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<title>Corporate business — Annual report 2010</title>
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           <h1>Corporate business</h1><a name="top"></a>
 
<p>2010 was a&nbsp;year of&nbsp;steady recovery for Bank Vozrozhdenie&rsquo;s corporate business. The stabilization of&nbsp;the banking sector led to&nbsp;increased corporate lending and greater competition. However, growth in&nbsp;the segment remained constrained by&nbsp;the slow pace of&nbsp;economic recovery and associated high credit risks. Moreover, in&nbsp;2010, banks had to&nbsp;deal with rapidly contracting interest margins, which was reflected in&nbsp;their year-end profitability indicators. </p>
 
<p>Thanks to&nbsp;our conservative policies in&nbsp;previous years and trust-based relationships with our clients, Bank Vozrozhdenie created a&nbsp;reserve fund and continued to&nbsp;actively grow its corporate business despite the increased competition from state-owned banks. As&nbsp;a&nbsp;result, key performance indicators in&nbsp;the corporate segment were higher across the board.</p>
 
<p>Key developments for Bank Vozrozhdenie’s corporate business in&nbsp;2010&nbsp;were:</p>
 
<ul> 	 
  <li>Increase in&nbsp;the customer base</li>
 	 
  <li>Stable revenues in&nbsp;a&nbsp;low-margin environment</li>
 	 
  <li>Growth of&nbsp;non-interest income and development of&nbsp;fee-generating products</li>
 	 
  <li>Expansion of&nbsp;the loan portfolio from cooperation with reliable borrowers</li>
 	 
  <li>Monitoring of&nbsp;the loan portfolio quality and dealing with NPLs and restructured debt</li>
 </ul>
 
<p>The number of&nbsp;Bank Vozrozhdenie’s corporate clients grew by&nbsp;11% last year. Key factors in&nbsp;attracting new clients are the Bank’s individual approach to&nbsp;each customer, partnership relations in&nbsp;achieving their financial goals and a&nbsp;broad range of&nbsp;high-tech banking products to&nbsp;meet client demands. The Bank’s new clients include industrial companies and trade outlets in&nbsp;Moscow Region and other areas where the Bank has a&nbsp;presence. The number of&nbsp;SME clients&nbsp;&mdash; a&nbsp;key client segment for Bank Vozrozhdenie&nbsp;— grew by&nbsp;16% in&nbsp;2010. Reliability and high levels of&nbsp;trust were evidenced by&nbsp;the Bank’s expanded cooperation with federal bodies, regional administrations and municipalities, as&nbsp;well as&nbsp;numerous major companies and state bodies.</p>
 <p><a href="#top" class="top" >Top</a></p>
<table class="tbimg" align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; "> 
  <tbody> 
    <tr><td> 
        <h4>Corporate client funds, RUB million</h4>
       
        <p><img src="/img/grafiki_en/17.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/CORPORATE_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<h2>Corporate client funds</h2>
 
<p>Client funds form the basis for Bank Vozrozhdenie’s corporate lending. The Bank therefore places great emphasis on&nbsp;both diversifying its depositor base and optimizing its value.</p>
 
<p>In&nbsp;2010, the Bank continued to&nbsp;attract funds from major companies and state bodies, including the Agency for Housing Mortgage Lending, the St&nbsp;Petersburg Finance Committee, ROSNANO and the Communal Services Reform Assistance Fund. The Bank has continued to&nbsp;expand its work with regional administrations where it&nbsp;is&nbsp;present. A&nbsp;new area for the Bank in&nbsp;2010 was securing inflows of&nbsp;targeted funding as&nbsp;part of&nbsp;cooperation with various SME support funds.</p>
 
<p>In&nbsp;2010, RUB21 billion was placed in&nbsp;term deposits with Bank Vozrozhdenie, of&nbsp;which RUB4.8 billion came from ROSNANO and RUB4 billion from the Agency for Housing Mortgage Lending.</p>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Corporate lending</h2>
 
<p>Bank Vozrozhdenie’s major corporate lending goals in&nbsp;2010 were to&nbsp;maintain a&nbsp;competitive market position, expand the loan portfolio while maintaining credit quality, and keep an&nbsp;appropriate balance between the growth rate of&nbsp;the loan portfolio, profitability and credit risks. The primary goal was to&nbsp;retain existing borrowers and gain new and reliable clients. Particular attention was directed at&nbsp;reducing NPLs, and at&nbsp;monitoring and diversifying credit risks.</p>
 
<p>Excess liquidity in&nbsp;the banking sector led to&nbsp;greater competition between banks in&nbsp;the corporate sector and a&nbsp;rapid reduction of&nbsp;4.85 percentage points in&nbsp;interest rates on&nbsp;loans to&nbsp;clients. An&nbsp;important factor affecting interest rates was the Central Bank’s monetary policy, which saw a&nbsp;series of&nbsp;cuts to&nbsp;bring refinancing rates down to&nbsp;7.75%. The Bank’s borrowing requirements did not change significantly. However, to&nbsp;support its competitive position in&nbsp;the financial-services market, and also to&nbsp;retain and expand its client base, the Bank slightly relaxed its terms for granting loans.</p>
 
<div class="gray_block">All in&nbsp;all, Bank Vozrozhdenie’s corporate loan portfolio expanded by&nbsp;22% to&nbsp;RUB98.6 billion in&nbsp;2010. Loans to&nbsp;SMEs accounted for 60.7% of&nbsp;the overall figure and during the period the Bank granted a&nbsp;total of&nbsp;RUB94.3 billion to&nbsp;the segment. The Bank is&nbsp;ranked third by&nbsp;Expert RA&nbsp;and fourth by&nbsp;RBC Rating in&nbsp;terms of&nbsp;loans to&nbsp;SMEs. The most important factor in&nbsp;growth of&nbsp;loans to&nbsp;SMEs was Bank Vozrozhdenie’s involvement in&nbsp;various programs to&nbsp;support and develop the SME sector.</div>
 
<p>Under an&nbsp;agreement signed in&nbsp;November 2009 with the EBRD, Bank Vozrozhdenie obtained five-year funding totaling US$51 million to&nbsp;support lending to&nbsp;micro-businesses and SMEs. At&nbsp;the end of&nbsp;2010, the total number of&nbsp;borrowers under this program stood at&nbsp;239, while 116 new borrowers obtained loans. In&nbsp;October 2010, the EBRD granted the second tranche of&nbsp;a&nbsp;credit line to&nbsp;support lending to&nbsp;micro-businesses, worth US$10.6&nbsp;million, and US$15 million for on-lending to&nbsp;small businesses.</p>
 
<p>Moreover, on&nbsp;30&nbsp;November 2010, Bank Vozrozhdenie joined the state Financial Support Program for SMEs run through the Russian Bank of&nbsp;Development by&nbsp;the Economic Development Ministry and Vnesheconombank. Under the program, the Bank was granted a&nbsp;five-year loan of&nbsp;RUB3 billion for on-lending to&nbsp;SMEs by&nbsp;31&nbsp;May 2011. The first borrowers received loans under the program in&nbsp;December, within regionally defined limits.</p>
 
<table class="tbimg" align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; "> 
  <tbody> 
    <tr><td> 
        <h4>Portfolio structure by size of loan</h4>
       
        <p><img src="/img/grafiki_en/19.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/CORPORATE_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<p>As&nbsp;part of&nbsp;its efforts to&nbsp;offer reasonable credit terms to&nbsp;borrowers, Bank Vozrozhdenie has expanded cooperation with state programs to&nbsp;support lending to&nbsp;SMEs in&nbsp;regions where it&nbsp;is&nbsp;present. In&nbsp;addition to&nbsp;existing agreements with funds in&nbsp;Moscow and Stavropol, Rostov and Volgograd regions, the Bank signed agreements with the SME Support Funds of&nbsp;Moscow, Murmansk and Magadan regions last year. Lending guarantees to&nbsp;SMEs thus almost doubled for the period. </p>
 
<p>To&nbsp;extend its relationships with highly reliable borrowers, Bank Vozrozhdenie continued expanding cooperation with national and local government bodies last year. Total funding volumes exceeded RUB9.7&nbsp;billion, while the total outstanding debt of&nbsp;executive state bodies to&nbsp;the Bank as&nbsp;of&nbsp;1&nbsp;January 2011 stood at&nbsp;RUB7.6&nbsp;billion. Lending to&nbsp;state-owned enterprises in&nbsp;the reporting period exceeded RUB3.5&nbsp;billion.</p>
 
<p>Moreover, to&nbsp;comply with national legislation, the Bank expanded its operations on&nbsp;banking guarantees securing contract liabilities. In&nbsp;2010, Bank Vozrozhdenie provided guarantees of&nbsp;more than RUB14.4 billion to&nbsp;Mostransavto, Moscow Regional Roads Center, the Moscow Regional Transport Ministry and other organizations.</p>
 
<div class="gray_block">As&nbsp;corporate loan volumes grew, Bank Vozrozhdenie maintained a&nbsp;good diversification of&nbsp;economic sectors and lending maturities. </div>
 
<p>As&nbsp;of&nbsp;January 2011, loans with maturities of&nbsp;more than one year comprised 43.8% of&nbsp;the portfolio, while shorter-term lending with terms of&nbsp;six months to&nbsp;one year accounted for 30.9%. This was largely due to&nbsp;cooperation between Bank Vozrozhdenie and the EBRD under the SME lending program. In&nbsp;terms of&nbsp;sectors, the Bank’s lending is&nbsp;concentrated mainly on&nbsp;highly reliable borrowers in&nbsp;the industrial, trade and communications sectors. At&nbsp;the end of&nbsp;the fiscal year, lending to&nbsp;these sectors represented 63.1% of&nbsp;the Bank’s corporate lending portfolio. </p>
 
<p>In&nbsp;2010, the quality of&nbsp;Bank Vozrozhdenie’s loan portfolio improved. As&nbsp;of&nbsp;1&nbsp;January 2011, the share of&nbsp;corporate overdue loans had fell by&nbsp;0.3 percentage points from a&nbsp;year earlier, to&nbsp;8.16%. </p>
 
<p>As&nbsp;lending volumes increased, the Bank increased loan-loss provisions by&nbsp;RUB1.706&nbsp;billion. The weight of&nbsp;provisions in&nbsp;the loan portfolio, meanwhile, remained almost unchanged. Including provisions on&nbsp;uncollectible loans, the Bank’s loan-loss reserves totaled 10.27% of&nbsp;the corporate loan portfolio at&nbsp;1&nbsp;January 2011.</p>
 
<table class="tbimg" width="100%" style="border-collapse: collapse; "> 
  <tbody> 
    <tr><td style="vertical-align: top; "> 
        <h4>Corporate client funds by sector, %</h4>
       
        <p><img src="/img/grafiki_en/18.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/CORPORATE_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td><td style="width: 50px; "> 
        <br />
       </td><td style="vertical-align: top; "> 
        <h4>Sector structure of the corporate loan portfolio, 2010, %</h4>
       
        <p><img src="/img/grafiki_en/22.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/CORPORATE_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Leasing and factoring</h2>
 
<p>As&nbsp;lending gradually resumed in&nbsp;2010, Bank Vozrozhdenie recovered leasing volumes through its subsidiary <nobr>V-REGISTR.</nobr> Compared with 2009, when the company signed just 26&nbsp;leasing agreements amounting to&nbsp;RUB85.4&nbsp;million, in&nbsp;2010 contract numbers totaled 188 with a&nbsp;total value of&nbsp;RUB1,239.7&nbsp;million. As&nbsp;of&nbsp;1&nbsp;January 2011, the company’s leasing portfolio stood at&nbsp;RUB1,847.3&nbsp;million, and its credit portfolio at&nbsp;RUB573&nbsp;million.</p>
 
<p>In&nbsp;2010, Bank Vozrozhdenie continued to&nbsp;expand its factoring operations. The Bank was able to&nbsp;boost demand for its factoring services by&nbsp;offering each client an&nbsp;individual choice in&nbsp;a&nbsp;wide range of&nbsp;financing schemes, and thanks to&nbsp;its ability to&nbsp;react to&nbsp;lower market rates for such services. In&nbsp;2010, many of&nbsp;the Bank’s clients&nbsp;— primarily SMEs&nbsp;— used factoring as&nbsp;a&nbsp;way of&nbsp;obtaining short-term financing for working-capital facilities. As&nbsp;a&nbsp;result, the Bank’s client base for factoring tripled in&nbsp;size, while factoring receivables rose by&nbsp;a&nbsp;factor of&nbsp;five.</p>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Trade finance</h2>
 
<p>In&nbsp;the reporting period, the Bank actively increased financing volumes for its clients’ import contracts, after the reduction during the crisis. The focus was on&nbsp;deals to&nbsp;modernize and retool production capacity at&nbsp;companies in&nbsp;the metals, forestry, food processing and consumer industry sectors. The Bank also continued to&nbsp;roll out a&nbsp;financing program for deals to&nbsp;enable official dealers in&nbsp;Russia to&nbsp;purchase agricultural technology and equipment from&nbsp;US company John Deere. </p>
 
<p>Thanks to&nbsp;our active promotion of&nbsp;trade-finance products amid rising overall foreign-trade volumes, the Bank more than tripled its loan portfolio under trade contracts to&nbsp;US$110&nbsp;million. </p>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Green Corridor payment cards</h2>
 
<p>The Bank has been issuing Green Corridor customs payment cards since early 2009 and is&nbsp;one of&nbsp;the market leaders by&nbsp;volume of&nbsp;operations and client numbers. The Green Corridor card is&nbsp;the leading-edge way of&nbsp;paying customs charges, and is&nbsp;rapidly gaining popularity among Russian and foreign companies. </p>
 
<p>Since the Bank entered into the scheme, 365 companies have become customers. In&nbsp;2010, Aeroflot, Metro Cash And Carry, SIMPL and the Mytishchi Mechanic Factory all joined the list. Payment volumes on&nbsp;Bank Vozrozhdenie’s Green Corridor cards increased by&nbsp;2.5 times in&nbsp;2010, exceeding RUB49&nbsp;billion. The number of&nbsp;client transactions increased by&nbsp;five times. At&nbsp;the end of&nbsp;the year, Bank Vozrozhdenie won the Customs Olympus 2010 award for Best Financial Institution Providing Services in&nbsp;the Customs Affairs, partly as&nbsp;a&nbsp;result of&nbsp;its active involvement in&nbsp;the Green Corridor project. </p>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Cooperation with insurance companies</h2>
 
<p>In&nbsp;2010, the Bank’s cooperation with its insurance partners continued to&nbsp;increase. Non-interest income from the Bank’s services to&nbsp;insurers totaled more than RUB26&nbsp;million, up&nbsp;44% year-on-year, while commission income received under service agreements with accredited insurers came to&nbsp;more than RUB18.5&nbsp;million, up&nbsp;54% year-on-year. At&nbsp;end-2010, insurance companies allocated RUB1.5 billion of&nbsp;funds with the Bank. </p>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Remote services</h2>
 
<p>A&nbsp;priority for the Bank’s customer services last year was the development of&nbsp;remote services, including the standard Client-Bank remote-banking service, as&nbsp;well as&nbsp;the Corporate Control, Corporate Settlements Center and Secure Email services.</p>
 
<p>To&nbsp;improve quality and convenience for clients, and also to&nbsp;reduce costs, the Bank has pro-actively introduced remote client services. In&nbsp;2010, the share of&nbsp;clients using Bank Vozrozhdenie’s remote services increased from&nbsp;32% to&nbsp;40%, while the share of&nbsp;payments increased from&nbsp;50% to&nbsp;69%, to&nbsp;a&nbsp;monthly average of&nbsp;700,000&nbsp;transactions. </p>
 
<table class="tbimg" width="100%" style="border-collapse: collapse; "> 
  <tbody> 
    <tr><td style="vertical-align: top; "> 
        <h4>Corporate loan portfolio, RUB million</h4>
       
        <p><img src="/img/grafiki_en/20.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/CORPORATE_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td><td style="width: 50px; "> 
        <br />
       </td><td style="vertical-align: top; "> 
        <h4>Corporate loan-book quality</h4>
       
        <p><img src="/img/grafiki_en/21.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/CORPORATE_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Priorities for corporate business development</h2>
 
<p>Increasing client loyalty and expanding the client base are key priorities for Bank Vozrozhdenie in&nbsp;its corporate business development. In&nbsp;2011, the Bank plans to&nbsp;develop remote banking services and boost the attractiveness of&nbsp;cash-management services, focusing on&nbsp;quality of&nbsp;service and optimization of&nbsp;tariff policy. </p>
 
<p> An&nbsp;important goal will be&nbsp;to&nbsp;expand the loan portfolio, predominantly in&nbsp;the SME segment. With the cost of&nbsp;attracting resources remaining high and a&nbsp;relatively low cost of&nbsp;credit, Bank Vozrozhdenie will continue to&nbsp;improve its operational efficiency to&nbsp;maintain and increase margins. Maintaining the high quality of&nbsp;its loan portfolio will be&nbsp;one of&nbsp;the Bank’s most important goals. </p>
 
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