolut Bank’s posi- the group includes further expan- tions on the Russian financial sion to emerging markets of Central market. I’m absolutely sure that and Eastern Europe, and Russia. the employees and customers of Absolut Bank is a well managed, the Bank will be pleased with the fast-growing independent bank that conditions of the agreement. This constitutes a perfect platform for represents a new breakthrough the development of KBC’s business in Absolut Bank’s development.” in the promising Russian market.” 3 ANNUAL REPORT ABSOLUT BANK 2006 BELGIUM FRANCE HONG KONG TAIWAN CZECH REPUBLIC GERMANY INDIA USA HUNGARY IRELAND JAPAN AUSTRALIA POLAND LUXEMBURG MALAYSIA NEW-ZEALAND SLOVAKIA THE NETHERLANDS SLOVENIA MONACO SWITZERLAND ROMANIA CHINA RUSSIA UNITED KINGDOM SERBIA SINGAPORE KBC GROUP strategic plans include exploring A Banka (Belgrade, Serbia) to market opportunities in the region, acquire a majority stake in that KBC Group is one of the lead- as it expects countries here to bank through a public takeover ing financial groups in Europe. demonstrate above-average growth. bid. Finally, at the end of January, A multi-channel bancassurance At the end of December 2006, KBC and Kontrakt Sofia reached group with a geographic focus on KBC announced the acquisition agreement for KBC to acquire 70% Europe, it caters mainly for retail of Romstal Leasing, the largest ownership of DZI Insurance, the and private banking customers and independent leasing company in market leader in non-life and life small and medium-sized enterprises. Romania, and of INK Insurance insurance in Bulgaria. Following Besides focusing on providing Broker, the seventh largest the acquisition, KBC will launch retail and private bancassurance insurance broker in Romania. KBC a public bid for the remaining services, it is also active in asset Securities, the broking company of 30%. As part of that deal, KBC management, the provision of KBC group, acquired Swiss Capital, will also acquire DZI INVEST, services and market activities. the second biggest independent a securities broker active on the broking company in Romania, and Bulgarian Stock Exchange. KBC occupies significant, even lead- Equitas, the leading Hungarian ing positions in Belgium and Central online retail broker. KBC has KBC Group is listed on Euronext and Eastern Europe and has an also announced its agreement Brussels (ticker symbol ‘KBC’) and extensive private banking network with the major shareholders in the Luxembourg Stock Exchange. operating under the European Private Bankers concept. It has also customers selectively established a presence 11 000 000 in a number of other countries and regions around the world. 27 countries around the world Over the past decade, KBC has built up a strong presence in employes several of the countries that joined 51 000 the EU on 1 May 2004 (Poland, the In equity market capitalisation Czech Republic, Slovakia, Slovenia as at 1 April 2007 euros and Hungary). KBC’s long-term 35 000 000 000 The word “strategy” is derived from discipline and the ability to prevent the Ancient Greek words “stratos” the actions of adversaries. Team (army) and “agein” (to lead). unity, a flexible strategy and profes- sionalism enable us to outperform A business strategy rooted in the the market, each year reaching art of war and today’s banking excellent results in business. market looks like the battlefield. The victory in this battle will be Last year we set ambitious goals, achieved by ingenuity, experience, and today, having surpassed them, NIKOLAY MIKHAIL OLEG DMITRY SIDOROV SERDTSEV SKVORTSOV IVLYUSHIN we can be sure that our strategy is The essence of our strategy is That’s why attaining results not only dynamic and aggressive but that we invest in each and every is the logical outcome for us. also efficient. In 2006 Absolut Bank client, because we are in the grew 2,5 fold and joined the Top 25 same camp. We invest in the This potential allows us to raise the largest Russian banks, the Top 3 talent, creativity, loyalty and bar. In business, as in war, the rules fastest growing banks in CIS, and professional growth of every of the game are dictated by mobile the Top 10 leaders of the Russian member of our team because our strategy. This is why achieving our market in all priority sectors. We weapon is skill. We invest in the results and our future success are also tripled our branch network. effectiveness of each of our office. virtually foregone conclusions. The Management of Absolut Bank. DMITRY ANATOLY SERGEY DMITRY ALEXANDER IVLYUSHIN MAKSAKOV RATS LARIN LAPKO Absolut Bank 6 in Ratings THE BANK’S FINANCIAL STABILITY WAS CONFIRMED IN MARCH 2007 BY THE INTERNATIONAL AGENCIES FITCH RATINGS AND MOODY’S BASED ON THE BANK’S PREVIOUS YEAR RESULTS. Absolut Bank ratings according 25th place among the most credit- sian Trading System Stock to Russia’s leading business worthy banks (Kommersant Exchange), Absolut Bank is publications: Daily, October 2006); among the Top 5 leading banks in 2nd place among the Top 30 Russian 25th place among the most active the derivatives market trading. banks by car loans growth rate stock exchange operators Absolut Bank entered the (RBC Rating, February 2007); (MICEX, November 2006); Top 10 in terms of mutual 3rd place on the list of the 100 CIS 38th place according to the size funds market share. fastest growing banks (Kommer- of the own capital (Finans Mag- Absolut Bank was awarded by sant Daily, December 2006); azine, December 2006); EBRD as “The most active 5th place among Russian banks According to MICEX (Moscow Issuing Bank under the TFP in according to individual deposits Interbank Currency Exchange) Financing Imports of Russian growth rate (Bankir.ru, Absolut Bank is among the SMEs in 2006.” The prize will November 2006); Top 10 bank leaders in the be handed to Absolut Bank 9th place among Russian banks in securities market and the Top 15 by EBRD’s representatives terms of mortgage loans portfolio in leaders in the bond market. in Kazan at its usual annual 2006 (RBC Ratings, Ferbruary 2007) Absolut bank became a winner in com- meeting in May 2007; 9th place among Russian banks petition in rating of ММВА 1st place in the category of in terms of information trans- (The Moscow Internation- “Best Website — Banks” in parency (Standard & Poor’s al Currency Association) in the First All-Russia Competi- research, October 2006); a “The Best Money Desk 2006”; tion “Best Advertising Cam- 12th place in plastic cards people’s According to the RTS (Rus- paign of the Year — Banks.” choice rating (Credcard.ru, November 2006); Fitch Ratings (as of 2007) 17th place in a rating of leading operators of the market of federal Long-term В loan bond according to the Moscow Interbank Currency Stock exchange; Short-term В 22d place in the rating of banks with most credits to non- National rating (rus) ВВВ governmental entities (Profil Magazine, January 2007); Outlook Stable 25th place among Russian banks in terms of assets (Interfax, Moody’S Investors Service (as of 2007) January 2007); Long-term foreign currency deposit rating Ba3 Financial Strength Rating (FSR) to Absolut Bank of Russia D– National Rating Aa3.ru Outlook Stable 7 ANNUAL REPORT ABSOLUT BANK Events, Deals 2006 and Agreements in 2006 FE B RU A RY JULY Absolut Bank joined IFC’s Global Trade Absolut Bank organized its sec- Finance Program. Absolut Bank ond bond issue on MICEX. received an uncommitted trade AUGU S T finance line up to 10 million USD. Absolut Bank and DEG (Deutsche M A R C H Investitions- und Entwicklungsge- Moody’s international rating sellschaft) signed an Agreement agency changed Absolut Bank’s on a subordinated loan for the rating outlook to Positive. total amount of 20 million USD. Fitch international rating Absolut Bank opened new offices in agency upgraded Absolut Kazan, St. Petersburg and Dmitrov. Bank Long-term to B. SEPTE mb ER Absolut Bank successfully placed its Absolut Bank implemented micro- debut Eurobond issue. The first credits in a pilot project for issue amounted to 150 million small and medium businesses USD; in May 2006 it was partnered with KFW (Kredi- enlarged to 200 million USD.
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