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File-En.A2a3434a.Pdf TABLE OF CONTENTS CHAPTER 1 2 3 4 1 Gazprombank Group Annual Report Based on IFRS Consolidated Financial Statements 2 GAZPROMBANK ANNUAL REPORT 2019 TABLE OF CONTENTS CHAPTER 1 2 3 4 3 Table of Contents Statement of the Chairman of the Board of Directors 4 Statement of the Chairman of the Management Board 6 Key Performance Indicators 9 MAIN RESULTS FOR THE YEAR AND BUSINESS DEVELOPMENT OBJECTIVES 11 External Environment in 2019 12 Financial Performance 15 Positioning 20 Ratings 21 Strategic Goals and Principal Vectors of the Bank’s Development 22 Development of IT and Digital Technology: 2019 Results 24 Corporate Business Customer Base 26 Commercial Lending 31 Trade, Structured and Syndicated Finance 34 Retail Business Retail Business. Key Results in 2019 36 Gazprombank Private Banking. 2019 Results 38 Investment Banking Project and Structured Finance 41 Main Project Finance Deals in 2019 43 Capital Market Operations 44 Asset Management 52 Engineering Assets: Core Business Operations and Key Projects 54 Sustainable Development Policy in the Area of Sustainable Development 57 Responsible Governance 58 HR Policy and Employee Incentives 59 Environmental Matters 62 Social Responsibility 65 Resource Base Development 68 Depository Operations, Specialized Depository Services 70 Risk Management 72 Information Security 81 Regional Network Map 82 Branch Network Operating Results 84 Marketing and Communication 85 CORPORATE GOVERNANCE 89 Bank GPB (JSC) Shareholders 90 Bank GPB (JSC) Board of Directors 91 Bank GPB (JSC) Management Board 94 Corporate Governance in the Bank 102 Bank GPB (JSC) Organizational Management Flowchart 103 Internal Control System 104 FINANCIAL STATEMENTS 107 REFERENCE INFORMATION 127 Branches of Bank GPB (JSC) 128 Representative Offices of Bank GPB (JSC) in Other Countries 130 Subsidiary Banks and Credit Institutions with an Ownership of More Than 5% 131 Bank GPB (JSC) Licenses 133 Contact Information and Bank Details 136 4 GAZPROMBANK ANNUAL REPORT 2019 TABLE OF CONTENTS CHAPTER 1 2 3 4 5 Statement of the Chairman of the Board of Directors Dear Shareholders, of the project financing raised, the deal was one of the biggest in Europe in recent years. Gazprombank turns 30 this year. The Bank Supporting socially significant projects implemented celebrates this anniversary proudly, ranking third on the basis of public-private partnerships among the country’s financial institutions on all is another important area of activity for the Bank, key indicators — a reliable and efficient partner the primary focus being on the development for its customers and a profitable long-term asset of transport infrastructure in various regions of Russia. for its shareholders. In the Yamal-Nenets Autonomous Area, for example, Adhering to the strategy approved by its Board the Bank is providing financing for the construction of Directors, Gazprombank retains its financial of a road bridge across the Pur River. Once resilience and its ability to respond to global completed, the bridge will provide all-year-round economic events in a prompt and agile manner. uninterrupted transportation services for those living In the reporting year, it improved its operating in the settlement of Urengoy and several other local results, in particular, in terms of net profit, capital communities. and income from the core banking business. One of the Bank’s long-term development goals One of the priority areas of the Bank’s work is the digital transformation of business processes, is collaboration with companies in the real including the development of remote customer sector of the Russian economy. Among these, services. The Bank’s modern and convenient Gazprom Group entities occupy a special digital services are currently being used by over position. In particular, the Bank provides 40,000 companies every day, and there are plans centralized management of their cash flows to provide the Bank’s corporate customers with remote and participates in the financing of investment access to all its banking products. At the same time, projects and placement of securities on the capital Gazprombank is continuing to consolidate its position markets. in the retail sector — in 2019, the share of remote sales A landmark event in 2019 was the deal to raise to individual customers increased by 55%. project financing for the Gazprom Group The Board of Directors takes a positive view for the construction of the Amur Gas Processing Plant. of Gazprombank’s performance in the 2019 reporting Gazprombank was actively involved in structuring year. The Bank’s balanced strategy, its 30-year track the deal as financial advisor and became part record of success and its highly professional team of a consortium of 22 financial organizations underpin its continued confident development providing a EUR 11.4 billion loan. In terms on the Russian market. Alexey B. Miller Chairman of the Board of Directors, Bank GPB (JSC), Chairman of the Management Committee, Gazprom 6 GAZPROMBANK ANNUAL REPORT 2019 TABLE OF CONTENTS CHAPTER 1 2 3 4 7 Statement of the Chairman of the Management Board by 12.7%, from RUB 157.1 billion to RUB 177.0 billion. sector, to be a leader of the retail market as well. The Group’s aggregate net interest margin remained The reporting year was one of robust retail business at 2.8% in 2019, same as in 2018. growth for the Bank. In this business line, the Bank’s Traditionally, strategic partnerships with Russia’s largest loan portfolio amounted to RUB 564 billion companies, provision of a full range of state-of-the-art at the end of 2019 (a growth by RUB 105 billion). financial services to such largest accounts as well as Consumer loans were the key product, displaying all other corporate customers, has been a dominating growth at rates double the market average, which element in Gazprombank’s business. The Bank enabled Gazprombank to be the first in terms participates in the implementation of national projects of portfolio growth, making it into the TOP 5 Russian and other government-sponsored initiatives, often banks by portfolio volume. Active promotion pioneering provision of the most advanced services of bundled products resulted in a triple growth to those players in the key industries of the national of retail fee and commission income, which economy with whom it collaborates. amounted to more than a half of the Bank’s The Bank continuously enhances its aggregate fee and commission income. experience and track record on the project The retail bottom line doubled, reaching RUB 8.0 billion, and structured finance market. Participating almost one-fifth of the Group’s overall net profit. in the Project Finance Factory, implemented This spectacular outcome was achieved due to a 30% on VEB.RF platform, Gazprombank has led a syndicate growth in the active customer base, increased cross- for an aggregate loan of USD 1.79 billion, intended sales, and product range development. The 2019 for the development of the Udokan copper deposit, offerings include some truly unique products. ranking the largest in Russia and the third worldwide One of these is the Smart Card with a principally new among undeveloped copper deposits. The Bank cashback mechanism. This card not only became acted as the arranger, financial advisor and lender highly popular with customers, it was also rightfully with a commitment of up to USD 650 million. acclaimed by experts as an efficient loyalty program This deal was the largest one closed by the Factory tool. The Smart Card won Frank Banking Reward awards and was named the best deal on Russia’s syndications in two nominations. market in 2019 according to Cbonds. Construction The Bank’s ability to develop its products and services of a mining and metal plant with appropriate in accordance with customer needs enables infrastructure in the Trans-Baikal Territory will create it to thrive in the private banking sector as well. new jobs, reinforcing the region’s business potential In 2019, the Private Banking investment portfolio Dear shareholders, the biggest hazards have been left behind, we stood and positively affecting the economic development exceeded RUB 100 billion, having grown by 80% customers, and partners, up to the crisis and we won! At the same time, of the country as a whole. over two years. For the second consecutive year, this achievement was made possible not only Gazprombank has reinforced its leading positions Gazprombank Private Banking was named the It has become customary for us to finally sum up by the deep commitment demonstrated by our in the financing of infrastructure and PPP projects, industry’s best and won the Spear’s Russia Awards the preceding year at the General Shareholders team during the spring and summer months this primarily in the area of creating and rebuilding as the Best Russian Bank Providing Private Banking Meeting held in late June. This report on the Bank year, but also by the carefully chosen development roads and transport facilities. In the Moscow and HNWI Capital Management Services. operations in 2019 serves this same purpose. strategy that our Bank has now pursued for more Region, the Bank participates in the construction For the team of professionals who have kept However, the first half of 2020 was extraordinary than two years. It was during this period that we of the Central Ring Road (TsKAD) Phases Three Gazprombank among capital market leaders for many to the extent that our General Shareholders laid a solid foundation for the “bank of the future”, and Four. In 2019, financial closure was achieved years, the reporting year became yet another Meeting has been postponed until September, based on state-of-the-art IT technology, that boldly under the Vinogradovo — Boltino — Tarasovka auto one of new victories and landmark deals. On the and that any assessment of the reporting period’s outsteps the boundaries of traditional banking road construction project, with the lending volume local debt capital market, the Bank acted as the results would hardly be complete without business and, which turned out to be of special in excess of RUB 20 billion.
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