Tcbn-2008-Eng.Pdf
Total Page:16
File Type:pdf, Size:1020Kb
Table of Contents Chapter 1. Management Address . 5 Chapter 2. TransCreditBank in 2008 . 11 2 .1 .. Milestones.of.the.Year. 12 2 .2 .. Key.Financial.Results. 17 2 .3 .. Dynamics.of.Assets.and.Liabilities.. 21 2 .4 .. Earnings.and.Costs.Structure. 22 2 .5 .. Development.of.the.Customer.Base. 24 2 .6 .. Cooperation.with.Transport.Sector. 26 Chapter 3. Bank for Its Corporate Clients. 29 3 .1 .. Services.for.Corporate.Clients.. 30 3 .2 .. Lending.to.Corporate.Clients. 31 3 .3 .. Project.Finance. 38 3 .4 .. International.Transactions.and.Correspondent.Relations. 39 3 .5 .. Financial.Market.Transactions. 40 3 .6 .. Investment.Banking.Services . 41 3 .7 .. High-tech.Banking.Services . 44 Chapter 4. Retail Business . 47 4 .1 .. Bank.Cards. 48 4 .2 .. Retail.Lending. 51 4 .3 .. Deposits,.Transfers.and.Settlement.Operations . 54 4 .4 .. Remote.Services. 56 4 .5 .. Asset.Management. 57 Chapter 5. Improvement of the Bank’s Operations . 59 5 .1 .. Corporate.Governance... 60 5 .2 .. Risk.Management. 61 5 .3 .. IT . 61 5 .4 .. Regional.Policies. 62 5 .5 .. HR.Policies . 66 5 .6 .. Charities.and.Sponsorship . 67 Chapter 6. Main Goals and Outlook . 69 Chapter 7. Reference Information. 73 7 .1 .. Shareholders’.Structure. 74 7 .2 .. Board.of.Directors. 75 7 .3 .. Management.Board. 77 7 .4 .. Customer.Service.Network.. 83 7 .5 .. Address.and.Payment.Details. 111 Chapter 8. Consolidated Financial Statements . 113 1. Management Address 6 transcreditbank. Annual Report 2008 chapter 1. Management Address 7 Tatiana Paramonova built.up.a.«liquidity.cushion».of.nearly.USD.800.mln ..It.is.to.a.large.extent.this.«cushion».that. Chairman.of.the.Board.of.Directors,.JSC.TransCreditBank provides.for.stable.operations.activity.of.TransCreditBank.during.this.economic.meltdown .. Unfortunately,.the.crisis.that.hit.the.global.financial.markets.in.autumn.2008.affected. Advisor.to.the.President,.JSC.Russian.Railways and.is.still.affecting.Russia’s.banking.and.finance.sector.and.TransCreditBank.as.a.participant. of.this.sector ..However,.the.Bank’s.traditional.conservative.lending.policy.and.aversion.to. high-risk.operations.and.assets,.added.by.timely.implementation.of.an.anti-crisis.package,. allowed.to.mitigate.to.the.maximum.extent.any.negative.impact.on.the.Bank.and.its.clients ... In. 2008. TransCreditBank. succeeded. in. maintaining. at. the. pre-crisis. levels. both. funding. raised.from.corporates.and.individuals.and.issuance.of.consumer.and.mortgage.loans.to.its. main.category.of.retail.customers.–.employees.of.the.rail.industry . Thanks.to.a.high.pace.of.growth.achieved.in.the.pre-crisis.period.and.stable.operations. after.outbreak.of.the.crisis,.TransCreditBank.demonstrated.strong.financial.performance.in. 2008 ..Net.assets,.one.of.the.key.indicators,.nearly.doubled.y-o-y,.while.net.profit.remained. flat.at.the.level.of.trouble-free.2007 ..Given.a.poor.showing.of.many.other.market.players. TransCreditBank.moved.3-7.steps.up.in.practically.all.performance.indicator.tables.of.the. Russian.banking.system .. Speaking.about.non-financial.results,.one.should.emphasize.rapid.development.of.the. regional. network. –. in. 2008. the. Bank. opened. 73. new. regional. entities,. twice. as. many. as. in. 2007,. and. installed. over. 520. new. ATMs .. Coupled. with. a. wider. range. of. services. and. improvement.of.its.tariff.policy.this.contributed.to.an.obvious.extension.of.the.customer.base .. Indeed,.the.number.of.individual.customers.increased.by.320,000.reaching.2.mln.by.the. end.of.2008 .. In. 2008. TransCreditBank. continued. to. develop. its. corporate. governance. system,. in.particular.by.enacting.the.Corporate.Governance.Code.and.approving.the.Information. Policy ...The.Strategic.Planning,.Audit.and.HR.and.Remuneration.Committees.were.created. and.operate.on.a.standing.basis.under.the.Board.of.Directors . In.2008.the.Bank.took.a.number.of.steps.to.increase.its.capitalization,.in.particular. by.floating.its.stock.at.MICEX.and.RTS . Strong.2008.performance.creates.a.required.basis.for.development.of.TransCreditBank. in. the. following. 2009 .. In. the. on-going. crisis. environment. the. Bank. started. to. implement. a.realistic.conservative.financial.plan ..Indeed,.TransCreditBank.is.not.going.to.stop.at.the. Ladies.and.Gentlemen!. current. levels .. The. existing. market. situation. offers. good. opportunities. for. expansion. of. the.customer.base.and.development.of.its.business,.including.by.acquisition.of.assets.of. The. year. 2008. proved. to. be. rich. in. events. of. paramount. importance. for. Trans-. credit. institutions. which. were. undone. by. the. crisis .. The. professional. and. cohesive. team. CreditBank .. of.managers.and.specialists.gives.the.Bank.an.additional.competitive.edge . Once.transfer.of.75%.government-owned.stake.to.the.charter.capital.of.JSC.Russian. And.finally,.I.would.like.to.wish.to.executives.and.employees.of.the.Bank.to.meet.all. Railways. was. completed. in. late. 2008,. the. issue. of. undercapitalization,. which. had. been. their.targets,.and.success.and.prosperity.–.to.its.clients .. constraining.development.of.the.Bank.for.many.years,.started.to.be.resolved ..An.additional. stock.issue.was.the.first.step.boosting.the.shareholders’.equity.to.RUR.4 .8.bn ..Notably,.NGPF. Blagosostoyanie.emerged.as.the.new.and.the.second.largest.shareholder.of.the.Bank ..In. October.2008.the.Fund.extended.to.TransCreditBank.a.subordinated.loan.facility.which.is. T .V ..Paramonova included.into.the.shareholders’.equity .. Ensuring. the. growth. of. business. volumes. during. the. first. 9. months. of. the. year. the. Bank.was.an.active.borrower.in.the.international.and.domestic.capital.markets ..By.issuing. Eurobonds,. RUR. bonds. and. raising. a. loan. from. a. syndicate. of. western. banks. the. Bank. 8 transcreditbank. Annual Report 2008 chapter 1. Management Address 9 Sergey Pushkin the.railway.industry.offered.consumer.and.mortgage.lending.products.in.the.open.market .. President.–.Chairman.of.the.Management.Board, TransCreditBank. completed. a. number. of. projects. to. develop. its. regional. network. on. the. Member.of.the.Board.of.Directors,.JSC.TransCreditBank territories.covered.by.the.West-Siberian,.Far.Eastern,.October.and.Moscow.Railway.Divisions. and.implemented.the.first.stage.of.100.City.Offices.Program.designed.to.cover.clients.outside. of.the.rail.industry . The.crisis.obviously.impacted.TransCreditBank’s.operations.and.plans.for.development,. notwithstanding.that.most.of.its.corporate.and.retail.customers.operate.in.the.key.sectors.of. real.economy.which.are.eligible.for.the.state.support ..In.the.environment.where.credit.risks. are.becoming.much.tougher,.external.sources.of.funding.have.disappeared.altogether.and. confidence.is.running.short.in.the.banking.sector,.TransCreditBank.had.to.take.a.number. of.forced.measures,.i .e ..to.cut.on.overhead.expenses,.to.reduce.a.number.of.development. programs,.to.impose.tighter.terms.and.conditions.on.all.types.of.loans,.to.suspend.retail. lending.programs.outside.of.the.rail.sector.and.to.sharply.step.down.operations.in.the.stock. and. FX. markets .. Shareholders. and. most. customers. accepted. these. moves. with. under-. standing ..The.level.of.customers’.trust.in.the.Bank.is.evidenced.by.the.fact.that.during.the. last. 4. months. of. 2008. when. the. crisis. was. at. its. worst,. corporate. and. retail. customers. opened,.respectively,.80%.and.40%.more.accounts.that.a.year.ago . In. spite. of. the. crisis. the. Bank. continued. to. pursue. joint. projects. with. JSC. Russian. Railways. in. the. railway. sector,. in. particular,. creating. a. network. of. Self-service. Ticket. Terminals. and. developing. a. ticket. sale. system. based. on. the. corporate. web-portal .. Last. year.TransCreditBank.significantly.expanded.its.range.of.remote.services,.such.services.are. now.being.available.for.Russian.Railways’.employees.at.their.workstations.via.the.corporate. Data.Transmission.Network .. In.the.current.situation.it.is.of.paramount.importance.not.only.to.meet.financial.targets,. but. also. to. improve. quality. of. the. Bank’s. operations .. To. address. this. task. TransCredit-. Bank.in.2008.implemented.a.package.of.measures.to.improve.corporate.governance.and. started. to. introduce. incentive. mechanisms. which. make. managers’. compensations. more. dependent.on.the.Bank’s.financial.performance . In.2009.TransCreditBank.intends.to.perform.above.the.market.average ..We.expect. to.extend.substantially.our.customer.base,.to.acquire.new.assets.and.to.implement.a.number. of. technology. and. regional. expansion. projects,. including. acquisition. of. subsidiaries. with. Dear.Shareholders,.Clients.and.Partners! a.switching.to.a.single.brand .. I’m.sure.that.these.plans.will.be.successfully.realized.with.support.of.our.shareholders,. For.TransCreditBank,.as.well.as.for.the.whole.of.Russia’s.banking.system,.the.reporting. clients.and.business.partners ..I.would.like.to.thank.you.for.the.trust.placed.with.TransCredit-. year.falls.into.two.distinct.periods.with.business.environment.in.each.of.them.being.radically. Bank ..We.wish.you.all.the.best.and.are.willing.to.do.our.utmost.to.maintain.our.cooperation. different.and.the.Bank.being.forced.to.resolve.different.tasks .. productive.and.mutually.beneficial.in.the.future . In.the.pre-crisis.period.TransCreditBank.actively.built-up.the.base.for.the.large-scale. development.of.its.business,.primarily.by.placing.an.additional.stock.issue.to.increase.its.capital. and.by.expanding.its.debt-raising.operations ..Thanks.to.its.perfect.business.reputation.and.