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ANNUAL REPORT JSC VTB Bank 2010

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ANNUAL REPORT JSC VTB Bank 2010 ANNUAL REPORT JSC VTB Bank 2010 VTB 2010 ANNUAL REPORT CONTENTS Mission and values Statement of the Chairman of the Supervisory Council Statement of the President and Chairman of the Management Board 1. Financial highlights 2. VTB’s market position 3. The economy and financial sector 4. Management report 4.1. Key events in 2010 4.2. VTB Group strategy 4.3. Review of operating performance 4.3.1. Corporate‐investment banking 4.3.2. Retail banking 4.3.3. Other businesses 4.3.4. Business outside of Russia 4.4. Review of financial performance 4.5. Risk management 5. Corporate governance 5.1. Overview of the corporate governance system 5.2. Development of the corporate governance system in 2010 5.3. The General Shareholders Meeting of JSC VTB Bank 5.4. The Supervisory Council of JSC VTB Bank 5.5. The Management Board of JSC VTB Bank 5.6. Remuneration of the members of the Supervisory Council and the Management Board 5.7. Internal control and audit 5.8. Relations with individual shareholders 5.9. Relations with institutional investors 5.10. Management of VTB Group 6. Corporate social responsibility 6.1. Personnel 6.2. Responsible resource management 6.3. Social programmes 7. Management responsibility statement 8. Summarised consolidated financial statements in accordance with IFRS 9. Transactions of JSC VTB Bank 10. Other Group information 10.1. Details of JSC VTB Bank 10.2. Licences 10.3. Contact information 11. Shareholders’ information The Annual Report is based on the data as of 31 March 2011 available to JSC VTB Bank and its subsidiaries at the time the report was written. Information on VTB Bank's compliance with the Code of Corporate Conduct is available in Appendix 1 to the Annual Report on the Bank's website www.vtb.com. 1 VTB 2010 ANNUAL REPORT MISSION AND VALUES Who we are VTB Group is the leading Russian financial institution with a strong local presence in key international markets. Our mission To provide world‐class financial products and services that help to create a prosperous and sustainable future for our customers, stakeholders and society. Our vision VTB Group aims to replicate our successes in the domestic market on a global scale, becoming a premiere player in all of our priority markets. Our values Trust Gaining and retaining the trust of our customers is VTB Group’s most important value. Reliability VTB Group’s long‐term strength is reinforced by leading positions in the financial markets where we operate and our ability to provide local expertise on a global scale. Transparency Our business is open and transparent, and all of our key stakeholders cooperate closely in order to deliver maximum value and visibility. Versatility Our wealth of expertise across a broad range of financial products and services ensures that we offer all of our customers the most comprehensive, flexible and sophisticated solutions that suit their individual needs. Solidarity Knowledge sharing and open communication are fundamental to our team ethos and strengthen our team spirit. While our lines of business are diverse, we are all pulling in the same direction, harnessing the creative insight and potential of each individual member of our team. 2 VTB 2010 ANNUAL REPORT STATEMENT OF THE CHAIRMAN OF THE SUPERVISORY COUNCIL Dear shareholders, clients and partners, 2010 marked a revival in growth of the Russian economy. During the reporting period, we witnessed a recovery in the country’s international reserves, the external public debt to GDP ratio remained low, and the rouble exchange rate against other world currencies stabilised. Overall, it can be said that the Russian financial system has become stronger amidst sustained growth trends in the economy. The national banking system also demonstrated positive results in 2010: the banking sector’s aggregate assets increased and their quality improved, the number of unprofitable banks decreased and the whole sector’s profit growth rate achieved a record high. Banks with a government stake in their capital remained the guarantor of the national banking system’s stability. In 2010, their credibility played a significant role in increasing the resource base of the banking sector and facilitated the revival of the lending market. Though not all issues have been resolved yet, the current state of the Russian banking system makes it possible to look into the future with confidence and move forward to the implementation of a new development strategy for the banking sector in 2011‐2015. Its main objective is a rapid transition to intensive growth based on the improvement in the quality of financial services and the efficiency of banking activities. The Russian government’s decision to reduce its ownership in the banking sector via privatisation of state assets was a crucial step towards the direction of intensive growth. The start of the programme was marked by the sale of a 10% stake in VTB Bank in February 2011. The results of the offering indicated a strong interest from international investors in the Russian economy and domestic businesses. Today, VTB is rightfully considered one of the best assets in the Russian banking sector. As a result of the sale, the government managed to attract RUB 95.7 billion. A strong demand for VTB shares allowed the formation of a pool of investors from the most reputable international investment funds and companies. The Group's management sees great opportunities for strategic partnerships with these institutions from a long‐term perspective. The results of the placement are a testimony to investors’ confidence in VTB’s Group new strategy for the next three years, which was adopted in 2010. The strategy marks the Group’s transition from a strategy of aggressive growth and diversification to that of efficient growth and an improved structure for the business. The Group’s strategic development will be driven by the most promising products and segments, which provide VTB with the greatest potential for revenue growth. This particularly applies to high‐margin segments, such as retail and investment banking. VTB’s strategic targets in these areas are to achieve more than a 20% return on capital in the retail banking segment and not less than a 30% return in investment banking segment. Much work will be carried out in the corporate segment as well. VTB’s main objective here will be to substantially increase its share of the total market income and to deliver ROE of at least 15%. To achieve this goal, VTB will change its model of customer relations with the largest corporate clients by focusing on providing comprehensive services and promoting its investment banking products. The concept of VTB corporate banking will undergo a transformation as well, as the Bank will move away from the “unique deals bank” model to focus on transactional banking. The international financial community has expressed great trust in VTB and enabled the Group to successfully attract funding in the international capital markets in 2010. This provides confidence that the new VTB strategy is winning support in all countries of the Group’s presence. In 2010, the number of Independent Directors in the Supervisory Council has increased to five, with a view to further enhance the transparency of the decision‐making processes, guarantee the equal treatment of all shareholders and unconditionally safeguard their interests. Both internal and independent assessments of VTB’s corporate governance system, conducted in 2010, confirmed that the Group’s practices are comparable to the best‐in‐class corporate governance and those of its main competitors. During the reporting period, the Bank developed and approved a plan to further improve its corporate governance through 2013. Its key objectives include an enhancement of the quality of management and internal control, as well as increased transparency of the management system for all stakeholders. 3 VTB 2010 ANNUAL REPORT In 2010, VTB celebrated its 20th anniversary. The Bank started off as a niche player and, ultimately, became one of the largest banks in Russia and the CIS. To transform itself into a universal banking institution was not easy, but VTB managed to achieve this objective. VTB Bank retained its status as its county’s strategic financial institution and turned into a world‐class company which is able to represent the interests of Russia in the global marketplace. 2010 marked a new stage in the development of VTB, as the Bank now expects to significantly update its business model. I am confident that VTB team’s experience and the solid foundation of its business, which has been laid down in previous years, will enable the Bank to achieve all its strategic objectives and to meet the expectations of its shareholders and investors, whose trust is so important to us. Deputy Prime Minister of the Russian Federation – Finance Minister of the Russian Federation, Chairman of the Supervisory Council of JSC VTB Bank Alexei L. Kudrin 4 VTB 2010 ANNUAL REPORT STATEMENT OF THE PRESIDENT AND CHAIRMAN OF THE MANAGEMENT BOARD Dear shareholders, clients and partners, The past year marked the passing of the first 20 years of VTB Group’s contemporary history – a history of outstanding success, large‐scale transformations, new experiences and a continuous drive for progress. During this time, VTB has made a unique breakthrough, starting off as a niche player and attaining the position of a universal financial institution that successfully competes in the global marketplace. The Group celebrates its 20th anniversary holding strong positions in all of its key business segments. VTB’s performance in 2010 was successful across all of its business lines and the Group once again managed to maintain leading positions in the key segments of the banking sector. Today, VTB Group is represented by more than 20 financial companies in 19 countries all over the world.
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