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THE POWER OF DOING BETTER ANNUAL REPORT 2015 For Alfa-Bank, 2015 was another successful period of dynamic development, in which competitive advantages gained over a long period of time once again delivered strong results in corporate and retail operations. Potential and current clients see the Bank as an unfailing partner that is constantly moving forward and self-improving to offer convenient and popular services, modern functionality and professional staff. ALFA-BANK 2015 Mikhail Fridman Member of the Board of Directors countries 5 branches and offices 745 employees 21 036 corporate clients 255 000 retail clients 13.6 mln net profit, USD million* 480 equity, USD million* 4 344 loan portfolio, USD million* 21 654 total assets, USD million* 31 470 * For the purposes of this report, the term «Alfa-Bank» is used to describe ABH Financial Limited and its subsidiaries. ALFA-BANK’S AWARDS IN 2015 12.2015 08.2015 07.2015 03.2015 Alexey Marey — Bank Manager Alfa-Bank won four categories in the VISA Alfa-Bank joined the Top-50 European Alfa-Bank — best bank for affluent clients of the Year payment system global competition Banks ranking for volume of debit card according to Frank RG The trade journal Retail Finance held its 9th Alfa-Bank won four categories in the VISA Global transactions According to Frank Research Group’s rating of annual Retail Finance Awards on 9 December Service Quality Awards, an annual competition According to a survey conducted by the 16 banks in Russia offering Private Banking & 2015 in Moscow. Alexey Marey, Chief Executive among the global payment system’s member Nilson Report, the global leader in ratings Wealth Management services, Alfa-Bank is the Officer and Member of the Board of Directors banks. At year-end 2014, Alfa-Bank was among companies providing bank cards and best bank for affluent clients in the country. and Executive Board was awarded the main named the world’s best bank in terms of the POS-terminal solutions, Alfa-Bank entered the prize in the category «Best Bank Manager of the share of approved transactions, best in Russia Top-50 European Banks ranking by the volume Year,» as determined by the journal’s editors. and in the world in terms of «effectiveness of of debit card transactions in 2014, only the 03.2015 card risk management» and also in terms of second Russian bank to appear on the list. At «disputed transaction-to-turnover ratio». the end of last year, the bank had over 4 million Alfa-Bank again the best 09.2015 active debit cards, accounting for over USD6B Alfa-Bank won three categories in a row at in purchases. the Third Annual Awards for Innovations and Alfa-Bank — best bank in Russia for 07.2015 Achievements in Financial Sector for «Bank- affluent clients according to Forbes ing» organized by the journal Banking Survey. Alfa-Bank’s А-Club topped the Forbes rating Alfa-Bank — best bank for premium clients 06.2015 For the second year running, Alfa-Bank has «Best Private Banks and Wealth Managers» according to the banking community won the «Most Innovative Bank» category as in the category «Russian Bank for Clients with Frank Research Group named Alfa-Bank the Alfa-Bank’s new web-site ranked first the financial institution introducing the most Assets up to USD20M». best bank for premium clients according to among digital projects in Tagline ranking up-to-date and cutting-edge technologies in its the banking community. The rating was com- for 2014-2015 activities. piled on the basis of interviews with market Alfa-Bank’s new web-site was named an out- participants. Out of 19 respondents, 11 rated standing digital project of 2014-2015. This was their competitors’ programs, with Alfa-Bank decided by the experts of the largest analytical being the leader according to market players. agency Tagline in the course of their annual Additionally, Alfa-Bank scored second overall in survey of the Russian digital production market. «Best Bank for Premium Clients 2015» rating. The Top-100 Russian digital production (web studios, web productions) ranking is in its 10th year, is the only survey of its kind and is widely popular in the professional community. CONTENTS Board of Directors’ Report 6 Mass Business 48 Board of Directors and Executive Board 10 Operations and IT Departments 56 Message from CEO 12 Financial Risk Management 63 Overview of Russian Economy Compliance with Code of Corporate Conduct 75 and Banking Sector 18 Partners 83 Corporate-Investment Banking 28 Financial Statements 88 Investment Business 36 Corporate Directory 95 Retail Banking 40 Mikhail Fridman Member of the Board of Directors Alexey Marey Chief Executive Officer, Member of the Board of Directors, Member of the Executive Board Petr Smida Chairman of the Board of Directors BOARD OF DIRECTORS’ REPORT This attitude to client services brings excellent results — existing clients are using Bank services more actively while other companies and individuals decide to join the ranks. The clientele has been We are proud to present our report on Alfa-Bank’s performance in 2015, which has become another growing year on year. Our mass and medium-sized corporate business segments exhibited record triumphant stage in the development of all of our business units and divisions. Periods of economic growth in their clientele in 2015, while the retail business again bolstered its standing in the most difficulty have tested the endurance of financial institutions and how precise and well-conceived their reliable and financially attractive upper segments. development strategies are. Russia’s banking system overall posted a significant decline in profit last year. That did not happen to Alfa-Bank, which accounted for approximately 20% of total earnings in Indeed, first and foremost Alfa-Bank is a financial institution successful at providing quality services to the sector. Correct strategic priorities, a steadfast credit policy, and certainly, focus on our customers individuals and legal entities. At the same time, continuous investment in service quality, technological in every field of activity, are components of the success achieved by all of the business units of the solutions and team development give us an opportunity to support charity projects. The Bank has Bank last year. always been a socially responsible institution, not only looking after its clients and employees, but also extensively supporting culture and art, encouraging volunteer initiatives and providing financial The year 2015 showed that the role played by Alfa-Bank in the Russian financial and economic system assistance to disadvantaged groups. Support of talented youth is an essential area of social and charity was highly appreciated by both our clients and the government. The Central Bank included Alfa-Bank work of the Bank. Apt students from major universities in Russia receive Bank scholarships and an in the list of systemically important financial institutions (SIFI) in October 2015. Additionally, Alfa-Bank opportunity to begin their career with a leader in the Russian financial services market. joined other authorized banks in the government’s Program to Support Investment through Project Finance. The program was developed by the Russian government to support major economic sectors, 2015 displayed the strengths and weaknesses of most Russian companies. For Alfa-Bank, it was and our Bank readily agreed to participate. Alfa-Bank is fully aware of the responsibility imposed by another successful period of dynamic development, in which competitive advantages gained over a our status as one of the largest banks in Russia, and works to foster national economic growth by long period of time once again delivered strong results in corporate and retail operations. Potential providing services to major players in promising fields and active support of entrepreneurship and and current clients see the Bank as an unfailing partner that is constantly moving forward and small business. self-improving to offer convenient and popular services, modern functionality and professional staff. Next year will not be easy for the Russian economy, but this creates new opportunities for a financial In 2015, we adjusted the Alfa-Bank general development strategy to priorities that had been the institution as strong as Alfa-Bank: competition for quality clientele is always won by the worthy, and key vectors of our activity for several years. Keen attention to our clients is our Number 1 task. It is our Bank, the first private bank in Russia, occupies a special place amongst those. important to us that it is our clients who determine the way our products and services develop. Being aware of the expectations and wishes of our clients, we are ready to work as a team and make sure that communication with Bank employees is always a pleasant and useful experience. The knowledge Mikhail Fridman Alexey Marey Petr Smida of client needs and preferences helps us understand what new technologies can make Alfa-Bank a Member of the Board Chief Executive Officer, Chairman of the Board convenient partner for all businesses and individuals who choose it as their primary bank. of Directors Member of the Board of Directors, of Directors Member of the Executive Board Murmansk Kaliningrad St. Petersburg Severodvinsk Arkhangelsk Tver Vologda Yaroslavl Syktyvkar Kaluga Ivanovo Vladimir Novy Urengoy Tula Nizhny Novgorod Ryazan Kursk Lipetsk Belgorod Cheboksary Serov Tambov Penza Glazov Raduzhny Voronezh Kazan Megion Izhevsk Nizhny Tagil Nizhnevartovsk Ulyanovsk Surgut Togliatti Saratov Almetyevsk Engels Ekaterinburg
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