2011 Annual Report

Transcription

2011 Annual Report

Annual Report
It is a priority for Novikombank to provide solid
financial support for the Russian economy.
Among the Bank's most important strategic goals
for the nearest future are financing the real
sector and developing new banking products and
instruments to meet the needs of the Russian
industry. The strong position held by Novikombank
among the leaders of the Russian financial industry
reflects the professionalism of the Bank and its
reliability, as well as its advanced level of commitment
to the society, to the nation and to the future of Russia.
Annual Report 2011
Contents
Statement from the Chairman of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Statement from the President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russian Economy in 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Novikombank in the Russian Banking Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Performance in 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Services to Corporate Clients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lending Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retail Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Market Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
International Business and Interbank Cooperation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Regional Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management Bodies and Committees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Human Resources Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Charity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Strategy and Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Summarized Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Addresses and other information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
3
6
6
7
7
8
10
15
15
16
19
21
24
26
27
27
28
29
32
34
35
43
Novikombank | Annual Report 2011
2
Statement
from the Chairman
of the Board
of Directors
helps its clients in industry implement large-scale
projects that are absolutely necessary to promote
development of the Russian economy in the spirit
of innovation.
Novikombank has made progress in virtually all
of its business lines. The Bank has designed and
implemented fundamentally new tools for handling
the challenges it and its partners face in treasury
services, export financing, and many other areas.
Today, society faces the challenge of creating
a qualitatively new economy in Russia, with innovative
development of industry as the key driver. To achieve
this, it is necessary to support sectors and companies
capable of creating products with a strong competitive
edge. In 2011, specific steps were taken in this
direction at the national level. As a result, annual
output in the engineering sector rose by about 10%,
and two-digit growth was recorded in the machinetool manufacturing and automotive industries.
Russian Technologies State Corporation and our
financial partner Novikombank have been closely
involved in the development of public-private
partnerships to support leading companies
in the manufacturing sectors. In 2011, Novikombank
increased its financing of the key sectors
of the economy. Quite a lot was accomplished,
and the results are indeed impressive. Novikombank
This is precisely why Novikombank’s client base has
been growing dramatically from year to year. In 2011
alone, over 60 of the largest and most important
companies in the key sectors started working actively
with the Bank. Mutual trust and commitment to
joint endeavours aimed at contributing to Russia's
prospertity create a foundation that allows the Bank
and its industrial partners to move forward.
As a specialised financial institution, Novikombank
has been called upon to play an increasingly larger
role in financing the real sector, creating new
production operations and roadmaps, and supporting
innovative projects. In 2012, focused on these
objectives, the Bank is continuing to increase its
capital and assets while diversifying its activities
and broadening its lending services to the national
economy.
Sergey Chemezov
Statement from the President
Statement
from
the President
The creation of a unique set of treasury services –
Corporate Settlement Centre – was a landmark
in the development of the Bank’s business, giving our
clients the opportunity to use highly advanced and
innovative cash management tools. The product’s
efficiency has already been demonstrated by its
successful implementation at some of the holdings
of Russian Technologies State Corporation.
The year 2011 brought many new achievements
for Novikombank. We worked actively to implement
the bold plans set forth in our Development Strategy
for 2010–2014, and the results are really impressive.
As in 2010, last year the Bank had one of the highest
development rates in Russia (over 60%), ranking
46th among leading Russian banks in terms of assets
by the end of 2011.
Today, our Bank is a reliable partner for the leaders
of Russian business. Companies in the real sector
of the economy choose Novikombank for its
impeccable reputation, unwavering client
responsiveness, and its focus on innovative banking
products and services. Last year alone, our corporate
client base expanded by almost 33% to 4,600.
The dedicated efforts of the Bank and its partners
underlie each of the projects implemented, which
combine effectiveness for specific clients with benefits
for the development of Russian industry as a whole.
In 2011, pursuant to its Development Strategy,
the Bank launched its regional branch network,
opening offices in Rostov-on-Don, Togliatti, Nizhny
Novgorod, St. Petersburg, Zhukovsky and Samara.
In addition to broadening and diversifying our
client base, this provides, first and foremost, new
opportunities for servicing our traditional clients
where they are based.
Today, we are successfully meeting the challenge
of serving as a key bank for the real sector of the
Russian economy, buttressed by the presence
of a new key shareholder, Russian Technologies State
Corporation, the leader of Russia’s push for economic
In 2011, in conjunction with the leaders of Russian
innovation. This opens up new prospects for helping
business, we launched a number of landmark projects. to achieve the state’s goals for modernising domestic
The Bank was closely involved in the modernisation
industry.
of Russian industry, the creation of new types
of production, the manufacture of advanced
I would like to express sincere gratitude to our clients
products, research and development. Another
and partners for fruitful cooperation and to thank
important area of work was promoting Russian
our shareholders and the members of the Board
machinery in international markets, where the Bank
of Directors. I am confident that in 2012
successfully cooperated with JSC Rosoboronexport
Novikombank will continue to advance by enhancing
and financed Russia’s first foreign-trade contract with its support for companies in the real sector and
the participation of the Export Insurance Agency
providing new financial opportunities for its clients.
of Russia.
Ilya Gubin
3
4
Statement from the Chairman of the Board of Directors
INCREASING
CONFIDENCE
The Moody's Investors Service rating agency
has assigned Novikombank a high level credit
rating of B2 with a stable outlook. In addition,
the Expert RA rating agency assigned
Novikombank an A+ rating, which corresponds
with a very high level of creditworthiness.
5
6
Board
of Directors
Board of Directors Chairman
Sergey Chemezov
Director General, Russian
Technologies State Corporation
Management
Board
Igor Komarov
President, JSC AVTOVAZ
Management
Board Chairman
Igor Makarov
Chairman of the Board of Directors,
ITERA Oil and Gas Company
Ilya Gubin
President
Board of Directors members
Boris Aleshin
General Director, Federal State
Unitary Enterprise “Central
Aerohydrodynamic Institute named
after Prof. N.E. Zhukovsky”
Yuriy Artyakov
Senior Vice President, Corporate
Customer Relations Department,
Novikombank
Ilya Gubin
President, Novikombank
Igor Zavyalov
Deputy Director General, Russian
Technologies State Corporation
Management Board members
Nikolay Tokarev
President, JSC Transneft
Denis Ursulyak
Deputy CEO, Novikombank
Petr Fradkov
Member of Vnesheconombank’s
Board, Director General of Russian
Export Credit and Investment
Insurance Agency
Tatiana Ryskina
Deputy CEO
Elena Shirinskaya
Deputy CEO
Stanislav Stankut
Deputy CEO
Denis Ursulyak
Deputy CEO
Natalia Yudina
Deputy CEO
Tatiana Golodets
Senior Vice President
General Information
7
the trade surplus reaching USD 198.1 billion
vs. USD 149.2 billion in 2010.
General
Information
Against the backdrop of the debt crisis in developed
countries, Russia finished 2011 with a federal budget
surplus, clearly a strong achievement. According
to the Russian Ministry of Finance’s preliminary
data, the budget surplus was about RUB 435 billion,
or 0.8% of GDP.
Despite the difficult situation in the global markets,
in 2011 Russia’s total foreign debt increased by 10%,
reaching USD 538.9 billion; the growth was mainly
driven by the corporate sector, demonstrating foreign
investors’ continued faith in the Russian economy.
Russian Economy in 2011
In 2011, Russia’s economy once again showed
positive upward momentum, with GDP increasing
by 4.3%, according to preliminary estimates.
In 2011, for the first time in Russia’s new market
economic era, the CPI reached a record low
of 6.1%, clear evidence of the effectiveness
of the anti-inflation measures undertaken by Russia’s
monetary authorities.
Industrial output rose by 4.7% last year compared
to 8.2% in 2010. The growth was largely fuelled
by rising oil prices, the growth of the resource base,
and expanding production of agricultural goods.
Low interest rates on loans combined with strong
business activity and diminishing risks triggered
higher demand for bank financing from the
business community. Despite the relatively modest
rise in real household income, demand for retail
loans rallied. In 2011, credit expansion was the
key driver of growth in the Russian banking system,
Russia’s current account balance rose from USD 70.3
billion in 2010 to USD 101.1 billion in 2011. Thanks
to high oil prices, the volume of foreign trade
significantly exceeded the pre-crisis level, with
GDP and manufacturing output dynamics,
2008–2011
14
Inflation in Russia, 2006–2011
16
13.3%
10
5.2%
6
2
4.3%
4.0%
11.9%
13
8.2%
4.7%
0.6%
10
9.0%
8.8%
8.8%
6.1%
7
–2
4
2006
2007
2008
–6
Consumer price index, %
–7.8%
–10
–9.3%
–14
2008
2009
2010
Gross domestic product dynamics, %
Manufacturing output dynamics, %
2011
2009
2010
2011
8
Dynamics of lending in the banking system,
2008–2011
35,000
60%
38%
14%
24%
0%
12%
21,000
7,000
12,510
12,542
4,017
–11%
30%
60%
43%
27%
–30%
3,574
4,085
5,551
–60%
–90%
2009
10%
12,778
2010
2011
9,057
8,209
7,000
21%
15%
14,000
14,063
23%
20%
15%
0
17,715
31%
21,000
26%
0
2008
28,000
36%
28,000
14,000
Customer deposits in the banking system,
2008–2011
5,907
10,416 9,818
–60%
0
–100%
2008
2009
2010
Corporate accounts and deposits, RUB billion
Retail loans, RUB billion
Retail deposits, RUB billion
Increase in corporate loans, %
Increase in corporate accounts and deposits, %
Increase in retails loans, %
Increase in retail deposits, %
Impacted by the continuing instability in the global
financial markets, the volume of Russian banks’
investments in securities rose by just 6.6% in 2011,
largely neutralising their function of substituting
lending, seen in 2010, when demand for money
from the corporate sector and households was weak,
and banks’ investments in securities surged by 35.3%.
Retail deposits rose by 20.9%, exceeding
RUB 11.8 billion. Corporate accounts and deposits
increased by 22.7% compared to 15.0% in 2010.
In 2011, the NPL rate fell from 5.7% to 4.8%,
resulting in slower growth of total reserves. In 2010,
the banking system’s total reserves increased
by 6.9%, against just 5.8% in 2011.
The pre-tax earnings of the Russian banking sector
reached a record high of RUB 848.2 billion, posting
growth of 47.9%.
The year 2012 may turn out to be another
challenging period for the global economy. Recession
is probable in the Euro zone, and it may spread
to the U.S., which could substantially decelerate
–20%
7,485
Corporate loans, RUB billion
which displayed impressive development rates.
Total assets rose by 23.1% vs. 14.9% in 2010.
The corporate and retail loan portfolios grew by
26.0% and 35.9%, respectively, vs. 12.1% and
14.3% in 2010.
11,871
2011
global economic growth. Russia, therefore, is also
expecting a difficult year, with the pace of lending
growth likely to slow. The influence of the electoral
cycle and the rescheduling of tariff indexation for
natural monopolies may fuel inflationary pressures
in the economy in the second half of 2012.
Nevertheless, moderate overall growth is forecast
for Russia’s economy and banking system in 2012
in the context of relatively stable oil prices.
Novikombank in the Russian
Banking Sector
In 2011, Novikombank continued to follow its
2010–2014 Development Strategy, expanding
its work with strategic partners and increasing its
financing of the real sector of the economy. Over the
past two years, the Bank’s assets have more than
doubled, their growth rate exceeding those of the
banking system several times over. Thanks to business
expansion, Novikombank is now one of Russia’s Top
50. According to the Interfax-100 rating, in 2010–
2011 Novikombank jumped 34 spots, ranking 46th
among major Russian financial institutions in asset
value as of 1 January 2012.
The Bank has been lending actively to the real sector.
According to the RIA-Analitika economic research
centre, Novikombank ranked 50th as of 1 January
General Information
Banking sector profit, 2008–2011
200%
2,000
180%
1,600
1,200
38%
61%
36%
48%
27%
60%
848
–19%
800
130%
–50%
–10%
573
409
400
–80%
205
9
Novikombank’s substantial contribution
to the development of the Russian economy
and the successful expansion of its business were
also highly valued by the banking community.
In 2011, the Bank was awarded the “Financial
Olympus” prize in the category “Potential and
Prospects” and won Expert RA’s award “For
Contribution to the Development of Russia’s Industrial
Sector”. Novikombank President Ilya Gubin won
the Association of Russian Banks’ award “For Effective
Bank Management”.
–150%
0
2008
2009
2010
2011
Novikombank consistently strengthens its status
as a key financial institution for Russian engineering.
President Ilya Gubin, as deputy chairman of the Russian
Pre-tax profit growth, %
Corporate banks* profit as a share of aggregate sector
Engineering Union and deputy chairman of the Union’s
profit, %
Commission on Investment and Technical
Modernisation of Engineering and Related Sectors
* Banks with 80% and more corporate loans
of the Industry, is directly involved in the Union’s
in the aggregate loan book
efforts to create a highly competitive and innovative
economy in Russia based on the engineering industry.
The Bank’s participation in the Union helps improve
the cooperation between engineering companies
2012 in loan portfolio size. The Bank’s corporate
and Russian banks, providing new opportunities for
lending rose by 57% vs. 26% for the Russian banking financing sector development programmes. In this
system as a whole (IAS).
context, Novikombank served as Strategic Partner for
the Russian Engineering Union’s Congress and Strategic
Similar incremental dynamics were seen
Partner for the MAKS 2011 air show.
in Novikombank’s client accounts, including
deposits, (up 40.7%), with the growth of corporate
accounts and deposits reaching 33.5% vs. 22.7% for
Increase
Increase
the banking system as a whole. Retail deposits rose
in gross
in gross
by 75.3%, significantly exceeding the system-wide
corporate loans
retail loans
growth rate (IAS).
in 2011, %
in 2011, %
Novikombank’s successful performance was
180
120
recognised by Moody’s, which confirmed the
Bank’s international rating of B2 (stable outlook).
The Bank also received an A+ rating from Expert
111.7%
120
80
RA, a leading Russian rating agency, which also rates
57%
Novikombank’s bonds at the A+ level, a very high
level of creditworthiness.
Pre-tax profit, RUB billion
60
40
26%
The certification of the Bank under ISO 9001
was a landmark event in 2011. The introduction
of a quality management system based on the highest
international standards should lift Novikombank
to a new level of client service, ensuring high quality
of the Bank’s products and services in correspondence
with its clients’ requirements.
35.9%
0
0
Banking system
Novikombank
10
Increase
in retail
deposits
in 2011, %
Increase
in corporate accounts
and deposits
in 2011, %
60
120
75.3%
80
40
33.5%
22.7%
20
40
20.9%
0
0
Banking system
Novikombank
Well aware that modernisation of the economy may
not be possible unless there are qualitative changes
in the industrial and financial sectors, Novikombank
participates in leading public organisations,
including the Russian Union of Industrialists and
Entrepreneurs (RSPP), the Moscow Chamber
of Commerce and Industry (MCCI), the Association
of Russian Banks (ARB) and the Association of
Regional Banks of Russia (Association ”Russia”).
In 2011, representatives of the Bank took an
active part in discussions on strategic initiatives
for development of the Russian banking system,
presenting its ideas for standardising the quality
of credit institutions’ performance. Novikombank
traditionally actively participates in annual scientific
and practical conference ”Вanks, Processes,
Standards, Quality” in Ufa, Bashkortostan. In 2011,
the Bank became a strategic partner of the event,
and the Bank's managers acted as hosts, speakers
and experts. The bank also supported large-scale
events in the financial sphere: the 13th National
Banking Conference, organised by the Association
of Regional Banks of Russia, and the 22nd Congress
of the Association of Russian Banks.
To help ensure favourable conditions for supporting
the work of its strategic partners in the global markets,
Novikombank has been successfully expanding
its international business relations in the financial
sphere. Novikombank served as a partner for the 9th
International Banking Forum “Russian Banks in the
21st Century” and as a sponsor for the 7th Ukrainian
Bond Congress. In addition, Novikombank staff
participated in a number of international conferences
and forums, including Sibos 2012, a SWIFT
international financial forum, the 20th International
Banking Congress, the EBRD International Forum,
the International Investment Forum “Yalta Business
Meetings”, the All-Russia Banking Forum in Nizhny
Novgorod, and others. Novikombank offered
proposals on a number of mutually beneficial
projects at bilateral sessions of business councils
and commissions within the framework of Russia’s
cooperation with Austria, China, Lithuania and
Turkey, and also during the Russian-Indian Forum
on Trade and Investments, the Turkmen-Russian
Economic Forum and the Russian-Slovak Forum of
Entrepreneurs.
As part of the International Banking Club’s
InterbankClub.com project, Novikombank organised
and conducted a number of workshops and
roundtables for its clients and partners.
To develop its business, Novikombank intends
to consistently expand its involvement in public
activities, which should sharpen the Bank’s
competitive edge in the Russian market and provide
opportunities for the Bank and its clients to participate
in the most important initiatives for the modernisation
and innovative development of Russia.
Financial Performance in 2011
Last year, Novikombank’s successful business
development strategy led to an increase in assets
and expanded lending volume in the real sector
General Information
of the economy. Moreover, the Bank was able
to increase its competitive advantages while
establishing a robust foundation to support broader
operations.
11
120
Assets,
RUB billion
99
100
80
In 2011, assets increased 1.6 times
to RUB 99 billion.
Asset growth was accompanied by an increase
in capitalisation, which rose by 6% to reach
RUB 9.4 billion in 2011.
63
60
40
39
20
The loan portfolio is the Bank’s major asset group,
constituting almost half of total assets. In 2011,
Novikombank increased lending volume to the
real sector of the economy by RUB 19 billion.
Against the backdrop of financial market volatility,
Novikombank reduced the share of investments
in securities by 26% from the 2010 level, with
marketable securities constituting 17% of total assets.
0
2009 2010
2011
3.2
9
3.0
8
Capital (Basel 1),
RUB billion
2.2
7
Customer deposits account for the majority
of the Bank’s resources. Settlement accounts and
client deposits, including subordinated deposits,
increased by 39% to RUB 59.9 billion, which testifies
to the Bank’s sound customer base. In keeping with
the strategy of developing business with CIS countries
and neighbouring states, the volume of borrowing
from banks tripled to RUB 21.0 billion.
6.2
6
5.9
5.3
5
4
3
2
The Bank ended 2011 with a net profit
of RUB 290.5 million (IAS).
1
Tier 1 capital
Tier 2 capital
0
2009
2010
2011
12
ACCELE RATING
GROWTH
The growth rate of the Bank's assets in 2011 was
several times above the banking sector average.
In two years, Novikombank climbed 34 places
and now ranks 46th among the largest financial
institutions in Russia by assets.
Board of Directors
13
14
Assets structure, %
Liabilities structure, %
46
59
Customer
loans
Client
funds
CBR reserve
requirements
Subordinated
deposit
1
4
9
Cash
in banks
7
27
17
Securities
Other
assets
Equity,
including
shareholder
funds and
proceeds from
share issues
9
Debt securities
issued
21
Bank
funds
Corporate Business
Corporate
Business
Services to Corporate Clients
In 2011, Novikombank continued to develop its high
tech banking services for corporate clients, focusing
mainly on real-sector companies. The Bank was highly
successful in business diversification in the sector,
and has significantly broadened its relationships with
industrial clients.
One of the Bank’s top priorities is expanding its work
with partners in all banking product lines. In addition
to providing efficient, high-quality client service
and fully satisfying each client’s requirements, this
approach allows the Bank to increase its business
margins by cross-selling, as well as expanding
settlement and commission operations.
The Bank’s flexible tariff policy, efficient business
processes, and constant improvement of its distance
cash-management instruments allowed it to
increase the number of clients using its settlement
and international payment services, which was also
triggered by new products offered to the Bank’s
clients, such as trade and structured financing
of the delivery of goods and equipment, secured
by guarantees from leading European export credit
agencies and the Export Insurance Agency of Russia.
In order to work as closely as possible with each client,
Novikombank continued to develop business lines such
as consulting on investment operations and arranging
bond issues in the securities market. Additionally,
the Bank devotes considerable attention to offering
payroll projects for the staff of its strategic corporate
clients and promoting retail banking products.
Timely decision-making, a customised approach
to each client and extensive knowledge of industry
sectors have contributed to broadening the client
base. In 2011, about 120 pacesetting companies
became partners of the Bank, with the number of
corporate clients increasing by nearly 30% to 4,600.
Among the Bank’s new partners are JSC INTER
RAO UES, JSC Aviation Equipment Concern, JSC
Aircraft Engineering Concern, JSC Orion Concern,
State Design Bureau of Instrument and Program
System Svyaz, FSUE R&D Institute Gradient, JSC NUI
Sibselmash, JSC Tupolev, JSC Kurganmashzavod, JSC
Far Eastern Shipbuilding and Shiprepairing Centre, JSC
Far Eastern Plant Zvezda, CJSC Antipinsky Oil Refinery,
Tomskneftepererabotka LLC, Sibgaztranzit LLC, and
many others.
Under its Development Strategy, Novikombank has
continued to expand its cooperation with strategic
partners among leading Russian companies. The Bank
actively works with Russian Technologies State
Corporation and its subsidiaries. A major treasury
servicing project was successfully implemented
at JSC Radio-Electronic Technologies Concern,
allowing the holding to monitor the cash flows of its
structural units and greatly reduce its loan interest rate
burden via comprehensive cooperation with the Bank.
Implementation of a similar project is already under
way at JSC Orion Concern, and there are plans under
the Development Strategy to expand the range
of clients using this service.
The 31.3% growth of funds raised from corporate
clients (including subordinated loans) in 2011 clearly
illustrates the Bank’s large-scale cooperation with
the real sector. Industrial clients’ deposits account for
more than half of the Bank’s funding base, serving as
a cornerstone for funding the Bank’s operations.
Participation in special events organised by clients
and partners is an important line of activity
15
16
60
47.6
50
Corporate client funds
including subordinated
loans, RUB billion
40
36.3
30
21.2
20
10
Lending Policy
In accordance with Novikombank’s Development
Strategy and its status as a key source of financing
for Russian industry, the Bank’s credit policy in 2011
focused on ensuring active growth of a high-quality
portfolio consisting mainly of loans to companies
in the real sector of the economy. In addition to
increasing its loan volumes, the Bank also devoted
considerable attention to improving the quality and
optimising the structure of its portfolio.
0
2009 2010 2011
for Novikombank. In 2011, the Bank took part
in a number of exhibitions and shows in Russia and
elsewhere, including the HeliRussia 2011 helicopter
exhibition (Moscow, May); the International Air
Transport Forum (Ulyanovsk, April); the International
Naval Design Show 2011 (St. Petersburg, June);
the International Aerospace Show MAKS 2011
(Zhukovsky, August); the Russian Expo Arms
2011 international exhibition of weapons, military
hardware and munitions (Nizhny Tagil, September);
the LIMA 2011 Langkawi International Maritime
and Aerospace Exhibition (Malaysia, December);
and others. As a result of the Bank’s active work,
cooperation agreements were signed with a number
of leading Russian holdings and companies: JSC
Russian Helicopters, JSC MIL Helicopter, JSC Kamov,
JSC Aircraft Engineering Concern, JSC Aviation
Equipment Concern, JSC Aviaagregat, JSC United
Aircraft Corporation, JSC UAC Transport Aircraft,
Ilyushin Finance Co., JSC IL, JSC Myasishchev Design
Bureau, FSUE SRPE Bazalt, FSUE Planta Chemical
Plant, and others.
In 2012, Novikombank is continuing to develop its
corporate business by expanding its cooperation
with strategic clients and diversifying its products
in order to attract clients from new sectors. The Bank
also plans to focus on providing a broader range
of facilities for corporate clients in Russia’s regions via
its branch network, which was launched in 2011.
Over the past few years, the growth rate of the
Bank’s loan portfolio has consistently exceeded that
of the Russian banking system as a whole. In 2011,
the Bank’s corporate loan portfolio (gross) expanded
by 57%. In absolute terms, loan volume rose by RUB
16.9 billion, reaching RUB 46.6 billion as of 1 January
2012.
Within the scope of its participation in implementing
the federal-level tasks of modernisation and
innovative development of the Russian economy,
Novikombank has significantly enhanced its financing
of the high tech segments of domestic industry. Loan
portfolio growth in 2011 mainly came from providing
loans to companies in the defence industry, as well
as in mechanical engineering. As of 1 January 2011,
total financing for companies in these sectors was
RUB 12.4 billion; during the year, the total rose
by almost 93.5%, reaching RUB 24 billion as of
1 January 2012.
To diversify its investments and enhance its
support of Russian industry, in 2011 the Bank
provided financing for a number of major
projects in the oil-producing and processing
sectors designed to improve production efficiency
at leading companies. The Bank provided credit to
Tomskneftepererabotka LLC for completion of plant
modernisation, which allowed the plant to double its
output from 200,000 to 400,000 tonnes. In March
2011, the Bank provided financing to Tarkhovskoye
LLC for oil field development, and in September
the Bank helped finance construction of the third
Corporate Business
50
46.6
Corporate loan book,
RUB billion
17
Loan book structure
as of 1 January, 2012, %
40
29.7
30
19.7
Trade
23.0
14.5
Aircraft
manufacturing
industry
20
Financial
services
Food
and
light
industries
10
3.3
0
10.3
9.1
2009 2010 2011
Radio-Electronics
Manufacturing
stage of Antipinsky Oil Refinery. Once completed, this
project should enable the plant to increase its primary
processing to 7 million tons of oil per year.
Financing from Novikombank gives clients new
opportunities to develop their production capacities.
In 2011, a large-scale project was launched to
construct a hull-plating shop at JSC Far Eastern Plant
Zvezda for manufacturing of new types of vessels.
Last year, the Bank was directly involved in completing
innovative projects such as a united engineering
centre for JSC Russian Helicopters, a helicopter
assembly facility for AgustaWestland, a specialised
multi-media presentation centre, etc.
Another important line of business for Novikombank
is providing loans to industrial clients for the purpose
of developing new, innovative types of products.
In 2011, the Bank began financing design work
for new modifications of the TU-204 passenger
aircraft. Additional financing was provided for
the development of the Russian regional aircraft
Sukhoi Superjet, construction and reconstruction
of steel plant facilities in South and Southeast Asia,
deliveries of modern engineering equipment under
state defence order, international military and
technical cooperation projects, and many other
purposes.
In 2011, the Bank achieved impressive results
in documentary transactions. By 1 January 2012,
4.4
8.3
Mining and
metallurgy
5.1
Mechanical
engineering
and automotive industry 5.2
5.6
Shipbuilding Civil
industry construction
7.6
Other sectors
6.9
R&D and
manufacturing
the Bank’s portfolio of guarantees had grown
3.2 times to a total of RUB 15.3 billion.
Documentary transaction volume has grown mainly
due to the provision of guarantees for participation
in tenders and meeting obligations under government
contracts. High demand among the Bank’s clients
was again seen for guarantees to Russia’s Ministry
of Defence, Ministry of Industry and Trade, Federal
Security Service, Ministry of the Interior of the Russian
Federation, Federal Customs Service, Ministry of
Civil Defence, Emergencies and Disaster Relief of
the Russian Federation, JSC Rosoboronexport, JSC
Transneft, JSC RusHydro, JSC MRSK Holding, and
JSC Aeroflot Russian Airlines. To help develop its
operations in this line of business, Novikombank also
began providing guarantees to JSC Rosenergoatom
Concern.
18
20
15.3
Guarantee portfolio,
RUB billion
Sector structure
of guarantee portfolio, %
15
51.27
Guarantees issued for participation
in tenders and execution of contracts
with mechanical engineering and
defence sector companies
10
4.8
5
2.4
Guarantees
issued
to customs
authorities
6.59
0
2009 2010 2011
In 2012, Novikombank will aim to ensure that
expanding its lending to domestic industry remains
a key priority as well as the Bank’s most dynamically
developing business line. Targeted lending to the
manufacturing sector and enhanced support for the
development of innovative production will promote
continued improvement of loan portfolio quality,
while enhancing Novikombank’s reliability, stability
and its continued effective efforts for the benefit of
Russia.
14.83
in tenders and execution of contracts
with non-defence sector companies
27.32
in tenders and execution
of contracts with aircraft industry
companies
Retail Business
19
Retail Business
Serving private clients is a key area of activity
for Novikombank. In 2011, the Bank’s retail business
developed dynamically, thanks to its impeccable
reputation, expanding scope of services for all
categories of clients, and the launch of its branch
network in Russia’s regions.
The volume of funds deposited by private clients
with Novikombank exceeds RUB 12 billion, almost
doubling from the beginning of 2011. Private
deposits account for over 12.5% of the Bank's
liabilities. The dynamics of development in this line
of business reflect client trust along with the Bank’s
reliability and stability. Novikombank currently
provides services to over 20,000 Russian citizens.
Private customer funds and number
of private customers
25
20.8
20
15
12.3
10
5.4
7.4
7.0
5.2
5
0
2009
2010
2011
Client funds, RUB billion
Number of clients, 000’
In 2011, the Bank issued four times more plastic
cards than in 2010, with a total of 17,900 cards
as of 1 January 2012. The increase was largely due
to the extensive expansion of payroll projects: the list
now features over 70 major industrial companies,
including Russian Technologies State Corporation
and its subsidiaries.
In 2011, Russian economic expansion and
increasing retail lending resulted in high demand for
Novikombank’s Visa credit cards with a renewable
credit limit of up to RUB 3.5 million. In 2011,
the number of credit cards issued by the Bank
increased by 150%.
Along with the development of its partnership with
Visa, in 2011 Novikombank joined the MasterCard
Worldwide payment system. Issuing this card will
help supplement and broaden the Bank’s product
scope for private individuals. In 2011, as part
of its retail business development in the Samara
Region, Novikombank began issuing cards of
the NCC (National Credit Cards) interbank payment
system. This allows clients to use services at over
17,000 ATMs in Russia and perform the full cycle
of settlements – from receiving salaries to making
non-cash payments. As of 1 January 2012, the Bank
has issued over 1,000 NCC cards.
In 2011, Novikombank expanded its consumer
lending in areas such as home equity loans, mortgage
loans, auto loans, etc. Total retail loan volume more
than doubled, reaching RUB 914.8 million.
In 2011, the Bank continued improving its client
service terms and further refined its banking service
technologies. To help improve its work with clients,
new information services were introduced on the
Bank’s website and its Internet banking system
(Inter@ctive), greatly increasing communication
speed and enhancing the reliability of the online
payment system.
One of the key factors of the Bank’s successful work
in the retail market is the wider range of services
offered to the staff of its regional clients and
the broad scope of its financial products for Russian
regional households. The opening of offices in 2011
20
in Togliatti, Nizhny Novgorod, Rostov-on-Don,
Zhukovsky and Samara ensured significant growth
of the Bank’s client base. To further develop this line
of business, the Bank is refining its line of banking
products customised for regional clients and is
creating sales technologies aimed at promoting
regional projects and online services. In 2011, new
online services were introduced, including mobile
banking services, self-service terminals and SMS
services (mobile payments and SMS inquiries).
The Bank plans to offer a new service format, Mobile
Office, which will combine the functions of ATMs,
self-service terminals (including Inter@ctive) and
a call-centre, allowing clients to perform banking
transactions in the 24/7 mode.
In 2012, under its Development Strategy
for 2010 –2014, Novikombank will continue
to increase its transaction volume in the retail
market. The main areas targeted for
development in this segment are cross-sales
of banking products to the staff of the Bank’s
corporate clients and development of retail
operations throughout the regional network.
To help achieve its business objectives and
satisfy clients' requirements to a greater extent,
the Bank plans to accelerate development of its
lending operations, including mortgage and car
loan programmes for the staff of its corporate
clients.
Financial Market Operations
Financial
Market
Operations
In 2011, the Bank worked in financial markets amid
significant growth of volatility in all segments. Faced
with this challenge, Novikombank achieved impressive
results in business expansion, while maintaining its
traditionally high levels of liquidity and investment
reliability.
These objectives were met with the development
of relationships with Russian banks in the interbank and
forex markets and the expansion of the counterpart
base, which includes VTB, Russian Agricultural
Bank, Sviaz-Bank, Gazprombank, MDM Bank,
Promsvyazbank, Alfa Bank, NOMOS-Bank and others.
In 2011, the total value of transactions on the interbank
market exceeded RUB 1 trillion, and the volume of
short-term arbitrage transactions more than tripled
year-on-year.
The Bank’s liquidity and market risk management policy
concentrated on building a portfolio of highly liquid
bonds of superior credit quality. Most of the stocks
in the Bank’s portfolio were blue chips.
At the end of 2011, the share of bonds on the Bank of
Russia’s Lombard List was nearly 80% of Novikombank’s
total investment volume, with OFZs accounting for
43%. In 2011, the total volume of investment in debt
securities slightly decreased. In line with Novikombank’s
strategic priorities, the released funds were mainly used
to finance the real sector. As of 1 January 2012, the
Bank’s bond portfolio stood at RUB 15.8 billion, and
the total turnover of transactions in the debt market
exceeded RUB 85 billion.
Consistently implementing its client operations
development strategy, in 2011 Novikombank
substantially updated its product line and introduced
a new platform for trust management operations. Given
the general instability on the stock market, the Bank
focused on conservative strategies, which, amid high
market volatility, enabled it to meet its profitability
targets for the client portfolio, significantly exceeding
the established benchmark.
Among the key results in 2011 was the signing
of agreements on trust management with a number
of member companies and organisations of Russian
Technologies State Corporation. By the end of 2011,
the total value of assets under management exceeded
RUB 4.5 billion.
To help support its corporate clients, in 2011 the Bank
participated as a co-arranger, underwriter and
co-underwriter for 52 new bond placements by Russian
issuers. Active involvement in public placements of debt
made a significant contribution to increasing turnover
in the securities market, lifting the Bank into the Top 30
of leading corporate bond market players.
In 2011, the Bank continued to develop its debt
financing programme by issuing bonds. Along with the
previously placed RUB 2 billion bond issue, in July 2011
the Bank also successfully distributed series BO-1
three-year bonds for the total amount of RUB 3 billion.
In 2012, Novikombank is introducing innovative cash
management products and continuing its efforts to
develop comprehensive services for financial market
operations of its clients. Given the current market
environment, reliability and liquidity will continue to be
the key priority for both the Bank’s own operations and
customer transactions.
21
22
STRENGTHENING
POSITION
Russian industry accounts for about 60%
of the Bank's loan portfolio. Novikombank will
continue to consistently strengthen its position
in provision of services to the defence, mechanical
engineering, automotive and high tech companies.
Financial Market Operations
23
24
International Business
and Interbank
Cooperation
Development of cooperation and the strengthening
of business relations with international financial
institutions is a priority area for Novikombank. Among
the Bank’s partners are world-renowned players
such as Commerzbank (Germany), Deutsche Bank
(Germany), JPMorgan Chase Bank (US), Danske
Bank (Denmark), UniCredit Group (Italy), Raiffeisen
Bank International (Austria), UBI (Italy), Credit Suisse
(Switzerland), BCP (Switzerland), Intesa Sanpaolo
(Italy), State Bank of India, and others. The volume
of limits opened for the Bank now stands at over
USD 200 million.
In 2011, Novikombank substantially increased its
client base by expanding its financing of foreign trade
operations. A key area of the Bank’s Programme
of International Business Development launched
in 2010 is the use of international trade finance
instruments to expand the Bank's corporate
clients’ business. In 2011, the Bank arranged
financing for over 50 contracts worth a total
of over USD 120 million. Most of the funds
provided went for the modernisation and
retooling of Russian industrial companies.
In 2011, in conjunction with Commerzbank
(Germany), Deutsche Bank (Germany), VTB
(Shanghai), UBI Banca (Italy), Oberbank (Austria),
Banque de Commerce et de Placements (Switzerland)
and many other, Novikombank continued financing
deliveries of high-tech goods. The geography
of the deals includes Germany, Italy, Great Britain,
Israel, the Netherlands, and a number of other
countries. Framework agreements signed with foreign
banks enabled Novikombank to arrange long-term
financing of clients' import contracts using insurance
coverage provided by export credit agencies such as
SACE, Hermes, OeKB, and others.
In 2011, Novikombank significantly expanded
its trade finance support to the banks in the CIS;
over 30% of the current portfolio consists of deals
within the limits opened for CIS institutions. Key
Novikombank partners in the CIS include major
banks in Belarus, Tajikistan, and Ukraine. The Bank
provides large-scale financing for crude and product
deliveries to refineries in Belarus, cotton shipments
to Russia from Tajikistan, delivery of high-tech goods
from Russia to Belarus, and other projects. In this
way, the Bank makes a significant contribution
to the growth of bilateral trade turnover and the active
development of export and import operations
between Russia and CIS countries, and the creation
of a single trade and economic environment.
Novikombank’s participation in major syndicated
loans for CIS financial institutions was another step
in strengthening and expanding its cooperation with
CIS banks.
In 2011, Novikombank acted as one of Mandated
Lead Arrangers of syndicated loan for Savings Bank
Belarusbank, Belinvestbank and Paritetbank (Belarus)
for a total of over USD 60 million.
In 2011, the “Bank for Banks” Programme
of Comprehensive Services for Financial
Institutions continued. Thanks to its active
development, by end-2011 the Bank’s partner
base on the Interbank/Forex market reached 320;
the client list for banknote operations expanded
to 125 financial institutions. Over 70 credit
institutions opened loro accounts with Novikombank,
for total year-end balance value of over RUB 3 billion.
The range of counteragents in the interbank market
expanded significantly, thanks to the entry of banks
from Belarus (Belarusbank, Belagroprombank,
Belinvestbank, VTB Belarus, MTBank, Alfa-
International Business and Interbank Cooperation
Sector structure of trade finance
portfolio, %
25
Geographic breakdown of trade and
stuctured finance transactions, %
Mechanical
engineering
Asia
Western
Europe
52
41.7
47.5
Food
industry
1
2
Textile
industry
5
40
Polymer
manufacturing
Services
Bank, Belgazprombank, BPS-Bank, Paritetbank,
RRB Bank, Belrosbank and Belvneshekonombank);
Tajikistan (National Bank of Tajikistan, Orienbank,
Agroinvestbank, Bank Eskhata, Tojiksodirotbank,
and Amonatbank); Ukraine (Prominvestbank, Bank
Oshchadny, VTB Ukraine, Alfa-Bank Ukraine, First
Ukrainian International Bank, and Finances and
Credit Bank). There are plans to expand the business
geography by developing cooperation with banks
in Kazakhstan, Azerbaijan, Armenia, Uzbekistan,
Turkmenistan, and the Baltics.
Under the programme, Novikombank offers
counteragent banks new settlement service terms
meeting the highest requirements for bank clearing
and focused on minimising clients’ spending of time
and money. Novikombank now services a significant
portion of the ruble payments of the business entities
involved in Russia/CIS trade turnover.
The banknote business developed quite dynamically
in 2011. Banknotes denominated in various
currencies are delivered “door-to-door” throughout
Russia/CIS. Delivery time does not exceed 24 hours,
and new, flexible commission rates are in place.
Novikombank also provides cash delivery services
to partner bank branches in Russia.
1
9.8
Africa
CIS and Baltic
countries
Since September 2010, Novikombank has been
extensively developing International Banking Club
INTERBANKCLUB.COM, an informational and
analytical project in the banking sphere. Within
the scope of the Club, Novikombank runs projects,
including “Banks, Clients, and Partners. Points of
Growth” and “Events for Companies”. In 2011,
over 1,000 representatives of Russian and foreign
banks took part in seven conferences arranged
by the Club in partnership with authoritative public
organisations such as the Russian Engineering Union,
the Association of Russian Banks, the Association
of Regional Banks of Russia, the Russian Union
of Industrialists and Entrepreneurs, the National
Currency Association, the Russian Federation
Chamber of Commerce and Industry, the International
Bank Council, and others.
In 2011, the Bank significantly strengthened its
positions in international markets, increased its
volume of export and import operations financed,
and actively developed its work with banks
in CIS countries. All of these achievements reflect
Novikombank’s active involvement in modernising
the Russian economy and facilitating the progress
of Russian industry.
26
Regional
Business
In 2011, under its Development Strategy,
Novikombank continued implementing its Programme
of Regional Development, which involves opening
Bank offices in areas where the regional companies
of its strategic partners are present while offering
a wide range of services to all categories of clients
in Russia’s regions.
Development of the regional network began with
branches in Rostov-on-Don, Nizhny Novgorod,
St. Petersburg, Togliatti, additional offices in Samara
and Zhukovsky, and representative office in Kazan.
companies, including 14 projects with subsidiaries
of the Russian Technologies State Corporation.
Today, the branches are already beginning to make
a significant contribution to the Bank’s overall financial
results in several areas: for example, retail account
balances in the regional network account for about
7% of the Novikombank’s total retail funds.
The Bank expanded into the Samara Region on the
basis of JSC Lada-Credit in Togliatti. During the year,
Novikombank undertook the transfer of a promising
portfolio of corporate loans to the Togliatti branch
and began offering cash and settlement services
In order to provide comfortable conditions for servicing to corporate clients.
clients and partners, the Bank’s regional units face
major tasks, including: provision of a full range
In the second half of the year, the Bank was actively
of services to regional corporate clients; participation
engaged in transferring Lada-Credit’s retail clients
of the Bank’s branches in major regional programmes; to the new branch, offering payroll projects for JSC
and developing promising areas of lending
AVTOVAZ and its subsidiaries.
in the regions, including investment financing, etc.
In 2012, the Bank is continuing to develop its regional
In 2011, the Bank’s regional divisions added
network, focusing on regions that are important for
about 9,000 clients. Additionally, Novikombank’s
strategic clients and partners. Work is under way to set
branches implemented 26 payroll projects for major
up an operational office in Tula.
Corporate Governance
Corporate
Governance
Management Bodies and Committees
The Bank’s organisational structure is developing
continuously, with the emphasis on enhancing
The system of corporate governance at Novikombank manageability, providing the Bank’s business
is based on the principles of strict compliance with
with advanced technologies, and defining new
the requirements of the Russian law and the Central
priority areas of client service at various units.
Bank of Russia and recommendations of the Russian
In 2011, there was organised a Department
Federal Service for Financial Markets, with maximum
of Organisation and Support of the Corporate
reliance on the best international practice.
Settlement Centre service, introduced by the Bank
for Russian Technologies State Corporation and
The highest governing body of the Bank is the General other strategic clients. To enhance the Bank’s
Meeting of Shareholders. Novikombank’s Board
operational efficiency and improve its technological
of Directors is elected by and accountable to its
capabilities, a Department for Development of
shareholders and is responsible for strategic
Bank Information Technologies and a Settlement
management and control of the activity
Centre began operations. A Department for
of the executive bodies (President, Management
Administering Loan and Guarantee Operations was
Board). The Bank’s executive bodies are responsible
established to provide more effective management
for day-to-day management and carrying out
of the Bank’s loan portfolio.
the tasks assigned to them by the shareholders
and the Board of Directors.
Novikombank is continuing to improve its information
system for clients and investors, with the Bank’s
The Bank has an efficient system of control over
website as the key information resource. The Bank
the financial, economic and legal aspects of its
discloses information on a timely and complete
activities; the system includes the Audit Commission
basis in compliance with applicable legislation and
and the Internal Control Department. To conduct
maintains a dialogue with its clients using all types
audits and confirm its financial reporting, the Bank
of communications. Continuous modernisation
engages an independent external auditor.
of the system for communicating with clients and
investors, focused on quality and operational
In conformity with modern practices of corporate
efficiency, is a priority area for development
governance, the Bank has several collegial bodies,
of Novikombank’s corporate governance.
including the Credit Committee; the Assets and
Liabilities Management Committee; the Financial
Last year, Novikombank completed implementation
Institutions Committee; the Budget Committee;
of the ISO 9001 quality management system.
the Committee for Quality, Business Processes
A certification audit performed in December
and Banking Technologies; the Strategic Planning
2011 by JSC VNIIS (All-Russian Research Institute
Committee and the Charity Committee.
for Certification) and German TÜV Rheinland
confirmed Novikombank’s compliance with
In 2011, to help support the Bank’s corporate
the requirements of ISO 9001:2008.
business and implement efficient decision-making
procedures for financing long-term operations,
Implementation of ISO 9001 standards
the Bank created an Investment Committee.
is an important step in the formation of the Bank’s
27
28
system and process management activity and should
substantially enhance the efficiency of corporate
governance in order to further increase the Bank’s
business volumes.
The Bank’s risk management framework consists of
six committees: the Credit Committee; the Assets and
Liabilities Management Committee; the Financial
Institutions Committee; the Investment Committee;
the Strategic Planning Committee and the Committee
for Quality, Business Processes and Banking
Technologies. Within the scope of its mission, each
committee makes decisions related to the Bank's
risk management and develops and approves riskmonitoring procedures.
In accordance with international practices and
the requirements of the Central Bank of Russia, work
is under way to enhance the efficiency of the internal
control system in order to ensure its conformity with
the nature and scope of the Bank’s activities. As part
of the ongoing expansion of the branch network and
business diversification, control procedures are being
Novikombank controls risks in all of its basic areas,
enhanced to cover all levels of governance, internal
including credit risks, market risks, liquidity risk,
processes, operations, and divisions. The Bank’s
operational risk, legal risk, and reputational risk.
internal control system is organised in accordance with
the principles of internal control continuity and risk
The Bank monitors and closely controls credit risks
optimisation, adequacy of information, information
on an individual and aggregate basis, including
systems and technical media, and the appropriateness summary quantitative measurement of credit risk and
and timeliness of control procedures.
analysis of its structure.
In order to further optimise its corporate governance,
the Bank plans to implement a number of initiatives
in 2012, designed to enhance the level of integration
among the main management systems and
processes. In this way, the Bank plans to enhance its
client responsiveness and increase the effectiveness
of the services it provides to partners and customers.
Risk Management
Market risk management (stock market risk, currency
risk, interest rate risk) and liquidity risk are monitored
by the Bank’s Assets and Liabilities Management
Committee.
Operational risk management is the responsibility
of managers at all levels and includes operating
the internal control system, work of the Committee
for Quality, Business Processes and Banking
Technologies creating the necessary organisational
structure and internal procedures, and subsequent
control of operations.
In 2011, given the development of Novikombank’s
product line and the geography of its business,
considerable attention was devoted to increasing
The Bank focuses particularly on legal and
functional efficiency and improving risk management. reputational risks, which are monitored to minimise
In order to build a comprehensive, efficient risk
potential losses, as well as to protect and support
management system, Novikombank is continuing its
the Bank’s business reputation in the eyes of its
efforts to refine its risk management technologies,
clients, counterparts, shareholders, financial market
taking into account the most innovative standards
participants, government authorities, and other
of international banking practice.
partners of the Bank.
To ensure that risks are properly managed, the Bank
has developed reliable risk-assessment methods and
procedures, as well as an organizational structure
and an order of interaction among divisions and
collegial bodies performing managerial functions and
functions of control and methodology. The system
allows the Bank to identify, assess and mitigate
assumed risks on an ongoing basis, monitor their
scale and structure, and minimise their consequences.
Within the scope of its Development Strategy,
Novikombank continuously improves its services and
develops and introduces new banking products. One
key priority for the Bank’s risk management system
is ensuring maximum safety of assets and capital by
preventing potential losses.
With this objective in mind, the Bank conducts
continuous comprehensive monitoring, as well as
Corporate Governance
development and introduction of new methods
of assessment, and techniques for analysis,
forecasting and control of risks assumed by the Bank.
In 2011, acknowledgements for “High
Professionalism and Commitment” were given
to 12 staff members, and a new category, “The Team”,
was added, with the award for effective work going
to three structural divisions and the Togliatti branch.
Human Resources Policy
One key HR area contributing to the improvement and
development of the entire Bank is staff involvement
in the quest for higher efficiency in various spheres
of activity. In 2011, one of the priority tasks in this
area was participation by all staff members in efforts
Successful achievement of the Bank’s Strategy goals,
to modify and optimise business processes at all levels.
the diversification of its operations, and the expansion Encouragement of staff initiative and creativity helps
of its business and geographic coverage can only be
develop each employee’s potential and contribute
achieved by the joint efforts of a closely knit, highly
to greater efficiency and lower costs.
professional team. When implementing its HR policy,
Novikombank strives to maintain staff stability and
The Bank’s concern for the well-being of its staff
recruit leading market professionals to develop new
is reflected in its close attention to labour safety.
areas of activity.
Employees undergo mandatory training when hired,
and then attend further training at specialised training
One instrument used to achieve these goals
centres. In 2011, an additional workplace compliance
is continuous adjustment of staff salaries to reflect
certification was performed, and line managers
each person’s contribution to the Bank’s work, taking received training on labour safety issues. The Bank
into account current salary levels in the banking
also expanded its line of comprehensive health
sector. In 2011, job assessment was performed,
check-up programmes. Diagnostic and preventive
and a grading system was introduced to ensure a
screening under various programmes included over
competitive salary level for the Bank's personnel.
250 employees.
Employees are the core resource for implementing
the Bank’s Strategy, and our recognition of this serves
as the cornerstone of our human resources policy.
The rapidly changing economic environment and
new information technologies call for continuous
upgrading of staff knowledge and professional
skills. In 2011, over 33% of staff upgraded their
professional qualifications via specialised training
courses. To develop its corporate training system,
the Bank launched Big Banking Tests, a programme
of distance courses and tests to assess employees’
professional knowledge.
Highly qualified team is Novikombank’s most valuable
asset, serving as the foundation for development.
In 2012, Novikombank is continuing to adhere
to Corporate Code standards while introducing
international quality standards into its personnel
management system.
29
30
EXPANDING
HORIZONS
Novikombank's strategic plans for business
development envisage further expansion of its
banking services across all market segments.
In the medium term, the key driver for the Bank's
further growth is set to be the development of
ties with corporate clients among the 1,000 largest
companies in the Russian market and their partners.
Regional Business
31
32
Charity
Novikombank traditionally attaches great importance
to charitable activities. Using its lengthy experience
in corporate social responsibility, the Bank
continuously develops its charity programme. The
Bank’s social priorities include support for children’s
education and healthcare, support for cultural
projects, preserving spiritual and historical heritage,
assistance to socially vulnerable groups of the
population, particularly to war veterans and disabled
people, and development of Russian sports. In 2011,
the Bank implemented recipient-oriented charity
projects in over twenty regions of Russia.
Support for children’s education is a key area
of Novikombank’s charity work. The Bank has
long-standing relations with the Orthodox Abode
of Mercy Saint Alexis Hermitage, home to over 200
students – mainly children in difficult life situations
(e.g., orphans and children from problem families).
The Bank renders support to the Abode’s secondary
school and its teaching staff, kindergarten, daycare center and cadet school, along with funding
the development of infrastructure and support
facilities for the Orthodox community. Every year,
Novikombank sponsors cultural events for children
at the Hermitage. In 2011, a summer camp
session and excursions to Moscow were arranged
for the children; the latter included sightseeing tours
to Moscow along with visits to the State Tretyakov
Gallery, Star City, an exhibition of paintings by Isaac
Levitan at the Central House of Artists, the Andronikov
Monastery, the Andrei Rublev Central Museum
of Ancient Russian Art and Culture, and concerts
at the Moscow State Conservatory.
For the past 10 years, Novikombank has taken part
in the programme “Evolution and Development
of the Preobrazhensky Regiment Cadet Corps”, aimed
at enhancing the quality of life and education of pupils
at the Moscow cadet boarding school, where young
people are educated in the spirit of patriotism and
in the finest traditions of the Russian Army.
In addition to its programmes for the Saint Alexis
Hermitage and the Preobrazhensky Cadet Corps,
Novikombank implements numerous non-recurring
charitable projects. In 2011, the Bank contributed
to the organization of a concert by young
talented performers marking the anniversary
of the Yury Rozum Foundation. In 2010, the Bank
financed the construction and equipment of a sports
and recreation centre at a state secondary school
in the village of Pruzhinki (Lipetsk Region).
Novikombank’s charitable activities are closely
associated with care for the younger generation.
The Bank provides support to initiatives and projects
in child healthcare, particularly in the prevention of
pediatric diseases. The Bank provides targeted support
to disabled children and medical facilities and works
to boost sports and recreation infrastructure to help
preserve and promote young people’s health. In 2011,
Novikombank provided finances for expensive medical
operations and treatment, as well as for the purchase
of expensive medicaments and prosthetic devices
for children with serious illnesses.
For many years, Novikombank has provided support to
children suffering from infantile cerebral paralysis (ICP).
In 2011, the Bank purchased rehabilitation equipment
and organised recreation and rehabilitation, including
outside Russia, for ICP patients. The Bank has presented
a number of families of children suffering from ICP with
Adeli therapeutic costumes which are an important
component of a highly efficient method of rehabilitation
treatment. The Home Visits project implemented
Charity
by the Diema’s Dream Foundation and supported
by the Bank is designed to improve the rehabilitation
system for young ICP patients via medical experts’
visits to the children’s homes.
Novikombank devotes considerable attention
to cultural projects, preserving spiritual and historical
heritage, boosting spiritual education, as well as
restoring architectural landmarks, Russian temples and
churches. The significant contribution of Novikombank
and its front office to the cause of Russia’s spiritual
renewal has many times been acknowledged with
major awards.
As part of its charitable activity aimed at preserving
spiritual and historical heritage, in 2011 the Bank
contributed to restoring landmarks of great historic
value, such as the Vvedenskaya Church in Kalyazin
town, Tver region, and the Military Glory monument
in Mauthausen, Austria.
In 2011, with financial backing from Novikombank,
the Regional Public Organisation “Historical and
Cultural Retrieval Centre Obelisk” led field expeditions
to the sites of military actions of the Great Patriotic
War to search for, rebury and honour the remains
of Russian soldiers.
Another priority area of the Bank’s charitable
activities is providing assistance to veterans and
people in difficult circumstances. The Bank works
in cooperation with several public organisations
that offer social protection and legal and financial
assistance to war veterans and members of their
families.
In 2011, Novikombank played a substantial part in
organising commemorative events and purchasing
medical rehabilitation equipment for Russian military
veterans. Over the years, the Bank also implemented
a number of projects involving financing expensive
medical treatment and improving the quality of life
for disabled people.
Development of Russian sports is also a priority
of Novikombank’s charity policy. Novikombank
makes significant regular contributions to develop
professional cycling and acts as а permanent partner
of the Cycling Federation of Russia. The Bank took
part in organising the World Cycling Championship
in Moscow, and was a sponsor of the Katyusha
professional cycling team (created in 2008 and
a competitor in 45 cycling races and international
competitions to date).
Novikombank supports initiatives to promote
professional handball in Russia by providing assistance
to Russia’s national handball team in partnership with
the Russian National Public Organisation “Handball
Union of Russia”.
The Bank is also a long-term partner of the Board
of Trustees of the Russian Practical Shooting
Federation.
Considerable attention is paid to the participation
of the Bank’s employees in charitable events
and programmes. Novikombank has adopted
a programme to involve its employees in charity
and regularly holds corporate fundraising events
to provide for medical treatment and rehabilitation
of children with serious diseases, as well as to finance
restoration of houses of worship and support socially
vulnerable groups of the population.
For many years, the Bank's employees have paid
regular visits to the Orthodox Abode of Mercy Saint
Alexis Hermitage, helping out with everyday chores,
getting to know the Hermitage’s activities and
everyday life and communicating with its residents.
The scope of Novikombank’s charity programmes
grows hand in hand with its business, with
the number and the geographical span of social
projects continuously expanding. In 2011,
Novikombank ranked third in the “Finances”
category of the annual nationwide survey “Corporate
Philanthropy Leaders,” organised by the business
newspaper Vedomosti in collaboration with one
of the leading international consulting and auditing
firms PwC and the Russian Donors Forum expert NGO.
Bearing in mind the significance of social investment
and charitable work, Novikombank intends to further
support and promote socially significant initiatives
and projects.
33
34
Strategy
and
Outlook
In 2011, the Bank forged ahead in pursuit
of the goals set in its Strategy for 2010–2014.
Significant success was achieved in cooperation with
strategic partners, and a firm foundation was laid
for effective business diversification.
In addition to traditional areas of activity (financing
defence industry, aircraft engineering and oil &
gas sectors), the Bank expanded its work with
companies in the petrochemicals sector, the food
industry, civil construction, as well as with high-tech
companies, including instrument makers. Business
diversification and extended partnership with Russian
Technologies State Corporation, JSC AVTОVAZ, JSC
Transneft, ITERA Group and FSUE TsAGI allowed
the Bank to greatly exceed its growth targets in terms
of volume.
In 2011, the Bank surpassed its Development
Strategy target for net assets by 22.6% and its goals
for attracting corporate funds by 12% and met its
strategic objectives for the growth of retail funds.
As planned, 2011 saw intensive development
of the Bank’s branch network, with launches
in Rostov-on-Don, Nizhny Novgorod, and
St. Petersburg. Following Novikombank’s acquisition
of Lada-Credit, a key branch was opened in Togliatti;
offices were also added in Samara and Zhukovsky.
Strategic projects realised by the Bank in 2011
include:
■ Implementing the Corporate Settlement Centre
project at subsidiaries of JSC Radio-Electronic
Technologies Concern; signing agreements
on providing this service to JSC Orion Concern and
JSC Aviation Equipment Concern companies;
■ Launching payroll projects for subsidiaries of key
strategic partners such as Russian Technologies
State Corporation, MDB Compas, JSC AVTOVAZ,
JSC Radio-Electronic Technologies Concern, and
JSC Aviation Equipment Concern;
■ Expanding its financing for major clients’ foreigntrade contracts;
■ Developing Private Banking and other services.
Strategic initiatives the Bank plans to launch
in the near future include:
■ Optimising the management system in response
to new challenges faced by the banking market;
■ Expanding its work with key partners on payroll
projects, focused on extensive cross-sales
development;
■ Continuing to develop the branch network in key
regions for strategic and major clients;
■ Improving the management reporting system.
Implementation of these plans should ensure
further development of the Bank’s business, focused
on servicing key partners, with potential expansion
of the client base to include other major enterprises.
Organisational measures to develop the management
system will help increase the profitability and
efficiency of operations.
Summarized Financial Statements
Summarized
Financial
Statements
Summarized financial
statements prepared
based on the audited
financial statements
Year ended 31 December 2011
Together with Independent
auditors’ report
35
36
Independent auditors’ report
Ernst & Young LLC
Sadovnicheskaya Nab., 77, bld. 1
Moscow, 115035, Russia
Tel.:
+7 (495) 705-9700
+7 (495) 755-9700
Fax:
+7 (495) 755-9701
www.ey.com
ООО “Эрнст энд Янг”
Россия, 115035, Москва,
Садовническая наб., 77, стр. 1
Teл.:
+7 (495) 705-9700
+7 (495) 755-9700
Факс:
+7 (495) 755-9701
ОКПО
59002827
Independent auditors’ report on the summary financial statements to the Shareholders and Board of
Directors of JSCB “NOVIKOMBANK”
The accompanying summary financial statements, which comprise the summary income statement
for the year ended 31 December 2011, the summary statement of comprehensive income for the
year ended 31 December 2011, the summary statement of financial position as at 31 December
2011, summary cash flow statement and summary statement of changes in equity for the year then
ended, are derived from the audited financial statements of JSCB “NOVIKOMBANK” for the year
ended 31 December 2011. We expressed an unmodified audit opinion on those financial statements
in our auditors’ report dated 14 May 2012. Those financial statements, and the summary financial
statements, do not reflect the effects of events that occurred subsequent to the date of our auditors’
report on those financial statements.
The summary financial statements do not contain all the disclosures required by International Financial
Reporting Standards. Reading the summary financial statements, therefore, is not a substitute for
reading the audited financial statements of JSCB “NOVIKOMBANK”, referred to in the first paragraph.
Management’s responsibility for the summary financial statements
Management is responsible for the preparation of a summary of the audited financial statements
in accordance with International Financial Reporting Standards.
Auditors’ responsibility
Our responsibility is to express an opinion on the summary financial statements based on our
procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810
Engagements to Report on Summary Financial Statements.
Opinion
In our opinion, the summary financial statements derived from the audited financial statements of JSCB
“NOVIKOMBANK” for the year ended 31 December 2011 are consistent, in all material respects, with
the financial statements, referred to in the first paragraph.
14 May 2012
37
Income statement
For the year ended 31 December 2011
2011
RUR'000
Interest income
Interest expense
Net interest income
Reversal of allowance / (allowance) for impairment of loans to customers
Net interest income after reversal of allowance / (allowance)
for impairment of loans to customers
2010
RUR'000
6,273,823
4,980,100
(3,548,841)
(2,385,735)
2,724,982
2,594,365
306,145
(1,356,500)
3,031,127
1,237,865
Fees and commissions income
419,423
246,406
Fees and commissions expenses
(55,759)
(47,411)
Net gains/(losses) from financial instruments at fair value through profit or
loss and available-for-sale assets
(898,673)
624,573
(55,336)
(150,843)
Other income
170,009
162,938
Net non-interest income/(loss)
(420,336)
835,663
Other allowances for impairment
(28,756)
(37,167)
Share of loss of associate
(15,750)
–
Net losses from foreign currencies
Loss on initial recognition of loans issued
Operating expenses
Profit before tax
Income tax expense
Profit
(402,686)
(52,539)
(1,751,145)
(1,225,914)
412,454
757,908
(121,984)
(126,352)
290,470
631,556
These financial statements were authorized for release by the Management Board of the Bank on 10 May
2012.
I.N. Gubin
President
Т.V. Radchenko
Chief Accountant
38
Statement of comprehensive income
2011
RUR'000
Profit
2010
RUR'000
290,470
631,556
(43,366)
120,416
(129,012)
(64,673)
(2,857)
4,786
Other comprehensive income
Revaluation reserve on available-for-sale assets:
net change in the fair value of available-for-sale assets, net of income tax
net change in the fair value of available-for-sale assets, transferred to
profit or loss, net of income tax
Revaluation of property and equipment, net of income tax
Other comprehensive income/(loss) for the year, net of tax
Total comprehensive income for the year
I.N. Gubin
President
Т.V. Radchenko
Chief Accountant
(175,235)
60,529
115,235
692,085
39
Statement of financial position
As of 31 December 2011
2011
RUR'000
2010
RUR'000
ASSETS
Cash and cash equivalents
17,054,547
Deposits with the Central Bank of Russia
7,941,119
7,000,767
–
804,679
370,412
9,202,231
5,548,236
– owned by the Bank
4,849,796
14,862,018
– pledged under repurchase agreements
8,451,050
–
995,454
6,035,119
1,007,444
–
446,132
909,237
420,737
–
Obligatory reserve with the Central Bank of Russia
Amounts due from banks and other financial institutions
Financial instruments at fair value through profit or loss
Available-for-sale assets
Held-to-maturity investments
Loans to customers, including
– reverse repurchase agreements receivable
– loans to customers
Investments in an associate
Property and equipment
Current income tax prepaid
Deferred income tax assets
2,123,397
–
45,648,050
26,557,710
9,250
25,000
300,654
281,776
56,778
32,657
30,485
–
Other assets
180,671
88,624
Total assets
98,582,122
62,651,908
87,257
5,734
Accounts and deposits from banks and other financial institutions
10,640,674
4,662,097
Repurchase agreements payable
10,398,028
–
Current accounts and deposits from customers
57,649,314
40,973,169
8,940,699
7,251,738
138,248
259,422
–
125,322
LIABILITIES
Debt securities issued
Other borrowed funds
Deferred income tax liabilities
Other liabilities
326,582
422,421
Subordinated loans
4,128,804
2,794,724
Total liabilities
92,309,606
56,494,627
3,198,350
3,198,350
EQUITY
Share capital
Share premium
Property and equipment revaluation reserve
Revaluation reserve for available-for-sale assets
Retained earnings
Total equity
Total liabilities and equity
I.N. Gubin
President
Т.V. Radchenko
Chief Accountant
73,964
73,964
146,115
148,972
(67,455)
104,923
2,921,542
2,631,072
6,272,516
6,157,281
98,582,122
62,651,908
40
Statement of cash flows
2011
RUR'000
2010
RUR'000
CASH FLOWS FROM OPERATING ACTIVITIES
Interest, fees and commissions received
Interest, fees and commissions paid
Net receipts/(payments) from financial instruments at fair value through profit
or loss and available-for-sale assets
Net receipts/(payments) from foreign currency operations
Net gains from transactions with precious metals
7,015,318
4,971,073
(3,441,499)
(2,356,791)
(333,965)
666,863
57,170
(288,859)
117,747
61,033
Dividends received
6,495
5,742
Other income
8,067
5,150
(1,723,062)
(1,124,635)
1,706,271
1,939,576
Operating expenses
(INCREASE) DECREASE IN OPERATING ASSETS
Deposits with the Central Bank of Russia
Obligatory reserve with the Central Bank of Russia
Amounts due from banks and other financial institutions
Reverse repurchase agreements receivable
Loans to customers
Other assets
(7,000,000)
–
(434,267)
(191,326)
(3,506,288)
(1,481,729)
1,201,735
(14,680,589)
(2,119,928)
–
(19,367,306)
(6,678,019)
(101,096)
(35,525)
5,913,076
3,054,154
INCREASE (DECREASE) IN OPERATING LIABILITIES
Accounts and deposits from banks and other financial institutions
Repurchase agreements payable
10,382,342
(200,530)
Current accounts and deposits from customers
16,008,292
16,753,334
Promissory notes issued
(1,476,914)
677,294
(123,949)
(185,817)
54,606
5,958
Other borrowed funds
Other liabilities
Net cash from (used in) operating activities before taxes
Income tax paid
Net cash from (used in) operating activities
1,136,574
(1,023,219)
(258,105)
(198,289)
878,469
(1,221,508)
41
Statement of cash flows
(continued)
2011
RUR'000
2010
RUR'000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities
Proceeds from sale of investment securities
(148,694)
(121,680)
60,000
400,000
(13,642,404)
(6,398,967)
17,454,992
5,984,360
47,233
602,968
363
–
Purchase of property and equipment
(61,885)
(48,974)
Net cash from (used in) investing activities
3,709,605
417,707
1,350,000
3,000,000
300,000
2,000,000
Net cash from financing activities
4,350,000
2,300,000
Net increase in cash and cash equivalents
8,938,074
1,496,199
175,354
(14,100)
Cash and cash equivalents, beginning
7,941,119
6,459,020
Cash and cash equivalents, ending
17,054,547
7,941,119
Purchase of available-for-sale assets
Proceeds from sale of available-for-sale assets
Proceeds from redemption of held-to-maturity investments
Proceeds from sale of property and equipment
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of subordinated loans
Proceeds from bonds issued
Effect of exchange rate changes on cash and cash equivalents
42
Statement of changes in equity
Share
capital
RUR'000
Balance as at 1 January 2010
Property and
equipment
Share
revaluation
premium
reserve
RUR'000
RUR'000
Revaluation
reserve for
availablefor-sale
assets
RUR'000
Retained
earnings
RUR'000
Total
equity
RUR'000
573,350
2,173,964
144,186
49,180
2,524,516
5,465,196
–
–
–
–
631,556
631,556
Revaluation of available-for-sale assets,
net of deferred tax liability in the amount
of RUR 30,103 thousand
–
–
–
120,416
–
120,416
transferred to profit or loss, net of deferred
tax assets in the amount of RUR 16,168
thousand
–
–
–
(64,673)
–
(64,673)
Revaluation of property and equipment, net
of deferred tax liabilities in the amount of
RUR 1,196 thousand
–
–
4,786
–
–
4,786
Total other comprehensive income
–
–
4,786
55,743
–
60,529
Total comprehensive income for the year
–
–
4,786
55,743
631,556
692,085
2,625,000 (2,100,000)
–
–
(525,000)
–
Profit
Increase in share capital
Balance as at 31 December 2010
3,198,350
73,964
148,972
104,923
2,631,072
6,157,281
–
–
–
–
290,470
290,470
net of deferred tax assets in the amount of
RUR 10,841 thousand
–
–
–
(43,366)
–
(43,366)
transferred to profit or loss, net of deferred
tax assets in the amount of RUR 32,252
thousand
–
–
–
(129,012)
–
(129,012)
Revaluation of property and equipment,
net of deferred tax assets in the amount
of RUR 714 thousand
–
–
(2,857)
–
–
(2,857)
Total other comprehensive loss
–
–
(2,857)
(172,378)
–
(175,235)
Profit
Total comprehensive income/(loss)
for the year
Balance as at 31 December 2011
–
–
(2,857)
(172,378)
290,470
115,235
3,198,350
73,964
146,115
(67,455)
2,921,542
6,272,516
Addresses and other information
Addresses and
other information
Full name:
Joint-Stock Commercial Bank
“NOVIKOMBANK”
Brief name:
JSCB NOVIKOMBANK
Legal address:
4/4 Yakimanskaya Emb., bldg 2,
Moscow, 119180
Telephone:
+7 (495) 974-71-87,
745-56-10
Fax:
+7 (495) 969-20-65
E-mail:
[email protected]
Founded October 25, 1993.
Registered by the Bank of Russia
May 21, 1999, № 2546
Certificate on registration of the
legal entity in the Uniform State
Register of Legal Entities (EGRUL)
of 15.08.2002, issued by issued
by the Interdistrict Tax Office of
the Ministry of Taxes and Charges
of Russia No. 39 within the city of
Moscow, №1027739075891
INN/KPP:
7706196340/775001001
BIK 044583162
Correspondent account
30101810000000000162
with Office №1 of the Moscow
GTU of the Bank of Russia
Statistic codes:
OKPO 17541272
OKOGU 1500010
OKATO 45286596000
OKTMO 45384000
OKFS 16
OKOPF 67
OKVED 65.12
Licences
General licence to conduct
banking operations
Licence place of issue: Moscow
Name of the licensing authority:
Central Bank of the Russian
Federation Licence No.: 2546
Licence issue date and validity:
23 September 2002, valid
indefinitely
Licence of professional
participant on the securities
market for brokerage
activities
Licensing authority: Federal
Securities Market Commission
Licence No.: 177-06439-100000
25 February 2003, valid
indefinitely
market for dealing activities
Licence No.: 077-06443-010000
indefinitely
market for depository activities
Licence No.: 177-06450-000100
indefinitely
Licence for performing banking
activities with precious metals
Licensing authority: Central Bank
of the Russian Federation
Licence No.: 2546
3 October 2002, valid indefinitely
Licence for activities involving
State secrecy information
Licensing authority: Russian
Federal Security Service
Department for Moscow and
43
44
Moscow Region
Registration No.: 18103
from 28 September 2010 to 28
September 2015
Licence to take measures and/
or provide services to protect
State secrecy information
Federal Security Service
Department for Moscow and
Moscow Region
Registration No.: 18104
from 28 September 2010 to 28
September 2015
Licence for distribution
of encoding devices
Federal Security Service Centre for
State Secret Licensing, Certification
and Protection
Registration No.: 11659 P
29 December 2011 to 29
December 2016
Licence to perform technical
maintenance of encoding
devices
and Protection Registration
No.: 11658 Х
December 2016
Licence to render information
encoding services
and Protection Registration
No.: 11660 У
December 2016
market for securities
management
Financial Markets Service
Licence No.: 177-13074-001000
29 April 2010 valid indefinitely
Contact
information:
JSCB NOVIKOMBANK
4/4 Yakimanskaya Emb., bldg 2, Moscow, 119180
Tel.: +7 495 974 7187
Fax: +7 495 969 2065
www.novikom.ru

2011 Annual Report

Transcription

Similar documents

Alinga Consulting Group British Airways Dentons

Brainwave (28).indd

TV Airtime RTVI

Russian Rhaspsody Daylily

I-Teco oveview profile

Kallima - Press Release - Exhibit-e

Russia and the European Neighborhood

RUSSIA TURKMENISTAN UZBEKISTAN

(1) occupied the present day United States and Canada undis

Time to go banking? The electric is off. The phones are dead. The