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Annual 2003 Start 48 01 THE BANK TODAY 02 MACROECONOMIC INDICATORS 08 INVESTMENT BANKING 18 COMMERCIAL BANKING DIVISION 38 RISK MANAGEMENT 40 A HI-TECH BANK 46 HUMAN RESOURCES 47 CONSOLIDATED FINANCIAL STATEMENTS 48 CONTACT INFORMATION 90 THE BANK TODAY ADDRESS BY THE CHAIRMAN 04 OF THE BOARD BOARD OF DIRECTORS 06 02/03 THE BANK TODAY PROFIT, thousand roubles 1,236,584 ROE, % 30 EQUITY, thousand roubles 6,055,906 20 ASSETS, thousand roubles 38,052,542 10 0 ROE, % 22.1 2001 2002 2003 ROA, % ROA, % 3.2 4 3 PROFIT PER EMPLOYEE, thousand roubles 2,876* 2 1 0 2001 2002 2003 PROFIT, RUR mn 1500 1000 REPRESENTATIVE OFFICE Kiev 500 MANAGING COMPANY Doveriye (Trust) Capital 0 2001 2002 2003 SUBSIDIARY T&IB Holdings BV EQUITY, RUR mn (Netherlands) 8000 6000 TRADING COMPANIES T&IB Equities Ltd (Cyprus) T&IB Securities Ltd (Ireland) 4000 T&IB Investments NV (Belgium) 2000 T&IB Fixed Income Ltd (Cyprus) 0 2001 2002 2003 *core businesses THE BANK TODAY MACROECONOMIC INDICATORS INVESTMENT BANKING COMMERCIAL BANKING DIVISION RISK MANAGEMENT A HI-TECH BANK HUMAN RESOURCES CONSOLIDATED FINANCIAL STATEMENTS CONTACT INFORMATION ADDRESS BY THE CHAIRMAN OF THE BOARD In presenting this report, I am pleased to say that information agency ranked TRUST first among under- 2003 was a very important and very successful year writers and lead managers of rouble-denominated for TRUST Investment Bank. corporate bond issues and rouble-denominated bond issues in general. According to the same agency, Having started the year under a new name and TRUST is the comfortable leader among Russian with a new brand, TRUST managed to retain and banks managing Eurobond issues by Russian entities. consolidate its position in its well-established niches, such as the primary and secondary debt capital The Bank also succeeded in developing relatively new market, corporate finance, and depository services. areas of business, particularly equity market opera- In the rapidly growing segment of issuing debt tions, where it quickly established leading positions. instruments for Russian entities, we held up to 20% of the world market. In its annual rankings for 2003, In particular, I would like to mention that TRUST Global Finance named TRUST Investment Bank the was the first Russian bank to offer a full range of best Russian bank in two categories: "Best Domestic services for issuing credit-linked notes (CLN) and Debt Underwriter" and "Best Secondary Domestic other securities traded via Euroclear/Clearstream. Debt House". The Securities Market publishing house and the National Association of Securities Last year, TRUST’s representative office in Ukraine Market Participants (NAUFOR) named TRUST "Bond began operating actively. Regional representative offi- Issuing Company of the Year". According to Banker ces established in 2002 in the Urals, in Russia’s North- magazine, the Bank is ranked among the top 25 West and in the Volga region, also performed well. banks in Central and Eastern Europe and among the world’s 1000 largest banks. Bloomberg ranks TRUST New steps to establish a banking group incorporat- 15th in its league table of advisers on mergers and ing TRUST Investment Bank and Bank MENATEP acquisitions. St Petersburg (a commercial bank) marked a major development in TRUST’s operations. 2003 saw TRUST is the top manager and underwriter of bond major organisational moves that made it possible issues for corporations and Russian regions. These to refine the group’s decision-making and opera- totalled more than $600 million in 2003, up 20% tional management systems in the group and start from 2002. TRUST’s share in the fixed-income securi- implementing strategic development plans for the ties market has not fallen below 30% for the last financial institutions that make up the holding. I am four years. Based on the 2003 results, the C-Bonds confident that the synergy from the interaction of THE BANK TODAY 04/05 This brand was not only recognisable within a very short time, but to a large degree consolidated our previous years’ successes. In 2003, TRUST became one of Russia’s most reputable and recognisable financial institutions. We are well aware that as the Russian financial system and the economy as a whole "come of age", competition among Russian banks will increase along with the influence of international financial institutions on competition. To achieve success in this environment, we are currently adopting measures to build a well-capitalised and diversified banking group, which from the very start seeks to attain leadership in each segment of the financial market. I am sure that 2004, which will mark the a leading investment bank and a major Russian 10th anniversary of TRUST Investment Bank, will commercial bank, along with deeper specialisation provide new reasons for looking back with satisfac- and a reformed product range, will bear fruit as tion, as we do now on 2003. And, most importantly, early as 2004. I would like to thank our clients for their unfailing confidence, shareholders for their firm support and TRUST continued developing as part of the above employees for their enthusiasm and loyalty to our strategy, which aims to establish a specialised common cause. investment bank of international repute, scaling down our presence in the commercial banking sec- tor. Investment banking accounted for 70% of the bank’s profit, which primarily came from non-interest, fee and commission revenues. I am pleased to say that the launch of TRUST’s new Ilya Yurov brand at the beginning of 2003 has fully paid off. Chairman of the Board of Directors THE BANK TODAY MACROECONOMIC INDICATORS INVESTMENT BANKING COMMERCIAL BANKING DIVISION RISK MANAGEMENT A HI-TECH BANK HUMAN RESOURCES CONSOLIDATED FINANCIAL STATEMENTS CONTACT INFORMATION BOARD OF DIRECTORS ILYA YUROV SERGEY BELYAYEV VLADIMIR VORONIN Chairman of the Board Member of the Board Member of the Board of of Directors of TRUST of Directors, Chairman Directors, Chief Financial Officer. Investment Bank. of the Management Board. Mr Voronin previously worked as a Mr Yurov began working in bank- Mr Belyayev previously served as manager at Arthur Andersen, ing at France’s largest specialised Managing Director of the Chief Economist at the Moscow investment company, Compagnie Investment Banking Department branch of Voronezh Bank, Chief Parisienne de Reescompte (CPR). and Treasury, Head of Treasury, Economist at the Moscow branch In 1996, he was made Head of and Chief Dealer in the Financial of Credit Service Bank, and Chief Treasury at Bank MENATEP, Resources Department at Economist at IzdatBank (a Moscow. Mr Yurov joined TRUST RosEstBank; other positions Moscow commercial publishers' Investment Bank in 1999 as First include Economist, Dealer in the bank). Mr Voronin joined TRUST Vice-Chairman of the International Loan Department Investment Bank in 2000. Management Board. He served as and Chief Dealer in the Chairman of the Management International Banking Department Mr Voronin holds a degree in Board from 2000. Mr Yurov has of Industrial Commercial finance and credit from the held his current position since AvtoVAZBank. Finance Academy under the 2003. Government of the Russian Mr Belyayev has been working at Federation. Mr Yurov holds a degree from the TRUST Investment Bank since Economics Department of the 1999. He received a degree in Moscow Institute of Aviation and biology from Samara State a diploma in money markets and University. Treasury Management from France’s TRESOFI Business School. He is also a member of the Advisory Board of the Association of Russian Banks. THE BANK TODAY 06/07 NIKOLAI FETISOV OLEG KOLYADA ARTASHES TERZYAN Member of the Board of Directors, Member of the Board of Directors. Member of the Board of Directors, Executive Vice-President. Mr Kolyada previously was Vice- Executive Vice-President. Mr Fetisov previously worked at President at RosEstBank, Head of Mr Terzyan previously worked at Credit Suisse First Boston Ltd the Internal Dealing Department Royston Investment Ltd, Chase Europe (London) as Vice-President of the International Banking Manhattan, Tokai Bank Europe, of Emerging Markets Fixed Directorate at Industrial Donaldson, Luftkin and Jenrette Income, Donaldson, Lufkin and Commercial AvtoVAZBank, and International, and Commerzbank Jenrette International (London) Deputy Chief of the Finance Europe, where he held the posi- as Vice President of Fixed Income Department and Chief Economic tion of Head of Emerging Derivatives and Structured Analyst at Lada Makom. Markets. Mr Terzyan joined TRUST Products, and at Cargill Financial Investment Bank in 2001. Markets (London). Mr Fetisov Mr Kolyada joined the TRUST joined TRUST Investment Bank team in 2000. He holds a degree A graduate of Yerevan State in 2001. in accounting, control and analy- University, Mr Terzyan was a post- sis of government activities in graduate student at Moscow Mr Fetisov received his diploma in trade from the Kiev Institute of State University and wrote his applied mathematics from the Trade and Economics. thesis on computational Moscow Institute of Engineering mathematics. Physics. He also holds an MBA degree in finance from the University of Minnesota, USA. MACROECONOMIC INDICATORS The Russian economy in 2003 09 The main trends in 2003–2004 14 The Bank within the market 17 08/09 MACROECONOMIC INDICATORS THE RUSSIAN ECONOMY IN 2003 2003 – A SUCCESS STORY 2003 SAW MAJOR SUCCESSES IN THE RUSSIAN ECONOMY Russia’s GDP grew by about 6.8% versus 4.7% in 2002 The most important indicator, GDP growth, is esti- mated at 6.8% for 2003 (6.6% for the first three quarters of the year), exceeding most forecasts made in the second half of the year and far out- stripping those made at the start of the year. Economic growth therefore exceeded last year’s by 2.1 percentage points. Meanwhile labour productivity rose by almost 8%, with real personal income growth for the first time approaching 9% (based on methodology, which, unlike Goskomstat’s, takes account only of net foreign currency purchases by households).
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