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Eximbank-2014Annualreport-WEB1.Pdf www.eximbank.ro 03 Message from the President A solid business that generates profit, an improved structure and high quality assets, a competitive cost structure and a high solvency, and, of course, a professional team. This is the business card that EximBank presents at the end of 2014. A year which continued the modernization process of the Bank, aimed at redefining and increasing the efficiency of operational flows, diversifying and improving the quality of the Bank’s products and services and the expansion of its territorial network. We are talking about a process of reshaping the modern operational principles that transformed EximBank into a relevant player in the local banking market. Throughout 2014, EximBank has maintained the work towards boosting support for the national economy, sustaining business environment through the work performed, reaching a total turnover of 4.7 billion lei. Meanwhile, the Bank has kept its position within the small category of profitable banking institutions, reporting a net income of 46.6 million lei and managed to end the year with a rate of nonperforming loans of only 3.1%, well below banking system average of 13.9%. We believe that the results are remarkable, especially considering that we have assumed increasing the degree of support for the real economy in a difficult period for the corporate financing market, marked by several external factors such as reduced demand and intense competition on the supply side. We intend to continue the accelerated upward trend that the Bank has followed for the last two years, and our strategy remains focused on developing integrated banking relationships with local companies, prioritizing not only financing and guarantee activities but also complementary banking services. In 2015, we will focus our efforts on increasing the customer base, accelerating lending and diversification of products and services and towards alignment with the national and international banking standards by reorganizing and increasing the efficiency of activities. Also, we are ready to assume a greater role in financing and economic development of Romania, including in the context of a possible extended term as development bank. Traian Halalai President, EximBank 004 2014 Annual Report www.eximbank.ro 005 Executive Board TRAIAN HALALAI President of EximBank since November 2012, he has a large experience in the banking sector, as a Deputy CEO and Member of the Board of Directors of Banca Românească SA, part of the National Bank of Greece Group, as well as CFO of ING Romania and Member of various Boards of ING Group Romania entities. Mr. Halalai was part of the team which set up ING Securities in Romania in 1998. He holds an MBA degree from the Bucharest Finance and Banking PhD School and conducted PhD research with the Erasmus University of Rotterdam, the Netherlands. CRINA COSMA Vicepresident of EximBank since August 2014, she has a large experience in the banking sector following the positions of Deputy General Director and Counsellor to the General Director that she held between 2009 and 2013 within Banca Românească, member of the National Bank of Greece Group. Also, between 2009 and 2010 she transiently ran Banca Românească until the appointment and investment, by the National Bank of Romania, of a new General Director. Her career in the banking sector includes also Bancpost – where, between 2003 and 2007 she filled the positions of General Director of Operations and Deputy General Director - and Alpha Bank (1998-2003). She is a graduate of the Bucharest University of Economic Studies’ Finance Department and completed numerous post-university programs. PAUL ICHIM Vicepresident of EximBank since March 2009, he ran the Bucur Obor Corporate Branch of ING Bank NV Amsterdam between September 2007 and March 2009. From 2005 to 2007 he managed the Financial Institutions Department of ING Bank NV Amsterdam, Bucharest branch, after having managed the Financial Institutions and Custodial Services Department for the two previous years. Prior to this, Mr. Ichim worked in the Ministry of Public Finances as an advisor for the Secretary of State and the Minister, and then as Secretary of State himself. He is a graduate of the Bucharest University of Economic Studies’ Finance, Banking, Insurance and Stock Exchange Department. 006 2014 Annual Report www.eximbank.ro 007 Summary I. GENERAL OVERVIEW OF THE BANK AND GROUP I.1. Export - Import Bank of Romania – EXIMBANK SA 011 I.2. Exim Romania SA Insurance - Reinsurance Company II. THE LOCAL FINANCIAL AND ECONOMIC ENVIRONMENT IN 2014 014 III. EVOLUTION OF THE COMMERCIAL ACTIVITY STRUCTURE IN 2014 III.1. Activity of EximBank in 2014 III.1.1. Activity on Behalf of and to the Benefit of the Bank III.1.2. Activity on Behalf of and to the Benefit of the State III.1.3. Budget Execution 017 III.2. C.A.R.E. Activity in 2014 III.2.1. Commercial Activity III.2.2. Budget Execution III.3. Marketing Policy IV. SEPARATE AND CONSOLIDATED FINANCIAL RESULT IV.1. Legal Framework IV.2. Balance Sheet 031 IV.3. Separate and Consolidated Financial Result V. CAPITAL ADEQUACY AND MAIN FINANCIAL INDICATOR DYNAMICS 037 VI. CORPORATE GOVERNANCE 039 VII. HUMAN RESOURCES 041 VIII. RISK MANAGEMENT 044 IX. INTERNAL CONTROL SYSTEM 048 X. StRATEGY AND PRIORITIES 051 XI. SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS 054 008 2014 Annual Report www.eximbank.ro 009 General Overview of the Bank and Group The Export - Import Bank of Romania – EXIMBANK SA Bank") is the parent company of the Group and was set Group ("The Group") is made up of Export - Import Bank up in 1992 as a specialized institution which provides of Romania – EXIMBANK SA ("the Bank" or "EximBank") services in support of the Romanian business environment and Exim Romania SA Insurance - Reinsurance Company and international transactions through specific financial, (Compania de Asigurări - Reasigurări Exim Romania S.A banking and insurance tools. EximBank is a private law or CARE). entity, a joint stock company owned 95.374% by the state, through the Ministry of Public Finances. Export - Import Bank of Romania – EXIMBANK SA ("the I.1. EXPORT - IMPORT BANK OF ROMANIA - EXIMBANK SA EximBank operates in accordance with Law no. Today the product portfolio is customized on three 96/2000 regarding the organization and operation main pillars – finance, guarantees and insurance – of Export - Import Bank of Romania – EXIMBANK and allows EximBank to sustain both exports and SA, republished, with subsequent changes and international transactions, but also other activities amendments, with banking legislation requirements, of small and medium enterprises and companies with legislation requirements related commercial developing various projects within priority areas of the companies operating in the insurance and reinsurance economy or companies that develops projects financed field, with Law 31/1990 requirements, republished, as through European Funds. By channeling funds in well as with its own regulations. these directions, in accordance with the Romanian Government’s policies, it is aimed at securing the EximBank supports the economy on two different tiers: economic development and improvement of the n As a State agent – through EximBank, funds from standard of living in Romania. Supporting existing or the State Budget are distributed in the real economy new economic projects implies training of the Romanian with the purpose to support the Romanian business workforce and thus contributes to maintaining and environment through specific financing, guarantee creating new employment opportunities. and insurance products (generally, this activity is seen as being conducted on behalf of and to the benefit of the State) n As a commercial bank – EximBank has its own portfolio of banking products and services, operating under fair competition rules with other banks of the banking system (generally, this activity is seen as being conducted on behalf of and to the benefit of the bank). 010 2014 Annual Report www.eximbank.ro 011 I.2. ExIM ROMANIA SA INSURANCE - REINSURANCE COMPANY Exim Romania SA Insurance - Reinsurance Company insurance of goods in transit and financial loss (EximAsig) was established in 2009 as a specialized insurance. The Company’s products are addressed to entity providing insurance against financial risks both customers developing business with both foreign and for export and domestic operations. The Company domestic counterparts, in a variety of areas such as became operational in August 2010 and was trade/commerce, goods and products, transportation, authorized to provide insurance against risks related construction/building, oil and gas, IT, etc. to loans and guarantees. The company has extended EximAsig's main shareholder is EximBank SA, with a its activity throughout 2011 by obtaining authorization participation of 93.7792% of the share capital of RON to practice 6 new insurance classes, namely: fire and 44,109,990, the remaining portion being held by private natural calamities insurance, insurance for damages individuals as minority shareholders. to property, civil liability insurance, accident insurance, 012 2014 Annual Report www.eximbank.ro 013 to commercial banks (narrowing of the symmetrical Interest rates on the interbank money market also interest rate corridor composed of the interest rates on followed a downward trend during 2014, due to The Local Financial standing facilities around the monetary policy rate from excess liquidity in the banking sector. +/- 3.0 percentage points to +/-2.0 percentage
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