Annual report 2007

Transcription

Annual report 2007

CONTENTS
Opening Address by Supervisory Board
and Management Board Chairmen
4
6
Bank Fact File
Supervisory Board
Management Board
8
9
Principal Economic and Monetary Trends
in Belarus in 2007
10
Funding Management Policy. Money
and Stock Market Operations
14
Lending Operations
18
Corporate Customer Base Profile
21
International Cooperation
24
Retail Banking
Bankcard Business Development
Branch Network
Subsidiaries and Associated Company
Human Resources Development
Community Support and Sponsorship
2008 Business Objectives
28
32
33
34
35
36
37
Financial Report
39
Contact Information
47
THE BOOK is the greatest human accomplishment.
Since the inception of book publishing it has acquired unique
social and cultural functions of bringing knowledge
to people, disseminating ideas of enlightenment,
humanism and renaissance.
THE BOOK embodies historic TRADITIONS
of nations, RELIABILITY of a live link between spiritual
and material creativity, many centuries' experience and
COMPETENCE of those who made that link possible.
Landmarks in the development of book publishing have reflected
the many centuries' history of the Belarusian nation
and its contribution to the world
culture.
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ANNUAL REPORT 2007
The pages in the book
of Belvnesheconombank's history
attest to its commitment
to the best traditions of the banking
community, bear evidence to its reliability
as a financial partner, and furnish
proof of its high competence based
on professionalism and application
of stateoftheart technologies.
ANNUAL REPORT 2007
3
Dear shareholders, customers and business partners,
The Supervisory and Management Boards are pleased to present the Belvnesheconom
bank 2007 Annual Report.
The past year appeared to be one of the most successful for the Bank in the last seven years. The
Bank met all major targets set for 2007 by the Belarus Monetary Policy Guidelines. As a result of
enhanced operational efficiency, annual profits exceeded the 2006 level 1.6 times and amounted to
Br 13 billion. The Bank was consistently compliant with the National Bank regulations on liquidity
and solvency, prudential standards and loan portfolio quality.
In 2007, the Bank extended a total of Br 1,350 billion in loans to the real sector of the economy,
i.e. 1.4 times as much as in 2006. Investment loans amounted to Br 150.8 billion. In terms of lending
volumes, the prime beneficiaries were chemical, food, oil refining, engineering, electronics, con
struction and powergenerating industries.
The Bank continued to increase lending to small and medium enterprises. During the last year,
the SME sector received over Br 337 billion in loan funds.
Acting in its capacity of an agent bank of the Government of Belarus, the Bank continued to
manage foreign credit lines opened under sovereign guarantees to finance major investment projects.
As at January 1, 2008, outstandings under 22 loans disbursed to the Bank's borrowers from foreign
sources reached EUR 60.2 million.
Development and enhancement of cooperation with foreign financial institutions remained to be
a matter of prime importance for the Bank. Correspondent relations were maintained with more than
700 banks in 85 countries across the world. With its broad correspondent network in place, the Bank
was adequately positioned to provide a speedy international settlement service to its customers and
offer USD and EUR clearing house services to 26 resident banks.
In 2007, the Bank also focused its efforts on expanding its retail business. The number of person
al customers using the Bank's services surpassed 146 thousand people while the amount of their
funds entrusted to the Bank exceeded Br 288.0 billion. Over the year, total lending to the public
increased 1.4 times, with credit card lending scoring a 2.6fold increase.
4 ANNUAL REPORT 2007
There was an expansion in the sale of retail services via ATMs, CATs and Mobile Bank facilities.
Last year, the Bank began to market its new, InternetBank, service that handles Webenabled elec
tronic payments.
A key event for Belvnesheconombank in 2007 was the acquisition of its controlling stake by the
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)", one of
Russia's largest banks. That opened up the way for a commencement of a longterm and largescale
cooperation between the two financial institutions and implementation of a new business strategy in
the country's financial market. Belvnesheconombank was granted a USD 30million subordinated
loan with a sixyear repayment period. Further large investments in its authorized capital envisaged
to be made by the Russian partner would allow Belvnesheconombank to become one of the Bela
rusian banking sector leaders and play a more prominent role in promoting and furthering integra
tion processes between Russia and Belarus.
Belvnesheconombank possesses all the prerequisites to achieve this goal, including its highly
skilled personnel, broad customer base, adequate resources, extensive branch network and modern
technological infrastructure. Maintaining a solid business reputation, reliability and competence has
always been and remains to be the guiding principle and priority for the Bank.
Belvnesheconombank Supervisory and Management Boards express their gratitude to all share
holders, customers and business partners for their mutually rewarding and effective cooperation. We
see it our mission to build up the presence of the Bank in various segments of the market of banking
services, diversify financial services for our customers and assist them in their business endeavors.
We are confident that the existing framework of our business relations will continue to improve, help
us generate greater efficiency and build trust in the Bank.
Very truly yours,
N. N. Kosov
G. A. Egorov
Chairman Supervisory Board
Chairman Management Board
ANNUAL REPORT 2007
5
I
BANK FACT FILE
The Bank began as the JointStock Commercial Bank for Foreign Economic Affairs of the Republic
of Belarus established on December 12, 1991 as a closed jointstock company after the separation
of the Belarusian Branch from VnesheconombankUSSR.
The Bank was transformed into an open jointstock company on March 25, 1994.
On November 2, 1999, following the adoption of a new Civil Code of the Republic of Belarus,
the National Bank registered the Bank under its new corporate name, Open Joint Stock Company
"Belvnesheconombank".
Belvnesheconombank is a fullservice credit and financial institution holding leading positions
among domestic banks in international settlements and foreign trade financing.
The Bank operates 24 branches and 3 centers of banking services.
LICENSES
License of the National Bank of the Republic of Belarus No. 6 dated October 27, 2006 to under
take banking business;
License of the Ministry of Finance of the Republic of Belarus No. 02200/0056352 dated June 23,
2005 to effect operations with precious metals and stones;
License of the Ministry of Finance of the Republic of Belarus No. 02200/0247744 dated June 28,
1993 to perform professional and stock exchange operations with securities;
Licenses of Europay International Service Association to issue MasterCard international plastic
cards dated November 15, 1994, and Eurocard plastic cards dated November 29, 1994;
license of VISA International Service Association to issue VISA cards dated May 22, 1995;
licenses of Europay International Service Association to issue Cirrus cards dated August 21, 1997,
edc/Maestro cards ñ dated August 21, 1997, and eurocheque Pictogram cards ñ dated
August 21, 1997.
MEMBERSHIP IN INTERNATIONAL ORGANIZATIONS
European Business Congress;
MasterCard Inc. and VISA Inc.;
Moscow International Currency Association; and
Western Union Financial Services Inc., an international company for instant money transfers.
AUTHORIZED CAPITAL
As at January 1, 2008, the Bank's authorized capital
amounted to Br 24,157,933,000.00.
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ANNUAL REPORT 2007
EQUITY STAKES OF OVER 5% ARE HELD BY:
State Corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)",
Moscow;
OAO Natsionalny Kosmichesky Bank, Moscow; and
ZAO Pinskdrev, Pinsk.
Shareholding profile ñ a total of 44 064 shareholders,
including:
individuals ñ 43 411;
legal entities ñ 653.
AUTHORIZED CAPITAL BY TYPE OF OWNERSHIP:
0.75%
53.56%
45.69%
State sector 0.75%
Private sector 45.69%
Foreign state sector 53.56%
ANNUAL REPORT 2007
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SUPERVISORY BOARD
CHAIRMAN OF THE SUPERVISORY BOARD
Member of the BoardFirst Deputy Chairman, State Corporation
"Bank for Development and Foreign Economic Affairs
(Vnesheconombank)", Moscow
Nikolay KOSOV
DEPUTY CHAIRMEN OF THE SUPERVISORY BOARD
Andrey ARSHINOV
Deputy Chairman of the Management Board, Member of the Board
of Directors, OAO Natsionalny Kosmichesky Bank, Moscow
Pyotr FRADKOV
Member of the BoardDeputy Chairman, State Corporation
MEMBERS OF THE SUPERVISORY BOARD
Loran ARINICH
General Director, ZAO Pinskdrev, Pinsk
Sergey ARSHINOV
General Director, OOO Second Trading and Industrial House,
General Director, OOO Archi Production Producer Firm,
Member of the Board of Directors, OAO Natsionalny Kosmichesky
Bank, Moscow
Director, Planning and Economic Department, State Corporation
Natalya GUBKINA
Oleg KASHEVSKY
General Director, OOO KaskolHolding, Moscow
Aleksandr KERNOZHITSKY
Director, the Financial Department,
Minsk City Executive Committee
Aleksandr KORSHUNOV
General Director, ZAO Astrasystems, Moscow
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ANNUAL REPORT 2007
MANAGEMENT BOARD
MANAGEMENT BOARD
Georgy EGOROV
CHAIRMAN
Valentin ZAYASH
FIRST DEPUTY CHAIRMAN
Dmitri KOULEVATSKY
DEPUTY CHAIRMAN
Sergey SHCHERBAK
DEPUTY CHAIRMAN
Vladimir ZHURBA
DEPUTY CHAIRMAN,
Director of Personnel Department
Anatoly BONDAREV
MEMBER OF MANAGEMENT BOARD,
Director of Business Development and Coordination Department
Natalya SYUBAROVA
Director of Finance Department
Georgy TUFATULIN
Director of Credit Risk Management Department
ANNUAL REPORT 2007
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II
PRINCIPAL ECONOMIC AND MONETARY TRENDS IN BELARUS IN 2007
MACROECONOMIC OVERVIEW
MONETARY OVERVIEW
Compared with 2006, core macroeconomic
Over 2007, the official exchange rate of the
growth rates in the national economy and social
Belarusian Ruble to the US Dollar went down by
sector were somewhat lower in 2007 due to a
0.5%, that to the Russian Ruble by 8%, and by
significant increase in prices on imported energy
12.4% visavis the Euro.
and raw materials.
The amount of Br cash in circulation grew by
GDP rose by 8.2% at comparable prices and
17.9% and stood at Br 3.3 trillion as at January
reached Br 96.1 trillion. Investment in fixed
1, 2008. Its share within the Br money supply
assets contracted in 2007 and was 115.1%
edged down from 22.7% to 20.7%.
against 132.2% in 2006. Its share within GDP
went up to 26.3%.
The active portion of the Br money supply
rose by 24.4% and amounted to Br 8.7 trillion.
Profitability generated from the sale of
The share of corporate and household transfer
manufactured goods, works and services
able deposits within the Br money supply was
in industry came down 2.6 percentage
23.1% and 10.6%, respectively, while the vol
points to 13.0%.
ume of corporate and household transferable
deposits increased by 28.4% and 29.7%.
In 2007, foreign trade in goods and services
totaled USD 58.1 billion, with exports amount
Upward dynamics in cash and transferable
ing to USD 27.7 billion and imports worth USD
deposits in the household sector were generated
30.4 billion. As compared with 2006, foreign
by an increase in real cash earnings, expansion
trade grew 126.3% at actual prices with exports
of cardenabled payment services, upturn in for
rising 124.6% and imports 128%, respectively.
eign cash purchase volumes and growth in retail
sales of goods and services.
Household real cash earnings increased
14.7% over the year under review. Nominal
Br money supply increased by 29.2% over
average monthly gross earnings in paid employ
the year and stood at Br 16.0 trillion as at
ment reached Br 701.1 thousand.
January 1, 2008. The share of corporate term
deposits within the Br money supply rose by 1.6
10
Consumer price index rose to 12.1% in 2007.
percentage points to 11.9%, while that of house
The CPI rise was largely due to higher produc
hold term deposits declined from 32.4% to
tion costs resulting from an increase in prices on
31.7%. Broad money supply reached Br 23.8
energy imports from Russia, global food price
trillion at end2007, scoring a 35.9% growth
hikes and other factors.
over the year.
ANNUAL REPORT 2007
In 2007, the refinancing rate averaged
increased by 21.2% from Br 3,731.6 billion to
10.5% p.a., going down by 0.2 percentage
Br 4,521.5 billion. Over the year, the banks'
points against the 2006 level.
equity capital rose by 26.7% and reached
Br 6,526.8 billion as at January 1, 2008.
In December 2007, interest rates charged
on newly issued Brdenominated bank loans
averaged 11.7%.
The banks' funding base grew by 43.8% over
2007 and amounted to Br 41,690.2 billion. The
main growth contributors were outside investors
December2007 interest rates paid on newly
and national and local government accounts.
placed household Br term deposits rose by 2.6
Deposit placements by domestic businesses,
percentage points as compared with those of
households, banking institutions and the
December 2006 and reached 13.5% p.a. Returns
National Bank also posted growth. Households
generated by newly placed household forex term
and domestic businesses were the banks' domi
deposits stood at 7.6% p.a. at end2007.
nant sources of funding at end2007.
Positive real interest rates paid on newly
As at January 1, 2008, loan commitments
placed household Br term deposits and higher
of business entities totaled Br 22,335.9 bil
returns resulting therefrom as compared with
lion, scoring a 46.1% growth over the year
forex deposits spurred Br savings, expanded
and accounting for 53.6% of the banking
sourcing opportunities for banks and led to an
industry's assets.
increase in their lending volumes.
Household loan commitments rose by
BANKING INDUSTRY OF BELARUS
48.2% from Br 5,449.6 billion to Br 8,075.2
billion. Their share within the aggregate
As at January 1, 2008, the banking industry of
Belarus comprised 27 banks that operated a total
assets of the banking industry increased from
19% to 19.4%.
of 368 branches. 23 banks had foreign stakes in
their equity capital, including seven wholly for
As at January 1, 2008, the share of prob
eignowned banks. There were eight representa
lem loans within the total customer and inter
tive offices of foreign banks operating in Belarus.
bank loan transactions was 0.65% against
1.16% the year before, while the share of
2007 saw a continued growth in the banks'
problem assets within the assets exposed to
authorized and equity capital. The aggregate
credit risk stood at 1.92% against 2.83% in
authorized capital of the domestic banks
the previous year.
ANNUAL REPORT 2007
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POLOTSK
This ancient Belarusian city is regarded to be the cradle of Eastern Slavic book culture. As early
as in the 11th century there were monasteries with their own libraries and scriptoria. And at the turn
of the 12th century, St. Euphrosinia of Polotsk worked there copying manuscripts. Her Life Narrative,
one of the oldest specimens of Belarusian literature, was compiled there.
In the 15th century, Catholic monks came to Polotsk, bringing along European book culture.
That same century witnessed in this city the birth of Francysk Skaryna, Belarus' first bookprinter,
who subsequently worked there and whose books closely interlinked western and eastern book
printing traditions.
Later on, it was in Polotsk that one of Belarus' most renowned collegiums was established, a col
legium that was destined to become with time a new Academy carrying on the traditions of the one
closed down in Wilno. That educational establishment would eventually gather the most illustrious
professors from across Europe within its walls and become one of the most reputed universities
in this part of the continent, while its printing shop would gain at one time the status of the largest
publisher of teaching and scholarly books.
Books are like ships
of human intelligence
in a rough sea of time.
They tenderly carry
their invaluable load
of wisdom and knowledge
from generation
to generation.
Darya PEREVERZEVA
Economist, 1st Category, Money Market Unit, Treasury
Dmitrii MIRONCHIK
Head, Settlements Division, Treasury
Everything that man
has created during the entire
history of civilization,
everything that he
has thought over,
done and achieved
is all preserved on pages of books.
Leafing through them,
we break through
the boundaries of time and space
and come to view
a centurieslong labor
of intellect and spirit.
ANNUAL REPORT 2007
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III
FUNDING MANAGEMENT POLICY
MONEY AND STOCK MARKET OPERATIONS
FUNDING MANAGEMENT POLICY
During the past year, the Bank's funding poli
cy was focused on the following key areas:
expanding the Bank's funding base by tap
ping various sourcing opportunities and
increasing the share of longterm funds to
ensure the Bank's liquidity in view of a
substantial upside in customer loans out
standing; and
The Bank was also granted a USD 30mil
lion longterm subordinated loan by its
strategic investor, State Corporation "Bank
for Development and Foreign Economic
Affairs (Vnesheconombank)". In tandem
with the growth in term deposits, it allowed
to expand longterm lending, primarily
through extending loans to the economy.
Profit growth and the Bank's expanded
reserves in conjunction with a variety of
restructuring the borrowing matrix to keep
other factors contributed to an increase in
funding costs down.
the Bank's equity capital by Br 23.8 billion,
or 28.3%.
As a result, the funding base ramped up to Br
968.4 billion, scoring a 22.5% growth over the
MONEY MARKET OPERATIONS
year. Funds in the national currency increased
14.2%, or by Br 49.5 billion, and accounted for
In 2007, the Bank carried out domestic and
41% of the Bank's entire funding base. Foreign
international money market transactions, focus
currency funds rose by an equivalent of USD
ing its activities on maintaining shortterm liquid
58.8 million, or 28.4%.
ity to meet its current commitments as an impor
tant element of its overall operations.
The increase in the Bank's funding
resources was attained by attracting Br 81.5
Br average daily advances in 2007 were on a
billion from domestic business entities and
par with the previous year and amounted to Br
Br 75.4 billion from outside sources.
79.1 billion, while Br average daily borrowings
fell to Br 8.3 billion as compared with Br 39.7
In terms of the funding base composition,
corporate
current
account
billion in 2006.
balances
decreased Br 16.6 billion while corporate
deposits increased Br 69.3 billion.
Average interest rates generated by Br
advances exceeded those applied to borrowed
funds by 1.9 percentage points. Surplus of
Owing to the introduction of new deposit
income over costs in Br market transactions
products offering more attractive terms and
(operating income) grew from Br 4.8 billion in
conditions and interest rates maintained at a
2006 to Br 8.7 billion in 2007.
level stimulating household savings, the
Bank increased household investments by Br
29.0 billion, or 11.2%.
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ANNUAL REPORT 2007
Average daily foreign currency advances
amounted to an equivalent of USD 33.5 million
and rose 17.1% against 2006. Although there was
a substantive growth in forex borrowing,
advances in foreign currencies scored an insignifi
cant increase, rising from USD 58.1 million in
2006 to USD 61.3 million in 2007. Average
interest rates generated by advancing forex loans
exceeded those applied to borrowed funds by
registration of transactions with shares issued
by joint stock companies;
provision of intermediary services in the secu
rities market (purchase of shares under agency
agreements, registration of transactions as
a professional participant in the securities mar
ket); and
0.8 percentage points. Income from these trans
actions exceeded costs by Br 5.3 billion.
issuance and redemption of certificates of
deposit.
In 2007, the Bank actively traded in foreign
Total purchases in the primary market of
currencies in the stock exchange and interbank
National Bank Tbills amounted to Br 415 billion
markets and was also strongly present in the con
in 2007 against Br 81.8 billion in 2006, while the
version transactions segment. The year under
value of government Tbills and bonds bought
review witnessed a tangible growth in forex trad
over the accounting year was Br 8.2 billion.
ing volumes. Average daily USD purchases
reached USD 2.9 million against USD 1.6 mil
lion in 2006, while average daily sales amount
ed to USD 2.0 million against USD 1.3 million
during the previous year. Operating income from
forex market transactions rose 32.4% and
reached Br 5.7 billion.
STOCK MARKET OPERATIONS
In 2007, Belvnesheconombank carried out
the following stock market transactions:
2007 saw an upsurge in the volume of REPO
deals and transactions with bonds 'held to matu
rity' that reached Br 218.1 billion against Br 40.4
billion in 2006.
Transactions with government Tbills and
longterm bonds and with National Bank Tbills
yielded an operating income of Br 2.4 billion.
Operating income generated by the custodian
unit amounted to Br 57.3 million.
purchasing government Tbills and longterm
bonds and National Bank Tbills in primary
market auctions;
trading in securities in the secondary market;
trading in securities for and on behalf of the
Bank's customers;
accounting and registration of transactions
with securities, and confirmation of ownership
rights to securities;
ANNUAL REPORT 2007
15
WILNO
Capital and the largest political, economic and cultural center of the Grand Duchy of Lithuania,
an eastern European state that was for the major part composed of Belarusian landsÖ Given that
status, Wilno was also bound to become a major bookpublishing center. Over centuries, ancient
manuscripts were copied and great works and scholarly essays written there. Rich private collec
tions of books were gathered such as those owned by the Wolowiczes, the Pacews, Bishop Georgy
Albinus. Large libraries were also amassed by monasteries.
In 1525, Francysk Skaryna founded a printing shop in Wilno, the first ever of its kind in the east
ern Slavic lands, that put out books in the Cyrillic script. It was there that "Epistles" and "Small
Travel Book" were published using Belarusian spelling.
The tradition set by Francysk Skaryna was carried on by his numerous followers ñ the Mamonicz
family printing office that was in operation for nearly half a century, the Orthodox fraternity printing
shop at the Holy Spirit Monastery and, finally, by the Wilno Academy, established in 1579, the first
and, over several centuries, leading institution of higher education that became the country's main
publisher of Latin script literature not only on theology, but also on science, astronomy, language
studies, etc.
There is always
a book to be found
for every stage in our life,
a book that becomes
a wise counselor,
an experienced healer,
an intelligent mentor,
a perceptive psychologist
or a caring companion.
Serguei SOKOLOVSKY
Manager, Working Capital Lending Unit,
Banking Services Department
Tatsiana VASILYEVA
Lead Economist, Loan Portfolio Analysis Unit,
Credit Risk Management Department
Behind their
curtain of words, books
hide a magnificent tree
of knowledge which
fruit are delicious and just
an arm's length away.
ANNUAL REPORT 2007
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IV
LENDING OPERATIONS
In keeping with its business development
Lending resources of USD 25.1 million
strategy, the Bank saw its primary mission in pro
extended to GTPUP Belryba to finance fish and
viding loan support to exportoriented compa
seafood deliveries allowed the company to raise
nies in the chemical, oilrefining, engineering,
its output by 68%.
consumer electronics and appliances, construc
tion materials, food processing, building and
Owing to a loan of about USD 28.0 million in
powergenerating industries, and businesses in
the equivalent, OAO Horizont strengthened its
the SME sector. Further impetus was given to
foothold in the TVset market and expanded the
expanding its retail consumer lending.
manufacturing of new products such as LCD TVs
and monitors, DVDplayers, microwave ovens,
At the start of 2008, the customer loan debt
vacuum cleaners, air conditioners, etc.
totaled an equivalent of Br 629.1 billion, or,
itemized by type of currency, amounted to Br
Loans granted to OAO KhimvoloknoMo
210.7 billion, USD 135.6 million, EUR 30.5 mil
gilev to finance its daytoday operations to
lion and RUR 361.5 million. Over 2007, the
taled USD 33 million in 2007. Largely owing to
Bank's loan portfolio grew 38.4%.
this support, the company raised its volume of
production by 10% and increased its product
The share of publicsector companies within
sale receipts by 29%.
the loan portfolio was 13.2%.
Funds of EUR 9 million loaned to ZAO MAZ
In 2007, loans granted to the real sector of the
MAN JV enabled it to launch a new line of heavy
economy amounted to an equivalent of Br
commercial vehicles and expand its manufactur
1,332.4 billion. Financial leasing transactions
ing capacity. In 2007, the company produced
totaled Br 17.5 billion.
over 200 trucks and loaders, increasing its pro
duction volumes by 37% against 2006.
Loan support was rendered to large compa
nies in the real sector of the economy such as
Loan recipients in the agribusiness sector
OAO Naftan, OOO Santa Bremor JV, OAO
included OAO Savushkin Produkt (lending in an
Horizont, GTPUP Belryba, ZAO MAZMAN
amount equivalent to Br 27.42 billion), OAO
JV,
RUPP
Gomel MeatProcessing Factory (a Br 18.21 bil
AvtogidrousilitelBorisov, UPP VKK Vitba, and
lion loan), OAO Volkovysk MeatProcessing
others. Considerable lending resources were
Factory (a Br 4.37 billion loan), and Kobryn
granted to business entities to cushion the
ButterandCheese Plant (a Br 2.85 billion loan).
OAO
KhimvoloknoMogilev,
negative impact of energy price hikes and
ensure timely payments for feedstock and pri
mary commodities.
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ANNUAL REPORT 2007
The Bank continued to expand its business
with leasing companies, ZAO MAZkontrakt
lising and OAO Stroyinvestlising, that were
OAO Prodtovary in the amount of Br 14.9 bil
granted loans equivalent to USD 12.5 million to
lion for the construction of a store and
purchase commercial vehicles and construction
a 50seat cafe with a parking lot in Brest;
machinery for subsequent leasing. Over 80%
of vehicles and machinery were acquired from
domestic manufacturers.
A considerable portion of lending resources
ZAO Evrosot in the amount of USD 3.0 mil
lion for the construction of a roofed market
pavilion of 5.1 thousand m2 in space in
Soligorsk; and
was allocated to finance investment projects.
OOO Volenstroy in the amount of USD 1.0
In the year under review, investment lending
million for the construction of an office
totaled an equivalent of Br 150.8 billion, includ
building with a construction materials shop
ing an equivalent of Br 17.13 billion attracted
ping center of a total floor space of 8.1 thou
sand m2 in Minsk.
from foreign lenders.
Under an investment project for the purchase
As an agent bank of the Government of Be
of a confectionary production line, OAO Spartak
larus, the Bank continued to manage foreign
was granted a loan of EUR 2.5 million. Once fully
credit lines set up under sovereign guarantees to
operational, the new line would allow to expand
finance major investment projects. The amount
the range of products, raise their competitiveness
of loans outstanding under these credit lines
and increase production volumes by 22%.
totaled an equivalent of EUR 60.2 million.
The Bank opened a RUR 92.8 million credit
line to OAO Orshastroymateriyaly to pur
chase equipment for the production of cellu
lar concrete. The implementation of this pro
ject would help raise its production capa
city 2.6 times.
Lending business with OAO Borisov DOK,
a modern woodworking enterprise, is develop
ing on a longterm basis. Under a financial lease
arrangement, the company received a total of
Br 0.4 billion worth of equipment and commer
cial vehicles and was granted a EUR 1.7 million
credit line to finance its project of manufacturing
wooden dwelling houses.
The Bank opened credit lines to finance
a number of projects in the social sector for:
In 2007, Belvnesheconombank onlent a total
of EUR 5.8 million under credit lines from
Bayerische Hypo und Vereinsbank AG and
MediobancaBanca di Credito Finanziario
S.p.A.. Of that amount:
EUR 2.4 million was disbursed to finance the
third phase of the construction of a teaching
building of Belarusian State University; and
EUR 3.4 million was disbursed to finance
two investment projects at OAO Khim
voloknoMogilev.
Guided by its business development strategy, the
Bank continued to issue loans to small and medium
enterprises. Overall lending to the SME sector
amounted to an equivalent of Br 337.4 billion.
Further efforts were put into expanding retail
JV LadaOMC Holding ZAO in the amount
lending operations. As a consequence, in 2007
of USD 3 million for the construction of
retail loans outstanding rose by Br 23.4 billion
a block of flats of a total floor space of 5.1
thousand m2 in Minsk;
(42.1%) and totaled Br 79.0 billion as at January
1, 2008. Consumer loans accounted for 74%
ANNUAL REPORT 2007
19
(Br 58.5 billion) of the total, while real estate
of the total of customer and interbank loans,
loans reached Br 20.5 billion, or 26% of the to
with rescheduled loans kept at 0.12% and over
tal. As at January 1, 2008, retail loans accounted
due ones ñ at 1.16%.
for 12.6% of the Bank's aggregate loan portfolio.
The Bank continued to take measures to
improve the quality of its loan portfolio. As at
January 1, 2008, problem loans stood at 1.28%
The share of problem assets within the assets
exposed to credit risk was 1.6% against 2.8%
at the start of 2007 and the 4.0% benchmark
recommended by the National Bank.
LOAN PORTFOLIO BREAKDOWN BY INDUSTRY
AS AT JANUARY 1, 2008
32.98%
43.36%
Manufacturing
Agriculture
18.83%
Construction
2.6%
2.23%
20
ANNUAL REPORT 2007
Trade and Catering
Other Industries
V
CORPORATE CUSTOMER BASE PROFILE
In the year under review, the Bank con
House, ZAO NPP Belsoft, ZAO Mazkontrakt
tinued to focus its efforts on implementing its
lising, OOO Polymya, OAO Lenta, JV OOO Sel
strategy of serving business customers of differ
khozuslugi, and JV OOO PP Polesye.
ent types of ownership and providing the
widest possible array of versatile banking servi
As at January 1, 2008, over 11.3 thousand busi
ces. With this goal foremost, special emphasis
nesses, including nearly 5.0 thousand legal enti
was placed on such strategy components as
ties, maintained their accounts with the Bank.
building customer loyalty and maintaining high
service quality standards.
The core of Belvnesheconombank's corporate
customer base is constituted by large domestic
companies in the field of manufacturing and
exporting finished goods and primary commodi
ties, transportation, farming, construction and
trading sectors. Among them there were such
companies wellknown domestically and interna
tionally as OAO KhimvoloknoMogilev, RUP
The Bank consistently worked to sign up dy
namically developing and efficiently operating
businesses. Where deemed appropriate, the
Bank offered a mix of customized banking prod
ucts tailored to meet specific customer require
ments. Such special valueadded services were
offered to business entities as a promotional
incentive to open additional settlement accounts
with the Bank and also to selfemployed entre
preneurs setting up private unitary companies.
Minsk Automobile Plant, OAO Naftan, ZAO
Owing to customer recruitment measures
Beltechexport, ZAO Atlant, OAO Savushkin
employed by the Bank more than 750 business
Produkt, GTPUP Belryba, OAO Borisov DOK,
customers opened current accounts with the
OAO Horizont, JV OAO Spartak, OAO Nieman
Bank during the past year. Among those who
Tobacco Factory, OAO KhimvoloknoGrodno,
chose to make use of the Bank's services were
RUP BelAZ, FE McDonald's Restaurants, FE Coca
such companies as JV OOO Santa Bremor, JV
Cola Beverages Belorussiya, TCHUP BT Tele
Belnefteresurs, FE Senzib Oil, SZAO Belpharm,
communications, JV ZAO MAZMAN, OAO Go
COOO Dalenkor, OAO Pripyat Hotels, ZAO
mel MeatProcessing Factory, JV OOO Krupitsa,
Teldafaks, OOO Sem Holmov, OOO Belga, and
RUP ZIV, OAO Zabudova, RUP Tradition Trading
OOO Stroyinvestlising.
ANNUAL REPORT 2007
21
NESWIZH
The renowned seat of the Radzivill Princes, uncrowned rulers of the Grand Duchy of Lithuania,
this city could not but be drawn into the mainstream cultural trends of the day. As if a mirror, the his
tory of this small city has reflected the country's checkered history. It was in Neswizh that the Radzi
vills kept their rich library that despite losses suffered during turbulent times sprang back and was
kept replenished and enlarged until the outbreak of World War II. It contained the rarest manuscripts
and greatest works published in various countries and in a multitude of languages. Local Catholic
monasteries also boasted sizable library collections.
As a matter of record, books were printed in Neswizh too, both in Cyrillic and Latin scripts. As
sociated with this city are the names of Mathej Kawieczinski, who organized a printing shop at the
Prince's Court, and Symon Budny, who published his Chatechism there in 1562, one of the first
books ever published in Belarusian. Local Jesuits, who founded a collegium in Neswizh and man
aged the Prince's printing shop, also did much to promote book culture. They published a number
of Latin textbooks and also works by classic writers. By the time the Jesuit Order was disbanded, the
collegium's library comprised 15,000 titles.
A good book is a harmonious
amalgam of mutually
complementing intellect
and soul, rationalism and emotion,
past and future,
fact and fancy. Brought in touch
with the mind, such book,
like a grindstone, finetunes
and sharpens thinking.
Iryna DREMUK
Deputy Manager, Import Documentary
Operations Unit, International Department
Alexander KASHLACH
Head, Financial Institutions and Trade Finance Division,
International Department
A good book for man
is what a master's hand
for the harpsichord
or the organ – its message,
like music, illumines the mind
and agitates the heart.
ANNUAL REPORT 2007
23
VI
INTERNATIONAL COOPERATION
In promoting its international cooperation,
financial institutions to finance interbank and
Belvnesheconombank sees its prime goal in
trade finance transactions. Over 2007, the aggre
enhancing its position and business reputation in
gate value of such credit lines rose from USD 78
international and domestic financial markets,
million to USD 115 million. Especially close was
improving service delivery to financial institu
cooperation
tions, expanding its counteragent base, and
Vereinsbank AG (Munich, Germany), Commerz
developing its correspondent banking network
bank AG, Deutsche Bank AG (Frankfurt/Main,
with a view to securing the most advantageous
Germany), Bank Austria Creditanstalt AG
international payment terms and conditions and
(Vienna, Austria), KBC Bank N.V. (Brussels,
scaling up lending to the national economy by
Belgium), Credit Europe Bank N.V. (Amsterdam,
tapping international sources of funding.
the Netherlands), Vnesheconombank, Sberbank
with
Bayerische
Hypo
und
of Russia and Promsvyazbank (Moscow, Russia).
COOPERATION WITH FINANCIAL
INSTITUTIONS
Operating one of the most ramified corre
INTERNATIONAL SETTLEMENTS
AND TRADE FINANCE
spondent banking networks in the Belarusian
The Bank actively deployed its many years'
banking industry, Belvnesheconombank is well
expertise in the conduct of international settle
positioned to deliver its customers expeditious
ments and documentary transactions to facili
international payment and settlement services.
tate trade business of Belarusian exporting
In 2007, the Bank maintained correspondent
companies.
relations with over 700 banks in 85 countries
across the world. At that, 26 resident banks
In 2007, the Bank issued 250 import L/Cs
used Belvnesheconombank as their EUR/USD
totaling an equivalent of USD 60.1 million, i.e.
clearing house in Belarus, thereby considerably
7.5% as much as in 2006. Considerable effort
cutting transaction execution times and mini
went into promoting the application of uncov
mizing their costs.
ered L/Cs and shortterm L/C financing by foreign
banks. In 2007, 210 uncovered L/Cs were issued
While maintaining and promoting business
to the tune of USD 56.5 million, i.e. 94% of the
relations with its key correspondent banks,
total value of all L/Cs opened over the year. 158
Belvnesheconombank actively sought to find new
L/Cs in the amount of USD 34.9 million were
counterparty banks capable to offer the Bank and
confirmed.
its customers the most comprehensive package
of trade finance and interbank services under the
most advantageous terms and conditions.
Utilization of uncovered L/Cs and financing
schemes allowed the Bank to save on resources
otherwise required to credit those of the cus
24
A high level of trust enjoyed by Belvnesheco
tomers that were in need of additional funds and
nombank was reflected in an increase in credit
also attract new customers interested in using
line facilities made available by leading foreign
such instruments in their import transactions.
ANNUAL REPORT 2007
In 2007, the Bank processed 101 export L/Cs
5 loans totaling EUR 41.4 million advanced
totaling USD 130.3 million and issued 137 bank
by Bayerische Hypo und Vereinsbank AG.
guarantees worth USD 54.9 million, i.e. 60%
As at 01.01.2008, outstanding balance was
and 59% as much as in the previous year,
EUR 32.5 million;
respectively.
2 loans in the total amount of EUR 12.4 mil
In effecting documentary transactions, the Bank
attracted funds from its customers as security.
lion issued by Austria Creditanstalt AG and
fully repaid as at 01.01.2008;
Over the year, the volume of documentary trans
a loan of USD 37.3 million from the Czech
actions secured by customer guarantee deposits
Export Bank, fully repaid as at 01.01.2008;
rose from Br 20.3 billion to Br 52.6 billion.
a loan of KD 5.1 million provided by the
Kuwait Fund for Arab Economic Develop
The Bank's main documentary business cus
tomers included RUP Minsk Automobile Plant,
ZAO
Beltekhexport,
OAO
ment. As at 01.01.2008, outstanding balance
was KD 4.8 million; and
Khimvolokno
Mogilev, OAO Mineral Wax Plant, OAO
2 loans totaling EUR 11.3 million extended by
Bobruisk Machine Building Plant, UP Institute
Mediobanca ñ Banca di Credito Finanziario
BelNIIlit, OAO Horizont, OAO Polimir, RUP
S.p.A. As at 01.01.2008, outstanding balance
KhimvoloknoSvetlogorsk, OAO Peleng, ZAO
was EUR 9.0 million.
NPP Belsoft, OAO Mogilev Artificial Fibers
Plant, ODO Sem Holmov and SOOO Expert
gaztekhnika.
Foreign loans made available under Belarus
government guarantees in 2007 totaled EUR
5.8 million.
OVERSEAS CREDIT LINES
In April 2007, Belvnesheconombank and a
During 2007, Belvnesheconombank, acting
as an agent bank of the Belarusian Government,
continued to manage 22 governmentguaran
teed foreign loans to finance investment proj
ects, including:
11 loans in the total amount of EUR 113.4 mil
..
Dresdner Bankled syndicate of German banks
signed a loan agreement under a Belarus govern
ment guarantee. The agreement provides for a lo
an disbursement of up to EUR 125 million by way
of implementing individual loan agreements.
Loan agreements without sovereign guarantees
Ausfuhrkredit
were signed with Banca Nazionale del Lavoro,
Gesellschaft mbH; 6 loans were fully re
Italy, in the amount of EUR 0.64 million and
paid during 2007. As at 01.01.2008, out
Dresdner Bank AG, Germany, in the amount of
standing balance on loans disbursed was
EUR 1.3 million to finance equipment deliveries
EUR 18.6 million;
to JV OAO Spartak and OAO Savushkin Produkt.
lion
extended
by
AKA
ANNUAL REPORT 2007
25
KUTEJNO
Like a shooting star, Kutejno sped in a bright flash across the skyline of Belarusian culture. This
book center was set up in the 1620s following the establishment of the Epiphany Monastery in the
lands held by the Statkiewicz magnates outside Orsha and ceased to exist already in the 1650s after
Patriarch Nikon ordered the local monks to relocate to the Iver Monastery at Lake Valdai. Despite
such a brief span of time, the Kutejno monastic brotherhood had a lot of accomplishments to their
credit. They had managed to amass a priceless library with some of its books later becoming treasu
red gems in the Patriarchal collection in Moscow, founded a scriptorium to copy manuscripts not
only for their own use but also on customer orders, and, finally, built a printing shop that produced
more than a dozen titles. Among others, the Kutejno printing shop gave life to such books as
"Everyday Prayers" and "Reading Primer" published in 1631, "Book of Hours" ñ in 1632, "Lord's
Prayer Commentaries" by John Chrysostom ñ in 1636, "Didascalia" by Sylvester Kossow ñ in 1637,
"Psalter" ñ in 1642 and circa the 1650s, and "Dioptra" ñ in 1651 and 1654. Some of the books were
unique for their time as, for example, "The Story of Barlaam and Iosaphat" that was the first ever
Cyrillic print publication of this fictionalized story not only in Belarus but all across Eastern Slavic
lands. Kutejno also gave rise to the formation of a school of original book engraving that stylistically
was closely related to the folk art traditions.
Like haphazardly moving atoms
that, as if directed by some
unbeknown intellect,
come together in a matrix
recreating a human body,
jumbles of printer's letters
get sorted out into orderly lines
conceived by the human mind and,
once committed to paper,
produce a coherence
of interconnected statements
that become a book.
Vera ROMANENKO
Deputy Manager, Lending Management
and Accounting Unit, Center of Banking Services ñ 1
Igor ROMANOVSKIY
Deputy Director for Retail Service Promotion and Methodology,
Center of Banking Services ñ 1
The book is a unique vehicle
of cognizing the world
and gaining an understanding
of our place in it.
It is capable of carrying us
to other lands and taking
on travels in time to discover
other people's thoughts
and emotions.
ANNUAL REPORT 2007
27
VII
RETAIL BANKING
Belvnesheconombank delivers the entire
In order to encourage household investors
range of retail banking products as this market
and increase the inflow of household funds, the
segment is traditionally viewed to be one of the
Bank introduced a new deposit arrangement,
Bank's core lines of business. Owing to its staff
Universal, offering personal customers an effec
professional expertise, extensive branch network
tive and flexible way of managing their cash
and modern technological infrastructure, the
funds in Br, RUR, USD and EUR under terms and
Bank is strongly positioned to maintain high servi
conditions uniformly applied all across the
ce standards and ensure maximum customer satis
Bank's service outlets.
faction, provide a broad spectrum of banking
services and exercise a flexible approach to mar
keting various types of banking products.
In order to increase its revenues from retail
operations, the Bank kept working on signing up
more business entities to participate in card
As at January 1, 2008, the Bank's retail arm
based payroll programs. Owing to a high stan
served over 148 thousand personal customers. The
dard of service provision and a wide range of
Bank consistently strove to ensure greater service
service options made available to holders of pay
convenience for personal customers. Retail servic
roll cards, the Bank had over 1400 payroll pro
es were offered by 24 branches, 3 centers of
grams under its management.
banking services, 25 banking outlets, 12 cash
andsettlement centers and 13 exchange offices.
During 2007, retail loans reached an equiva
lent of Br 65.2 billion. Especially strong was the
The banking products enjoying the greatest
customer demand included:
term and call deposits;
demand for loans to finance consumer needs.
They amounted to Br 55.7 billion, or 85% of the
total. Realestate loans came to Br 9.5 billion.
consumer loans, including cardbased revolv
Cardbased revolving credit lines continued to
ing credit lines, realestate and car loans; and
gain popularity among personal customers. Total
standardized selfservice retail products dis
credit card disbursements rose 2.6 times and
pensed via ATMs, CATs, and Mobile Bank and
reached Br 23.5 billion at end2007.
InternetBank facilities.
During the year under review, the Bank
In the year under review, the Bank continued
began marketing USDdenominated personal
to attract household funds in USD, EUR, RUR
credit cards and increased Br credit line limits.
and Br. As at January 1, 2008, household funds
Personal customers were offered an option to
raised by the Bank amounted to an equivalent
make loan repayments at any of the Bank's cash
of Br 289.5 billion, including Br 74.0 billion in
desks and exchange offices irrespective of where
the national currency and an equivalent of USD
their loan accounts were maintained.
100.2 million in foreign currencies. Over the
accounting year, attracted household deposits
increased 111.1%.
28
ANNUAL REPORT 2007
The Bank conducted a regular marketing
analysis of the retail lending markets. As a re
sult, procedures of lending for the purchase
age household payments effected in their favor
of new cars were simplified and the spectrum
via all of the Bank's teller offices.
of their application enlarged.
In the year under review, the Bank continued
Within the framework of extending realestate
to cooperate with insurance companies with
loans, the Bank began to issue loans to purchase
a view to broadening the scope of services
unfinished mothballed premises (dwelling hous
offered by the Bank in its intermediary service
es). Caps on granting cash loans were removed.
providing capacity.
With a view to expanding personal cus
Belvnesheconombank offered the country's
tomer access to its banking services, the Bank
largest mix of foreign currencies for cash
launched a mix of Internetenabled services
exchange transactions. In 2007, personal cus
such as checking account balances, receiving
tomer cash sell/buy and conversion transac
statements of the account, paying phone and
tions rose 1.3 times and increased by USD
utility bills, performing call deposit transac
84.0 million.
tions, and repaying Visa Electron and Visa
Classic cardbased loans. Accessing and mana
Expanding
cooperation
with
American
ging accounts via the Internet added to the
Express led to an increase in the sale of traveler's
appeal of payroll projects to personal customers
checks that act as a safe alternative to cash funds
and contributed to the growth of the Bank's
for those heading abroad. The Bank provided
customer base.
encashment services to holders of traveler's
checks issued by Thomas Cook, American
In order to expand its retail market penetra
Express, Citicorp and Visa.
tion, the Bank promoted its products among
serviceproviding and goodsselling business
Both the Bank's head office and branches
es to manage their customeroriginated bill
continued to sell precious metal bars. In 2007,
settlement payments.
gold sales amounted to over 49 kg.
The Bank's ATMs and CATs accepted pay
Western Union retail network run by
ments of phone, utility, cable TV and Internet
Belvnesheconombank and its subagent banks
bills invoiced by 29 service providers. The Bank
comprised 305 outlets accounting for around
had over 250 service agreements with business
40% of all Western Union money transfers in
entities and selfemployed entrepreneurs to man
the country.
ANNUAL REPORT 2007
29
SUPRASL
The Annunciation Monastery in Suprasl was never rated to be among the oldest ones in what
was Belarus in olden times. It was founded fairly late, in 1498, by Aleksander Chodkiewicz, Nowo
grudek Governor and Marshal of the Grand Duchy of Lithuania. For all that, it soon gained fame as
one of the main centers of Eastern Christian faith in the then Belarusian lands. As early as the 16th
century, it had a library of rarest manuscripts, incunabula and palaeotypes, as, for example, the so
called Suprasl Codex of the 11th century printed by Fiol, Skaryna, Tjapinski and others. The book
collection was continuously added to, among other things, by copying rare books and creating new
texts as, for example, polemic essays.
After the Annunciation Monastery acceded to the Union of Brest and was taken over by the Basi
lian Order, its library began to actively acquire Latin literature and books in Polish, French, German
and Italian. The printing shop that was set up there in the 1690s and existed till the early 19th centu
ry was not only supplying GreekCatholic liturgical texts but was also putting out fiction books and
publications on scholarly and agricultural matters. In all, over the years of its existence it published
over 420 titles both in Cyrillic and Latin alphabets.
Reading good books
enriches one with the capital
of human wisdom.
And thoughts born during
such reading are the interest
that one gains
from this capital.
Elena IVANIOUK
Manager, Bank Card Issuance Unit,
Bank Cards Department
Sergey ROMASHKO
Director, Bank Cards Department
Books help to shape taste,
develop clearness
of the mind,
grasp subtleties of its workings,
soften the heart
and bring out noble
feelings in man.
ANNUAL REPORT 2007
31
VIII
BANKCARD BUSINESS DEVELOPMENT
Belvnesheconombank, a frontrunner in the
The card service facilities were further expand
introduction of cardbased payment services in
ed. The SBS network was broadened by over
Belarus, continues to maintain its leadership
20% and now comprises 132 ATMs and 35 CATs.
positions among domestic banks in this market
segment. The Bank holds the status of Principal
Member of MasterCard Inc. and Visa Inc.
Unlike the case with most other domestic
banks, Belvnesheconombank's ATM and CAT
functionality allows to make payments by means
The Bank installed the country's first ATM and
POS
payment
terminal,
issued
the
of cards issued by any bank across the country
first
and the world. Using these facilities, holders of
MasterCard card, and pioneered sales of interna
bank cards can repay loans, place or withdraw
tional credit cards. It was the first bank in the
funds from their call deposits, hook up to the
country to launch billsettlement payments via
MobileBank and InternetBank services. In addi
ATMs and CATs.
tion to the above options, the MobileBank and
InternetBank services provide access to the list
The Bank is licensed to offer processing servi
of SBS ATM and CAT locations by means of the
ces to other domestic banks. With Belvnesh
cell phone and the Internet, and allow customers
econombank's assistance, five banks ñ OAO Tekhno
to block their cards.
bank, ZAO ITIBank, OAO MoscowMinsk Bank,
ZAO BelSwissBank and ZAO RRBBank ñ gained
access to the international card payment systems.
The Bank's acquirer network comprised over
650 merchants nationwide.
Holders of cards issued by these banks are
offered a feefree service at any of the ATMs and
Card sales were kept proportional to the
CATs of the SelfService Banking System (SBS)
growth of the ATM/POS network to ensure maxi
jointly run and developed by Belvnesh
mum customer satisfaction. The ratio of cards
econombank and its partner banks. SBS also
sold to POS terminals installed at merchant loca
offers MobileBank and InternetBank services.
tions was kept compliant with international best
practices and the Belarus National Bank
The year 2007 saw the introduction of the
InternetBank Service offering customers a sim
guidelines and was maintained at 145 items
per POS terminal.
ple, convenient and safe method of managing
their card accounts, validation by the interna
To compare with 2006, the number of cards
tional card payment systems of the Bank's
in circulation increased 31.0% and totaled
ATM/CAT system for migration to EMV chip
96.9 thousand, with Brdenominated cards
cards, launch of USD credit card sales, and
scoring a 35% growth and reaching 91.3 thou
accession of the fifth bank, ZAO RRBBank, to
sand items.
the pool of its partner banks.
32
ANNUAL REPORT 2007
IX
BRANCH NETWORK
The Bank's successful operations in 2007
In 2007, the branches continued to build up
were facilitated by a strong business growth gen
their retail sales. In pursuing their retail busi
erated by its branch network. As at January 1,
ness expansion, they focused their efforts on
2008, it comprised five regional branches and
broadening the spectrum of products, deliver
19 branches. The branches accounted for 91%
ing service quality improvements and ensuring
of all business customers holding accounts with
greater customer satisfaction. A high dynamic
the Bank, 69% of all funds placed therein, 68%
growth was attained in household credit oper
of customer loans outstanding, including 87% in
ations with loans outstanding scoring a 40%
Br. The branches managed about 73% of raised
increase and reaching Br 68.2 billion at the
household funds and 86% of all household
start of 2008. Household funds in current
loans outstanding.
accounts and deposits exceeded an equivalent
of Br 211 billion and remained to be the largest
During the year under review, the amount of
customer loans disbursed by the branches
single source of funding within the branch net
work liability structure.
increased by an equivalent of Br 98.8 billion, or
29,8%, and reached Br 430.7 billion as at
The branches continued to dynamically
January 1, 2008. The share of problem loans
expand their card sales. Cards in circulation
within the branch network loan portfolio went
rose by 32%, coming close to 85 thousand
down by 1.4 percentage points over the same
items. Credit card sales in the year under
period and was 0.6% as at January 1, 2008.
review increased 1.8 times, totaling 10.1 thou
sand items as at January 1, 2008. Cardbased
The branches posted a profit of Br 9.7 billion.
revolving loans outstanding scored more than
The main profit generators were Minsk Branch 2,
a 2.6time increase and reached Br 19.6 billion
Minsk Central Branch, and regional branches in
at end2007.
Mogilev, Gomel and Brest.
ANNUAL REPORT 2007
33
X
SUBSIDIARIES AND ASSOCIATED COMPANY
As at January 1, 2008, the Bank's equity
SZAO Vneshenergoservis was established in
investments totaled Br 3,372.1 million and cov
2007 on the basis of the Bank's subsidiary,
ered 14 legal entities, including Br 3,222.7 mil
Interbranch Institute for Independent Expertise
lion invested in its subsidiaries and associated
of Investment Projects. The company special
company. The Bank's subsidiaries comprise USP
izes in marketing and implementing energysav
Belvneshstrakh, SZAO Vneshenergoservis, SZAO
ing technologies. It has embarked upon the
Belinterfinance, KSO Vneshstroyinvest OOO
implementation of a combined heat and power
and KSO Vnesheconomstroy OOO. The Bank's
miniplant construction project for OAO
associated company is ZAO Sivelga.
Krasnoselskstroymaterialy, and is developing
similar projects for implementation elsewhere
During 2007, the Bank's subsidiaries and
across the country.
associated company pursued their lines of busi
ness as defined by their Articles of Association
and business development strategies.
SZAO Belinterfinance generated Br 5,883
million in endofyear earnings, posting a pre
tax profit of Br 54 million. In addition to pursu
Belvneshstrakh Unitary Insurance Company is
ing its traditional activities embracing agricul
operating in the market of customer voluntary
tural production, leasing and rental of agricul
insurance of financial, property and foreign trade
tural machinery, the company is exploring other
risks. In the past year, the company concluded
promising business opportunities, in particular,
5.5 thousand insurance policy contracts; its paid
supplying advanced technologies for the log
in premiums totaled Br 5,498.8 million, scoring a
ging industry, construction and retooling of
44.4% increase compared with the year before.
foodprocessing plants, cattlebreeding and
During the accounting year, its revenues reached
construction industries.
Br 8,425.6 million, and its pretax profit amount
ed to Br 2,176 million.
Vnesheconomstroy OOO Commercial Joint
Venture, acting as an investor and ordering cus
Vneshstroyinvest OOO Commercial Joint
tomer of a multifunctional complex construction
Venture runs a sporting and fitness facility, Mir
project, completed an architectural design of the
Fitnesa/World of Fitness. In 2007, the company
project and finalized it with the relevant city
generated Br 6,758 million in earnings from the
supervisory authorities and government agen
sale of its products and services and posted a pre
cies. The company obtained building and land
tax profit of Br 782 million. Such results were
use permits, and began to develop a relevant
achieved owing to the growth in its customer
business plan.
base, implementation of a credit program of
34
annual season ticket sales, introduction of new
ZAO Sivelga, the Bank's associated company,
season ticket plans, provision of extra services,
is a robustly operating footwear manufacturer. In
application of a flexible pricing policy, imple
the past year, its earnings from the sale of its
mentation of external marketing programs, more
products (works and services) reached Br 31,392
vigorous advertising, hosting workshops on a fee
million while its endofyear pretax profit
basis, and renting out office space.
amounted to Br 2,131 million.
ANNUAL REPORT 2007
XI
COMMUNITY SUPPORT AND SPONSORSHIP
In 2007, Belvnesheconombank sponsored
Minsk Boarding School No.10 for mentally and
various charitable causes and sporting events,
physically retarded children in state care,
and dispensed financial patronage to nationally
Secondary School No. 13 in Mozyr and Secon
significant cultural programs.
dary School No. 21 in Gomel.
In particular, financial assistance was provid
Assiastance was also provided on a caseby
ed to the Belarusian Tennis Association to stage
case basis to handicapped persons and low
a Davis Cup World Group match, the
income families in financial straits.
Belarusian
Handball
and
Alpine
Skiing
Federations to set up and develop their sporting
The farming sector was a traditional recipi
facilities, the state establishment "Palace of the
ent of the Bank's donations. In 2007, financial
Republic", and Junior Eurovision Song Contest
support was rendered to Orda farm in Kletsk
winners, Ksenia Sitnik and Andrey Kunets.
District, Minsk Region, to purchase spare parts
for agricultural machinery and procure motor
Over the year, donations were also made to
fuels and lubes.
charity funds, civic organizations and profes
sional unions, including the Belarusian
The total amount of donations committed
Association of Assistance to Disabled
by the Bank for community support and char
Children, Belarusian Association of Disabled
itable objects in 2007 amounted to Br 121.9
War Veterans, Belarusian Civic Association of
million.
Veterans and Belarusian Athletic Union.
In 2007, the Bank provided assistance to
ANNUAL REPORT 2007
35
XII
HUMAN RESOURCES DEVELOPMENT
The key goal of the Bank's personnel policy
didates for managerial positions selected from
in 2007 was to retain and develop a highly
among branch staff members and those substi
skilled team capable of effectively implementing
tuting temporarily absent regular managing
immediate and longterm plans of the Bank.
officers were put through specially designed
training programs. In 2007, 57 staff members
As at January 1, 2008, Belvnesheconombank's
completed such training programs and raised
staff comprised 2,266 employees, including 879
their professional competencies in various divi
working in the head office, and 1,387 deployed
sions of the Bank.
in the Bank's branches. 71.6% of the empoloyees
had university education, 15.2% completed
98 staff members attended offsite work
collegelevel training and 13.2% had certificates
shops and skills upgrading programs, including
of secondary education. Among them there were
those held abroad.
10 PhD and 5 Master of Economics degree hold
ers. All staff members in the Bank's core business
areas held relevant universitylevel degrees.
In order to maintain adequate English lan
guage competencies and facilitate business com
munication with foreign counterparts and cus
Employees under the age of 40 made up about
60% of the total workforce. Female and male
tomers, the Bank ran foreign language proficien
cy courses attended by 75 staff members.
employees accounted for 70.3% and 29.7% of
the Bank's staff, respectively.
70 staff successfully pursued university
degree courses mastering new specializations,
High professionalism of the Bank's staff is one
of the main factors that in large part determines the
with 31 of them taking second university
degree studies.
quality of the customer service. In view of this,
special emphasis was placed on improving staff
Belvnesheconombank continued to promote
training, retraining and skills upgrading programs.
its collaboration with domestic universities and
colleges. 118 students from various educational
In 2007, the Bank ran 20 workshops
attended by 534 employees. In addition, can
36
ANNUAL REPORT 2007
establishments completed their traineeships
at the Bank's divisions.
2008 BUSINESS OBJECTIVES
XIII
In 2008, Belvnesheconombank's activities will
be geared towards strengthening its competitive
edge within the banking industry of Belarus on
the basis of a longterm and largescale coopera
tion with its strategic investor, State Corporation
"Bank for Development and Foreign Economic
Affairs (Vnesheconombank)", Moscow, Russia.
The Bank's strategy in the domestic financial mar
ket will be targeted on achieving leadership posi
tions in the foreign trade finance sector and play
ing a more prominent role in advancing and
enhancing integration processes between Russia
and Belarus. The Bank will consistently work to
expand its presence in various segments of
Belarus' market of banking services by imple
menting advanced banking technologies and
products
and
generating
customerservice
improvements on a qualitatively higher level.
With a view to attaining these strategic objec
tives and also meeting the target benchmarks set
forth by the 2008 Belarus Monetary Policy
Guidelines, 20062010 Belarus Banking Sector
Development Program and the Bank's 2008 busi
ness plan, it is envisaged to:
generate profit growth by no less than 1.9 ti
mes, raise operating efficiency through enhanc
ing return on equity capital and assets and cutting
down operating expenses;
increase equity capital by no less than 5.1 ti
mes by increasing its Authorized Capital, generat
ing higher
profits, building up profitbased
reserves and employing the longterm subordinat
ed loan extended to the Bank;
ANNUAL REPORT 2007
37
enlarge the funding base by no less than 1.6
expand financial support to customers by
times by increasing equity capital and cus
offering competitive valueadded services to
tomer accounts, signing up new business cus
exporting and importing companies through a
tomers, primarily from the nonstate sector and
substantial increase in longterm foreign bor
also businesses with foreign investments,
rowings, promoting cooperation with foreign
attracting household savings and raising fund
banks and international financial institutions
ing resources from foreign banks and nonbank
with a view to raising more capital in interna
credit and financial institutions;
tional financial markets;
continue to pursue a marketing policy on
generate improvements in the quality of the
the basis of a systemic approach to customer
loan portfolio and reduce the share of prob
service management, improvements in the
lem assets within the assets vulnerable to cre
quality of banking services, and application of
dit risks;
sale and pricing policies as a flexible financial
instrument of interaction with business and
personal customers;
continue to improve corporate gover
nance, further finetune the system of labor
remuneration and moral and financial
increase the loan portfolio by no less than 1.7
incentives and rewards, implement pro
times by financing exports of manufactured
grams of professional training for potential
goods and services, assisting government pro
ly promising staff members, and streamline
grams in support of solvent business entities in
the Bank's organizational structure and
various industries, implementing investment
staffing levels; and
lending, providing financing for counterdelivery
38
transactions between Belarusian and Russian
continue to build up and upgrade the
companies under cooperation programs, expan
Bank's technological infrastructure and intro
ding lending to efficiently operating SMEs, rein
duce new information technologies to gener
forcing its presence in new credit market sectors,
ate operability improvements and attain high
and introducing new retail lending products;
er customer service quality.
ANNUAL REPORT 2007
FINANCIAL REPORT 2007
Financial statements on pp. 4044 are in accordance
with the requirements of the Belarusian Legislation.
Financial statements in accordance with International
Financial Reporting Standards (IFRS) are available on
an enclosed compact disc.
BALANCE SHEET as at January 1, 2008
Belvnesheconombank, 32, Myasnikova St., Minsk
Reference
Items
2007
2006
42 205,5
69 987,9
15 267,3
15 267,3
156 366,8
634 205,4
3 372,1
64 098,2
12 276,5
997 779,7
27 511,1
69 572,5
22 542,5
6 141,2
16 401,3
167 384,3
456 584,8
2 267,1
56 520,5
10 130,5
812 513,3
Due to the National Bank
Loans and advances due to banks
Due to clients
Securities issued by the Bank
Other liabilities
TOTAL liabilities
8
164
691
1
21
887
424,3
514,4
665,0
215,7
525,9
345,3
5 626,5
82 987,1
613 625,6
5,1
18 098,6
720 342,9
Authorized capital
Issuance difference
Reserves
Retained profit
Balance sheet items revaluation fund
Total capital
TOTAL LIABILITIES AND CAPITAL
24 122,1
13 173,2
29 534,3
43 604,8
110 434,4
997 779,7
24 122,1
11 873,5
18 659,7
37 515,1
92 170,4
812 513,3
377 459,9
378 467,9
260 802,0
200 868,7
ASSETS
Cash
Due from the National Bank
Securities:
for trading
held to maturity
available for sale
Loans and advances to banks
Loans to clients
Longterm financial investments
Fixed and intangible assets
Other assets
TOTAL ASSETS
1101
1102
1103
11031
11032
11033
1105
1106
1107
1108
1109
110
(Br million)
LIABILITIES
1202
1205
1206
1208
1209
120
CAPITAL
1211
1212
1213
1214
1215
121
12
OFFBALANCE SHEET CLAIMS AND LIABILITIES
1301
1302
Claims
Liabilities
Georgy A. Egorov
Chairman of the Board
Zinaida S. Kushnerova
Chief Accountant
Signed on February 8, 2008
40
ANNUAL REPORT 2007
PROFIT AND LOSS ACCOUNT, 2007
Reference
Items
(Br million)
2007
2006
2011
Interest income
80 198,3
65 232,2
2012
Interest expense
40 917,7
36 752,9
Net interest income
39 280,6
28 479,3
2021
Fee and commission income
38 489,8
34 467,1
2022
Fee and commission expense
4 293,7
3 120,3
201
202
Net fee and commission income
34 196,1
31 346,8
203
Net foreign exchange gain
17 349,6
13 725,2
204
Net gain from securities transactions
ñ11,9
66,9
205
Dividend income
64,7
39,4
206
Net provision for reserves
5 205,7
7 479,9
207
Other income
2 420,2
6 358,5
208
Operating expense
61 420,8
54 291,2
209
Other expense
6 423,9
4 954,3
210
Income tax
7 251,7
5 085,4
12 997,2
8 205,3
53,87
34,01
2
PROFIT (LOSS)
Basic earnings per ordinary share (Br)
Diluted earnings per ordinary share
Georgy A. Egorov
Chief Accountant
ANNUAL REPORT 2007
41
STATEMENT OF CHANGES IN CAPITAL, 2007
Capital items
No.
Reference
Indicators
1
Authorized
capital
(Br million)
Issuance
difference
Reserve
fund
Retained
profit
(loss)
Balance
sheet items
revaluation
fund
Total
capital
Section I. During the year preceding the accounting period
11 053,1
16 834,0
29 712,5
81 723,6
820,4
1 825,7
7 802,6
10 446,8
x
x
x
8 205,3
x
8 205,3
x
820,6
820,6
x
1,9
x
5 559,0
x
5 560,9
x
x
x
x
x
x
5 559,0
x
5 559,0
1,9
x
x
x
x
1,9
x
x
x
x
7 802,7
7 802,7
24 122,1
0,2
11 873,5
18 659,7
0,1
37 515,1
0,3
92 170,4
Opening balance as at January 24 124,0
1, 2006
1,9
Change in capital items.
2
3011
3
3012
3.1
30121
3.2
30122
3.3
30123
3.3.1
301231
3.3.2
301232
Dividend distribution
3.3.3
301233
3.4
30124
3.5
30125
3.6
4
30126
3013
Transactions with purchased
treasury shares
Revaluation of balance sheet
items
Redistribution between capital
items
Other changes
Closing balance as at January
1, 2007
Including:
Profit (loss shown
with minus sign)
Profit appropriated for
reserves
Transactions with founders
(members)
Founders' (members') contri
butions to authorized capital
5
Section II. During the accounting year
6
3011
7
3012
7.1
30121
7.2
30122
7.3
30123
7.3.1
301231
7.3.2
301232
7.3.3
301233
7.4
30124
7.5
30125
7.6
8
30126
3013
Opening balance
as at January 1, 2007
Change in capital items
Including:
Profit (loss shown
with minus sign)
Profit appropriated
for reserves
Transactions with founders
(members)
Founders' (members')
contributions to authorized
capital
Transactions with purchased
treasury shares
Revaluation of balance
sheet items
Redistribution between
capital items
Other changes
Closing balance as
at January 1, 2008
24 122,1
11 873,5
18 659,7
37 515,1
92 170,4
1 299,7
10 874,6
6 089,7
18 264,0
x
x
x
12 997,2
x
12 997,2
x
1 299,7
1 299,7
x
x
822,7
x
822,7
x
x
x
x
x
x
822,7
x
822,7
x
x
x
x
x
x
x
x
6 083,4
6 083,4
24 122,1
13 173,2
0,2*
29 534,3
6,3**
43 604,8
6,1
110 434,4
* ñ roundoff; ** + 6.7 reversing entry for the years 20042006, 0.4 roundoff
Georgy A. Egorov
Chief Accountant
42 ANNUAL REPORT 2007
STATEMENT OF CASH FLOWS, 2007
Reference
Items
CASH FLOWS FROM OPERATING ACTIVITY
(Br million)
2007
2006
7010
Interest income
80 196,0
64 979,5
40 517,9
36 876,4
38 493,2
34 467,0
7011
Interest expense
7012
Fee and commission income
7013
Fee and commission expense
4 335,7
3 118,0
7014
Net income from forex operations
17 601,5
13 725,7
7015
Net income from securities operations
9,0
66,9
7016
Dividend income
64,7
39,4
7017
Other operating income
1 560,4
3 157,0
7018
Other operating expense
63 519,2
51 919,0
7019
Income tax paid
7 261,8
5 257,7
in operating assets and liabilities
22 272,2
19 264,4
Net decrease (increase) of cash
24 945,3
9 954,5
559,5
9 900,0
39 107,8
6 066,1
165 982,0
42 802,9
5 132,7
6 709,6
106 502,1
42 213,9
2 597,0
1 125,7
75 211,3
7 456,6
701
7020
Total cash profit (loss) prior to changes
with the National Bank
7021
Net decrease (increase) of cash in securities
(excepting securities held to maturity)
7022
Net decrease (increase) of cash in loans
and other advances to banks
7023
Net decrease (increase) of cash in customer loans
7025
Net decrease (increase) of cash in other operating assets
702
Total cash flows from changes
in operating assets
7030
Net increase (decrease) of cash from the National Bank
7032
Net increase (decrease) of cash in loans
and other advances from banks
7033
Net increase (decrease) in customer accounts
64 489,8
3 493,9
7034
Net increase (decrease) of cash from issuance of own securities
1 202,2
999,4
7035
Net increase (decrease) of cash in other operating liabilities
2 320,3
3 340,9
ANNUAL REPORT 2007
43
Total cash flows from changes in operating liabilities
703
Net cash flows generated from (used in) operating activity
70
145 820,6
495,5
61 590,7
23 445,0
CASH FLOWS FROM INVESTMENT ACTIVITY
7110
Purchase of fixed, intangible and other longterm assets
22 588,5
19 885,2
7111
Disposal of fixed, intangible and other longterm assets
18 067,4
16 790,7
7112
Purchase of longterm financial investments
1 107,0
1 245,1
1,9
125 108,2
63 064,2
131 108,1
112 187,4
373,7
44 783,6
in authorized capitals of other legal entities
7113
Disposal of longterm financial investments
in authorized capitals of other legal entities
7114
Purchase of securities held to maturity
7115
Redemption (disposal) of securities held to maturity
71
Net cash flows generated from (used in)
investment activity
CASH FLOWS FROM FINANCIAL ACTIVITY
7211
Issuance of shares
7212
Purchase of treasury shares
1,9
7213
Sale of previously purchased treasury shares
7214
853,6
5 474,2
72
Net cash flows generated from (used in) financing activity
853,6
5 476,1
73
Effect of official exchange rate on cash and cash equivalents
2 320,3
1 965,6
74
Net increase (decrease) of cash and cash equivalents
63 431,1
17 828,1
x
90 498,7
153 929,8
x
740
Cash and its equivalents at start of the period
741
Cash and its equivalents at end of the period
Georgy A. Egorov
Chief Accountant
44
ANNUAL REPORT 2007
CONTACT INFORMATION
BELVNESHECONOMBANK BRANCHES, CENTERS OF BANKING
SERVICES, SUBSIDIARIES AND ASSOCIATED COMPANY
BRANCHES
BREST REGION
GOMEL REGION
Brest Regional Branch
Gomel Regional Branch
16/1 Pushkinskaya str.,
55 Gagarina str.,
Gomel 246050
tel.: (80232) 747175
fax: (80232) 747120
email: [email protected]
Brest 224005
tel.: (80162) 238989
fax: (80162) 215190
Brest Regional Branch
Cash Settlement Center 1
332 Moskovskaya str., Brest
tel.: (80162) 421222
Branch in Baranovichi
82 Sovetskaya str.,
Baranovichi, Brest Region 225320
Central Cash Settlement Center
10a Internatsionalnaya str., Gomel
tel.: (80232) 740801
Spartak Cash Settlement Center
63 Sovetskaya str., Gomel
tel.: (80232) 552289
tel./fax: (80163) 412030
Novobelitsky Cash Settlement Center
Branch in Kobrin
2 Ilyicha str., Gomel
tel.: (80232) 364053
61 Dzerzhinskogo str.,
Kobrin, Brest Region 225860
tel./fax: (801642) 27419
Branch in Pinsk
Mashinostroitel Cash Settlement Center
1 Krestyanskaya str., Gomel
tel.: (80232) 745386
9 Brestskaya str.,
Branch in Mozyr
Pinsk, Brest Region 225710
4 Sayeta str.,
Mozyr, Gomel Region 247760
tel./fax: (802351) 29880
tel./fax: (80165) 324378
Branch in Pinsk
Branch in Rechitsa
66 Pervomaiskaya str., Pinsk
6 10 Let Oktyabrya str.,
Rechitsa, Gomel Region 247500
tel./fax: (802340) 32208
tel.: (80165) 323350
46
ANNUAL REPORT 2007
BRANCHES
GRODNO REGION
Grodno Regional Branch
51 B.Troitskaya str.,
Grodno 230023
tel./fax: (80152) 790759
Branch in Volkovysk
37 Lenina str.,
Volkovysk, Grodno Region 231900
tel./fax: (801512) 22219
Branch in Lida
23 Mitskevicha str.,
Lida, Grodno Region 231300
tel./fax: (801561) 21580
MINSK AND MINSK REGION
Minsk Central Branch
10 Zaslavskaya str.,
Minsk 220004
tel.: (8017) 2032277
fax: (8017) 2031690
Minsk Branch 1
153 Bogdanovicha str.,
Minsk 220040
tel.: (8017) 2885155
fax: (8017) 2885652
Minsk Branch 2
2 Kulman str., Minsk 220013
tel.: (8017) 2923445
fax: (8017) 2925631
BRANCHES
Minsk Branch 2
Luch Cash Settlement Center
95 Nezavisimosti avenue,
Minsk 220043
tel.: (8017) 2806868
Minsk Branch 3
4 Serova str., Minsk 220024
tel.: (8017) 2751345
fax: (8017) 2755431
Minsk Branch 3
MITSO Cash Settlement Center
21/3 Kazintsa str., Minsk
tel.: (8017) 2786143
Minsk Branch 3
KolyadichiAvto Cash Settlement Center
39 Babushkina str.,
Kolyadichi Industrial Park, Minsk
tel.: (8017) 2918918
Minsk Branch 4
10 Yakubova str., Minsk 220101
tel.: (8017) 2209021
fax: (8017) 2209221
Minsk Branch 5
6 Skryganova str., Minsk 220073
tel./fax: (8017) 2092433
Branch in Borisov
46a Gagarina str.,
Borisov, Minsk Region 222120
tel./fax: (80177) 743627
Branch in Borisov
45 Zavodskaya str., Borisov
tel.: (80177) 781324
ANNUAL REPORT 2007
47
BRANCHES
Branch in Molodechno
Branch in Glubokoye
10 Vilenskaya str.,
2 Engelsa str.,
Molodechno, Minsk Region 222310
Glubokoye, Vitebsk Region 211800
tel./fax: (801773) 72821
tel.: (802156) 22136
fax: (802156) 21592
Branch in Molodechno
Chist Cash Settlement Center
1 Zavodskaya str., Chist,
Molodechno District, Minsk Region
tel./fax: (801773) 90139
MOGILEV REGION
Branch in Glubokoye
48 Yakuba Kolasa str., Novopolotsk
tel.: (80214) 528368
Branch in Orsha
30 Mira str.,
Mogilev Regional Branch
Orsha, Vitebsk Region 211392
26 Pionerskaya str., Mogilev 212030
tel./fax: (80216) 216829
tel./fax: (80222) 229146
CENTERS OF BANKING SERVICES
Branch in Bobruisk
49 Internatsionalnaya str.,
Center of Banking Services 1
Bobruisk, Mogilev Region 213819
13 Moskovskaya str.,
tel./fax: (80225) 522812
Minsk 220007
tel.: (8017) 2092812
fax: (8017) 2186734
VITEBSK REGION
Kolyadichi Center of Banking Services
Vitebsk Regional Branch
4 Zamkovaya str.,
Vitebsk 210602
tel./fax: (80212) 358439
48
37 Babushkina str.,
Kolyadichi Industrial Park,
Minsk 220024
tel.: (8017) 2918711
fax: (8017) 2918752
Branch in Verkhnedvinsk
Svetlogorsk Center of Banking Services
173 Sovetskaya str.,
45a Lenina str.,
Verkhnedvinsk, Vitebsk Region 211620
Svetlogorsk, Gomel Region 247400
tel./fax: (802151) 56264
tel./fax: (802342) 27508
ANNUAL REPORT 2007
SUBSIDIARIES
Belvneshstrakh Insurance
Company
Vneshstroyinvest
Office 405 6 Skryganova str.,
Minsk 220020
Minsk 220073
tel./fax: (8017) 2071137
tel.: (8017) 2092416
20/1 Pobediteley avenue,
fax: (8017) 2092565
Vnesheconomstroy
Office 317 20/1 Pobediteley avenue,
Vneshenergoservice
Joint Venture
Minsk 220020
tel.: (8017) 2561551, 2561552
Office 511 6 Skryganova str.,
Minsk 220073
tel.: (8017) 2092415
fax: (8017) 2092531
Belinterfinance
Joint Venture
Office 402 13 Moskovskaya str.,
Minsk 220007
tel.: (8017) 2227647
fax: (8017) 2228024
ASSOCIATED COMPANY
Sivelga
2 Korolya str.,
Minsk 220004
tel.: (8017) 2006877
fax: (8017) 2001049
ANNUAL REPORT 2007
49
Belvnesheconombank
32 Myasnikova str.,
Minsk 220050, Republic of Belarus
Tel. + 375 17 209 29 44
Fax + 375 17 226 48 09
Telex 252194, 252426, BVB BY
Email: [email protected]
www.bveb.by
National Bank of the Republic
of Belarus Banking Business
License No. 6 of October 27, 2006
PIN 10010078
© 2008 Belvnesheconombank
Historical notes are the
courtesy of the National Museum
of History and Culture of Belarus
Photographs by:
© Georgy Likhtarovich, 2008
© Andrey Shchukin, 2008
© Sergey Plytkevich, 2008
Riftur Advertising and Publishing
Unitary Company
19a, Pobediteley Avenue,
220004 Minsk,
Republic of Belarus
Tel. : (+375 17) 203 27 14, 203 70 94
Email: [email protected]
Belarus Ministry of Information
License No. 02330/0131891
of March 2, 2004
Printed by Yustmazh
Printing House
Belarus Ministry of Information
License No. 02330/0131681
of April 30, 2004
Print run of 260 copies. Order No.

Annual report 2007

Transcription

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