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Annual Report VISION

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Annual Report VISION One Bank,Bank, One UniCredit.UniCredit. 2018. Annual report VISION: Our vision is to be “One bank, one UniCredit”: pan-European commercial bank with a simple business model, which is fully plugged in Corporate & Investment Banking, delivering our unique Western, Central and Eastern European network to our extensive client franchise. Everything we do to implement our vision is based on our Five Fundamentals. Our top priority, every minute of the day, is to serve our customers the very best we can (Customers First). To do this, we rely on the quality and commitment of our people (People Development), and on our ability to cooperate and generate synergies as “One Bank, One UniCredit” (Cooperation & Synergies). We take the right kind of risk (Risk Management) whilst being very disciplined in executing our strategy (Execution & Discipline). 2 Annual report 2018 · UniCredit Bank Serbia Contents Adopt lean ADDRESSING OF CEO 7 MACROECONOMIC OVERVIEW 9 SERBIAN FINANCIAL SECTOR 11 but steering FINANCIAL PERFORMANCE OF UNICREDIT SERBIA GROUP IN 2018 13 STRATEGY FOR PERIOD 2019-2021 15 ORGANISATIONAL STRUCTURE OF UNICREDIT SERBIA GROUP 18 CORPORATE INVESTMENT BANKING 21 center. RETAIL BANKING 23 RISK MANAGEMENT 24 GLOBAL BANKING SERVICES 26 HUMAN RESOURCES HR 27 IDENTITY AND COMMUNICATION 28 CORPORATE SOCIAL RESPONSIBILITY 29 FINANCIAL STATEMENTS 2018 30 We have created a lean but steering center to drive Group-wide performance and ensure accountability. Through leaner support functions and transparent cost allocation, we focus on efficiency and simplification. 4 Annual report 2018 · UniCredit Bank Serbia Addressing of CEO ADDRESSING OF CEO Year 2018 was a period which marked significant growth in all important parameters. Thanks to improved processes, and placement of additional products as well as services, we managed to further strengthen our position as one of the market leaders in terms of profitability, efficiency and productivity. Moreover, for the first time since we started the operations in Serbia, we became bank number 2 in terms of total assets. The UniCredit Serbia Group net profit reached RSD 9,375 million on consolidated basis which represent the growth of 38% in comparison to 2017. In line with our Group’s strategy which is focused on developing strong roots in local markets, UniCredit continued to demonstrate strong commitment to Serbia, as evidenced by the increase of balance sheet assets by 21% year on year to over RSD 448 billion. Relentless customer focus contributed to increase customer base by almost 11%, both in retail and corporate. Consequently, clients’ deposits grew by 18% in comparison to the previous year, exceeding the amount of RSD 220 billion. Even though the local market was showing narrowed creditworthy demand, the volume of net loans in 2018 reached RSD 266 billion, marking an increase of 11% in comparison to previous year. The fact that we increased the number of employees by 2% reaching to 1,311 by year end proves that we are constantly investing in this market. In 2018 we engaged extraordinary efforts to position UniCredit Group Serbia as one of the market leader when corporate social responsibility is concerned. We have continued to involve employees in different volunteering activities throughout Serbia. As a result more than half of the colleagues participated in mentoring programs, charity initiatives and arranging environment. In 2019 we plan to continue our commitment and determination to support expected development of the country, and meet customers’ financial needs by expanding our product offer by bringing new, innovative high-value-added services to all our customers. We will continue to build a long-term partnership with our customers based on We have continued to trustworthiness. Customer Satisfaction remains a crucial indicator of a successful partnership with our customers in the years to come. In involve employees in line with increased focus of the entire UniCredit Group and leveraging on technological developments, we will continue with the process different volunteering of digitalization of our core products and services putting the new technologies in hands of our clients. activities throughout At the end, I would like to thank all our employees for these excellent achievements which would not have been possible without their Serbia. As a result commitment and engagement. I would also like to thank our clients for their loyalty, trust and for firmly believing that UniCredit Serbia Group is more than half of the their bank of the first choice. colleagues participated in mentoring programs, Feza Tan U doba neprestanih promena, klijenti traže kompanije kojima mogu da verujucharity i koje mogu initiatives da odigraju značajnu and pozitivnu ulogu u njihovom svakodnevnom životu. UniCredit ima jednostavan i uspešan panevropski model komercijalnog bankarstva, koji isporučuje relevantna rešenja za stvarne potrebe i željearranging današnjih klijenata environment. Feza Tan Annual report 2018 · UniCredit Bank Serbia 7 MACROECONOMIC OVERVIEW Serbia’s GDP grew 4.3% year-on-year (latest estimation for 2018) on the due to excellent fiscal result in this year. back of higher domestic consumption, exports and investments, coupled Current account deficit increased by 21% in 2018 to estimated 5.8%, with strong growth of agriculture and construction. More dynamic growth due to higher increase of domestic demand in relation to total produced compared to the previous year is aided by favorable economic outlook goods and services domestically, coupled with the strengthening of dinar. abroad, stable macroeconomic fundamentals at home and low base Domestic demand in 2018 is 9% higher than GDP, while the average (GDP grew 2.0% in 2017). in CEE is 3% lower (on average). Inflow of foreign direct investment The economic growth in 2018 was led by agriculture, construction, (FDI) increased in 2018 to EUR 2.5 billion (15% increase compared industry and trade. The economic growth is well-diversified, the level to the previous year). Current account deficit is fully funded by FDIs in of public investment is increasing and work on improving the business 2018. Foreign currency reserves represent 6 months of current external climate and regulatory changes have started creating a positive result. payments, providing a relatively good buffer against any external shocks. Overall increase in net exports, industrial production and investments Serbia’s foreign trade deficit continues to widen in 2018. In January- were helped by the reinforced confidence on country’s economic outlook. November 2018 foreign trade exchange reached EUR 35.1 billion, which Macroeconomic indicators have strengthened in 2018 and led to is 11.2% higher compared to the same period last year. Foreign trade Country Credit Rating increase and the National Bank of Serbia (NBS) deficit is 30.7% higher year-on-year and has reached EUR 4.9 billion. decision to continue with the policy of monetary easing (two policy Imports grew faster than exports during 2018 (13.3% yoy vs. 8.6% yoy). rate cuts in 2018). Economic program was successfully implemented Export-import ratio was reduced to 75.2% (78.5% for the same period with the assistance of the IMF Policy Coordination Instrument (PCI) and in 2017). The major export trade partners for Jan-Nov 2018 were: Italy European Union monitoring mechanisms. PCI was signed in July 2018 (EUR 1.8 bn), Germany (EUR 1.8 bn), Bosnia and Herzegovina (EUR 1.1 with the aim to anchor macroeconomic and fiscal stability and assist the bn), Romania (EUR 0.9 bn) and the Russian Federation (EUR 0.8 bn). implementation of structural reforms necessary for sustainable economic The National Bank of Serbia was successful in keeping the prices stable growth in the future and growth of living standard. in 2018 due to strengthened credibility of monetary policy and its full Serbia has made a solid progress in Accession negotiations with coordination with fiscal policy. The inflation moved within lower half of the European Union this year: four additional chapters were opened targeted corridor during the period. Average inflation for 2018 amounted (13-Fisheries, 17-Economic and monetary policy, 18-Statistics, to 2.0% while core inflation has been low and stable (average 1.0%). The 33-Financial and budget provisions) while certain development was National Bank of Serbia eased the policy rate twice: by 0.25% in March noted on national minority rights issues, money laundering prevention and by 0.25% in April. NBS confirmed that the targeted inflation limits and asylum. Sixteen out of thirty five negotiation chapters have been will remain the same (3 ± 1.5%) until 2021, and by doing so anchored opened, while two chapters are temporarily closed. However, the key inflation expectations, which proved to be a successful policy so far. areas where much progress have not been seen are as follows: judiciary, Positive trends were recorded on the labor market in 2018 that are rule of law, media freedom and corruption decrease. Negotiations with expected to continue in 2019. All employment indicators are increasing: Kosovo did not result in improving the relations of two countries, and total employment (1.6%), formal employment (3.4%), registered recent decision of Kosovo to increase tariffs on imports from Serbia employment (3.3%), while at the same time the number of registered resulted in further deterioration of the situation. unemployed in the National Employment Bureau is decreasing (10.5% According to „Doing Business“ list surveyed by the World Bank, Serbia decreased in third quarter of 2018 compared to the same period takes 48th position out of total 190 countries participating in the survey, in 2017). Privatization and active measures for curbing the grey recording decrease of five positions compared to the previous year. The economy have increased the number of employed in the private sector. procedure for granting construction permits recorded highest marks, Unemployment was reduced to 11.3%. Average monthly net salary in while getting an electricity connection to the network the lowest.
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