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<title>Retail business — Annual report 2010</title>
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           <h1>Retail business</h1><a name="top"></a>
 
<p>The retail segment continued its recovery in&nbsp;2010, the first signs of&nbsp;which appeared in&nbsp;the second half of&nbsp;2009. As&nbsp;deposit volumes increased from spring 2010, banks began to&nbsp;increase retail lending under various programs. In&nbsp;the reporting period, the market policy of&nbsp;commercial banks depended largely on&nbsp;the activity of&nbsp;state-owned banks, which enjoyed cheap funding and had expanded their business during the worst of&nbsp;the crisis. </p>
 
<p>Bank Vozrozhdenie has traditionally focused in&nbsp;the retail segment on&nbsp;deposit inflows. Last year, the Bank also actively boosted retail lending volumes, which had shrunk during the previous period of&nbsp;volatility. By&nbsp;the end of&nbsp;2010, the Bank had managed to&nbsp;exceed its pre-crisis levels of&nbsp;mortgage lending.</p>
 
<p>As&nbsp;of&nbsp;1&nbsp;January 2011, the total number of&nbsp;retail clients had reached 1,546,000.</p>
 
<p>Bank Vozrozhdenie&rsquo;s main goals in&nbsp;the retail segment in&nbsp;2010&nbsp;were:</p>
 
<ul> 	 
  <li>Attract deposit inflows, focusing on&nbsp;long-term deposits</li>
 	 
  <li>Expand the loan book proactively</li>
 	 
  <li>Raise the quality of&nbsp;the loan portfolio by&nbsp;reducing levels of&nbsp;NPLs and problem loans</li>
 	 
  <li>Develop cross-selling</li>
 </ul>
 
<h2>Deposits</h2>
 
<p>In&nbsp;2010, Bank Vozrozhdenie’s retail deposit portfolio grew by&nbsp;RUB14.2&nbsp;billion, a&nbsp;record. The portfolio’s total volume rose by&nbsp;26.1% over the year, and has increased by&nbsp;a&nbsp;factor of&nbsp;2.3 since the start of&nbsp;2007. The high inflow of&nbsp;deposits was largely caused by&nbsp;shifting consumer confidence, from a&nbsp;period of&nbsp;heavy spending to&nbsp;a&nbsp;phase of&nbsp;savings in&nbsp;<nobr>2009-10.</nobr> Since the start of&nbsp;2010, Bank Vozrozhdenie’s depositor numbers have grown by&nbsp;4% to&nbsp;reach 316,000.</p>
 
<p>At&nbsp;the end of&nbsp;2010, Bank Vozrozhdenie was Russia’s 13th largest bank by&nbsp;retail deposits.</p>
 
<p>Bank Vozrozhdenie is&nbsp;a&nbsp;full-service bank with a&nbsp;wide range of&nbsp;clearly explained deposit products. Most popular among consumers in&nbsp;2010 were &ldquo;seasonal&rdquo; deposits, which grew by&nbsp;RUB9.8 billion and accounted for some&nbsp;70% of&nbsp;the total increase in&nbsp;deposit volumes.</p>
 
<p>As&nbsp;part of&nbsp;efforts to&nbsp;increase the share of&nbsp;long-term deposits, extended terms were introduced for the most popular seasonal deposit accounts in&nbsp;2010. As&nbsp;a&nbsp;result, the share of&nbsp;long-term deposits in&nbsp;Bank Vozrozhdenie’s deposit book rose by&nbsp;8.6% to&nbsp;59.7% by&nbsp;the year-end. The Bank also introduced special conditions with higher interest rates on&nbsp;term deposits for pensioners. </p>
 
<p>The Bank adjusted interest rates on&nbsp;deposits more than once during the year based on&nbsp;the market situation. During the reporting period, the highest interest rate was reduced from an&nbsp;annual 12.75% to&nbsp;8.0% in&nbsp;rubles, and from 6.5% to&nbsp;5.25% in&nbsp;foreign currency. As&nbsp;deposit yields declined, Bank Vozrozhdenie focused on&nbsp;offering high-quality service and expanding its range of&nbsp;additional services to&nbsp;clients through regular payment of&nbsp;deposit funds, complementary debit cards, and discounts on&nbsp;credit cards, etc. </p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Lending</h2>
 
<p>In&nbsp;2010 Bank Vozrozhdenie expanded its retail lending operations. During the year, the retail loan portfolio, including credit cards, grew by&nbsp;18% to&nbsp;RUB16.6&nbsp;billion. Problem loans as&nbsp;a&nbsp;proportion of&nbsp;the loan book declined from 6.1% to&nbsp;4.8% <sup><a href="#" class="term" title="Here and below, problem loans are defined as&amp;nbsp;more than 30&amp;nbsp;days overdue, including the full value of&amp;nbsp;the loan" >1</a> </sup> in&nbsp;2010 due to&nbsp;continual monitoring of&nbsp;the quality of&nbsp;the loan book and effective identification of&nbsp;non-performing loans at&nbsp;an&nbsp;early stage.</p>
 
<h3>Mortgages</h3>
 
<p>The growth of&nbsp;the retail portfolio was driven mainly by&nbsp;a&nbsp;significant increase in&nbsp;mortgage lending volumes. Last year, the Bank not only returned to&nbsp;pre-crisis growth rates, but expanded its mortgage portfolio to&nbsp;more than RUB10 billion for the first time, allocating RUB4.2 billion in&nbsp;mortgage loans. </p>
 
<p>To&nbsp;boost volumes of&nbsp;mortgage loans, Bank Vozrozhdenie reviewed limits on&nbsp;its target client segment, which it&nbsp;expanded to&nbsp;include new clients with a&nbsp;confirmed stable income, investments at&nbsp;major banks and no&nbsp;previous negative credit history. Alongside a&nbsp;reduction in&nbsp;market interest rates, mortgage-lending conditions were relaxed. The minimum initial deposit was reduced to&nbsp;20%, while graduated interest rates depending on&nbsp;the form of&nbsp;proof of&nbsp;income provided were suspended. </p>
 
<p>The Bank was one of&nbsp;the first to&nbsp;actively re-launch mortgage lending in&nbsp;the primary market, and signed agreements with several major construction companies. As&nbsp;a&nbsp;result, issuance volumes in&nbsp;the primary market accounted for&nbsp;40% of&nbsp;the total loans granted. In&nbsp;lending for apartments in&nbsp;new developments, the Bank works only with construction companies with a&nbsp;proven track record, and only with development projects that are&nbsp;70% or&nbsp;more complete.</p>
 
<p>In&nbsp;2010, the Bank developed partnership programs with realtors, construction companies and corporate clients. More than&nbsp;50% of&nbsp;loans were made under such programs. In&nbsp;2010, Bank Vozrozhdenie ran mortgage programs for RKK Energy, Teplo RKK, Mosvodokanal, Mostransavto and Afina, and also as&nbsp;part of&nbsp;the “Mortgage and Housing for Young Professionals” program in&nbsp;Nizhny Novgorod. </p>
 
<p>Meanwhile, as&nbsp;part of&nbsp;its collaboration with the Agency for Housing Mortgage Lending, the Bank launched a&nbsp;variable-rate product linked to&nbsp;the Central Bank’s refinancing rate. In&nbsp;2010, Bank Vozrozhdenie was one of&nbsp;the first Russian banks that received funding from the Agency for Housing Mortgage Lending under the program of&nbsp;floating-rate financing. It&nbsp;totaled RUB63 million and has a&nbsp;term of&nbsp;30&nbsp;years, in&nbsp;line with the maximum maturity of&nbsp;the mortgage loans in&nbsp;the refinanced portfolio.</p>
 
<table align="right" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 10px; border-collapse: collapse; " class="tbimg"> 
  <tbody> 
    <tr><td> 
        <h4>Individual deposits, RUB million</h4>
       
        <p><img src="/img/grafiki_en/23.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/RETAIL_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<h3>Consumer lending</h3>
 
<p>In&nbsp;consumer lending, the Bank continued to&nbsp;focus on&nbsp;more creditworthy borrowers last year, particularly managers and employees at&nbsp;the Bank’s corporate clients. Nevertheless, as&nbsp;part of&nbsp;its program to&nbsp;increase retail lending volumes, the Bank expanded the list of&nbsp;potential borrowers including settlements and deposit clients, participants in&nbsp;corporate programs, clients of&nbsp;partner companies and people on&nbsp;payroll projects with other banks. Moreover, the Bank developed a&nbsp;program of&nbsp;collaboration with corporate clients to&nbsp;extend loans to&nbsp;employees at&nbsp;preferential rates.</p>
 
<p>During 2010, the Bank gradually increased the attractiveness of&nbsp;its consumer- and car-lending programs. Interest rates were reduced, arrangement and management fees were canceled, the ban on&nbsp;preterm repayment was abandoned, the maximum repayment term was extended and the lending ceiling was lifted on&nbsp;some products.</p>
 
<p>Thanks to&nbsp;these measures, Bank Vozrozhdenie expanded its consumer lending portfolio by&nbsp;34% last year, from RUB3.5 billion to&nbsp;RUB4.7&nbsp;billion.</p>
 <p><a href="#top" class="top" >Top</a></p>
<h2>Fee-generating products</h2>
 
<p>Increasing fee income is&nbsp;a&nbsp;priority for Bank Vozrozhdenie’s retail business. Fee-generating products provide the Bank with a&nbsp;stable source of&nbsp;revenues. In&nbsp;2010, the number of&nbsp;retail payments and transfers totaled 16.5&nbsp;million, generating total revenue of&nbsp;RUB330&nbsp;million, up&nbsp;5% year-on-year. At&nbsp;the end of&nbsp;2010, payment volumes had exceeded pre-crisis levels. </p>
 
<p>In&nbsp;2010, the Bank began rolling out its own network of&nbsp;payment terminals to&nbsp;make cash payments easier and more accessible. By&nbsp;the end of&nbsp;the year, individuals had made more than 16,000 payments had been made through Bank Vozrozhdenie’s terminals. Major partners that received payments from individuals in&nbsp;2010 included Mosoblgaz, Southern Telecom, Comstar, Rusfinance Bank and a&nbsp;number of&nbsp;key institutions in&nbsp;regions where the Bank has a&nbsp;presence, including the federal Land Registry, the federal Technical Inventory Bureau and local communal-services organizations and educational institutions.</p>
 
<p>Alongside the development of&nbsp;cash payments and transfers, the Bank has actively expanded its service for regular non-cash automated payments. In&nbsp;2010, the number of&nbsp;clients using the service grew by&nbsp;36% to&nbsp;15,800.</p>
 
<p>As&nbsp;a&nbsp;whole, settlements are firmly established as&nbsp;the most widespread and in-demand services among individuals.</p>
 
<table width="100%" style="border-collapse: collapse; " class="tbimg"> 
  <tbody> 
    <tr><td style="vertical-align: top; "> 
        <h4>Quality of the retail loan portfolio</h4>
       
        <p><img src="/img/grafiki_en/25.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/RETAIL_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td><td style="width: 50px; "> 
        <br />
       </td><td style="vertical-align: top; "> 
        <h4>Retail loan portfolio, RUB million</h4>
       
        <p><img src="/img/grafiki_en/24.png" border="0"  /></p>
       
        <p><img src="/img/xls.png" border="0"  /> <a href="/xls/RETAIL_BUSINESS.xls" target="_blank" >Download XLS</a></p>
       </td></tr>
   </tbody>
 </table>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Cross-selling</h2>
 
<p>As&nbsp;competition among banks increased in&nbsp;2010, greater use of&nbsp;cross-selling became a&nbsp;priority for Bank Vozrozhdenie’s retail operations. During the reporting period, the Bank’s aim of&nbsp;targeting specific clients was reflected in&nbsp;the products offered to&nbsp;clients and the means of&nbsp;communication used to&nbsp;reach out to&nbsp;them. The most important factor in&nbsp;increasing cross-selling was personalized retail programs for major corporate clients and the resumption of&nbsp;partnership programs with major construction and real-estate companies. </p>
 
<p>The Bank has made active use of&nbsp;text messages and telephone calls to&nbsp;inform clients about changes to&nbsp;the terms and conditions of&nbsp;deposits and loans, as&nbsp;well as&nbsp;about new product launches, the imminent expiry of&nbsp;deposit terms, changes to&nbsp;branch opening hours, etc. Some RUB920 million of&nbsp;loans were advanced as&nbsp;a&nbsp;result of&nbsp;text messages and telephone calls.</p>
 
<p>At&nbsp;the end of&nbsp;2010, Bank Vozrozhdenie’s level of&nbsp;active cross-selling of&nbsp;retail products had reached 53.27%. </p>
 
<p><a href="#top" class="top" >Top</a></p>
 
<h2>Retail banking development priorities</h2>
 
<p>In&nbsp;2011, Bank Vozrozhdenie plans to&nbsp;maintain the growth rates of&nbsp;its retail business by&nbsp;using innovative methods alongside those that have already proved their worth. Term deposits are planned to&nbsp;increase to&nbsp;RUB78&nbsp;billion.</p>
 
<p>Bank Vozrozhdenie’s lending priorities remain proactively expanding the loan portfolio while maintaining its high quality. The Bank plans to&nbsp;boost its mortgage portfolio to&nbsp;RUB15&nbsp;billion, including by&nbsp;increasing lending during the construction stage, and also to&nbsp;almost double consumer and auto lending. Key factors in&nbsp;the growth of&nbsp;the credit portfolio will be&nbsp;to&nbsp;broaden the range of&nbsp;mortgage programs, further develop cross-selling opportunities, and conclude agreements with corporate clients and construction companies. </p>
 
<p> In&nbsp;2011, Bank Vozrozhdenie will continue to&nbsp;introduce cutting-edge software and will unify business processes in&nbsp;its retail-lending operations using a&nbsp;single CRM&nbsp;system. </p>
 
<p><a href="#top" class="top" >Top</a></p>
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