Survey of key data Raiffeisenbank a.d, Belgrade 2005 Change 2004 Income Statement Balance Sheet Regulatory information Performance Resources

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2 Survey of key data Raiffeisenbank a.d, Belgrade 2005 Change 2004 Monetary values are in thousands CSD Income Statement Net interest income after provisioning 2,915, ,070,194 Net commission income 722, ,511 Trading profit 1,392, ,260,455 General administrative expenses (3,285,800) (1,699,088) Profit before tax 1,722, ,130,607 Profit after tax 1,722, ,130,607 Balance Sheet Loans and advances to banks 3,763, ,798,633 Loans and advances to customers 77,735, ,570,269 Deposits from banks 46,728, ,580,000 Deposits from customers 59,847, ,318,043 Equity (incl. minorities and profit) 10,262, ,472,621 Balance-sheet total 120,595, ,014,289 Regulatory information Total own funds 11,108, ,471,373 Own funds requirement 8,175, ,202,471 Core capital ratio 8.12% % Own funds ratio 10.87% % Performance Return on equity (ROE) before tax 30.60% % Return on equity (ROE) after tax 30.60% % Cost/income ratio 59.95% % Return on assets (ROA) before tax 1.68% % Risk / earnings ratio 20.20% % Resources Number of staff on balance-sheet date Business outlets

3 Pregled najvaænijih podataka Raiffeisenbank a.d, Beograd Promena Vrednosti su izraæene u hiljadama dinara Bilans uspeha Neto dobitak po osnovu kamata posle rezervisanja 2,915, ,070,194 Neto dobitak po osnovu naknada i provizija 722, ,511 Prihodi od trgovanja 1,392, ,260,455 Administrativni troπkovi (3,285,800) (1,699,088) Dobitak pre oporezivanja 1,722, ,130,607 Dobitak posle oporezivanja 1,722, ,130,607 Bilans stanja Plasmani bankama 3,763, ,798,633 Plasmani klijentima 77,735, ,570,269 Depoziti banaka 46,728, ,580,000 Depoziti klijenata 59,847, ,318,043 Kapital 10,262, ,472,621 Bilans stanja - ukupno 120,595, ,014,289 Kontrolne informacije Ukupni sopstveni kapital 11,108, ,471,373 Potreban sopstveni kapital 8,175, ,202,471 Adekvatnost kapitala (osnovni kapital) 8.12% % Adekvatnost kapitala (ukupni kapital) 10.87% % Pokazatelji poslovanja Stopa povraêaja kapitala pre oporezivanja 30.60% % Stopa povraêaja kapitala posle oporezivanja 30.60% % Odnos rashoda i prihoda 59.95% % Stopa povraêaja aktive 1.68% % UËeπÊe ispravke vrednosti u neto prihodima od kamate 20.20% % Izvori Broj zaposlenih na dan bilansa Broj ekspozitura

4 Contents Contents Report by the Chairman of the Board of Directors 4 Introduction by the Chairman of the Managing Board 10 The RZB Group and Raiffeisen International at a Glance 18 Macroeconomic Environment, Opportunities for Foreign Investors and Prospects 22 Corporate Banking 32 Retail Banking 40 Treasury and Investment Banking 52 Raiffeisen Leasing d.o.o. 60 Raiffeisen Glossary 62 Branch Network 66 Organization Structure 68 Maps 70 Addresses 72 Financial Statements Independent Auditor s Report 85 Income Statement for the year ended 31 December Balance Sheet as at 31 December

5 Sadræaj Sadræaj Izveπtaj predsednika Upravnog odbora 5 Uvodna reë predsednika Izvrπnog odbora 11 Kratak osvrt na RZB grupaciju i Raiffeisen International 19 Makroekonomsko okruæenje, moguênosti za strane investitore i perspektive 23 Poslovanje sa privredom 33 Poslovanje sa stanovniπtvom 41 Sredstva i investiciono bankarstvo 53 Raiffeisen Leasing d.o.o. 61 Raiffeisen - reënik pojmova 63 Mreæa filijala 66 Organizaciona struktura banke 68 Mape 70 Adrese 72 Finansijski izveπtaj Nezavisno miπljenje revizora 85 Bilans uspeha za godinu zavrπenu 31. decembra Bilans stanja na dan 31. decembra

6 Report by the Chairman of the Board of Directors Report by the Chairman of the Board of Directors On behalf of the Board of Directors of Raiffeisenbank a.d, Belgrade, it is my pleasure to state that 2005 was another very successful business year for this bank. Raiffeisenbank recorded continuous growth in all business segments for the fifth consecutive year, strengthening its leading position in the local banking market. Raiffeisenbank is still the leading bank in the country according to total assets, the total volume of credits approved, as well as by the total amount of collected deposits and by providing additional financing sources from abroad. In the course of 2005, Raiffeisenbank has, as a universal bank, achieved continuing credit growth in all three segments: corporate, consumer and SME. The bank recorded a very high market share of between 15 and 20 per cent in all key business categories. With a growth of total assets of about 60 per cent, Raiffeisenbank was the main driving force of banking sector growth in Serbia. The bank achieved these impressive results primarily by its commitment to develop a long-term cooperation with its clients, by its highly professional work and its constant innovation of banking products. The continuous success of Raiffeisenbank was facilitated by the fact that the bank is a member of Raiffeisen International Bank-Holding AG (Raiffeisen International), one of the leading banking groups in Central and Eastern Europe. Also, the significant support by its indirect leading shareholder Raiffeisen Zentralbank Österreich AG (RZB) helped enormously in reaching the current position. Numerous awards from the world s most renowned magazines are further proof of the bank s success in 2005: The Banker s Bank of the Year award, Euromoney s Best Bank in Serbia and Montenegro award and Global Finance s Best Corporate/Institutional Internet Bank award. It is indisputable that the bank s success in 2005, as in the previous years, is a result of commitment, highly professional attitude, expertise and team work, coming from all employees and the bank s management as well. The year 2005 saw changes in the bank s management: As of 1 November, Oliver Roegl, former Deputy Chairman of the Managing Board, has been appointed Chairman of the Managing Board. Budimir KostiÊ, the former Chairman, will remain with the bank as Deputy Chairman of the Board of Directors, a function he has begun to carry out at the beginning of I would like to use this opportunity to thank Mr. KostiÊ for his valuable contribution to the bank's success and its leading position in the market. I use this opportunity to thank everyone for their efforts and personal commitment and express my deep conviction that in the approaching year, full of new challenges and tougher competition, all of the bank's staff will again contribute to the further dynamic development of the bank and keep the leading position in the local market. 4

7 Izveπtaj predsednika Upravnog odbora Izveπtaj predsednika Upravnog odbora Zadovoljstvo mi je πto mogu u ime Upravnog odbora Raiffeisenbank a.d, Beograd, da konstatujem da je godina bila joπ jedna izuzetno uspeπna poslovna godina za ovu banku. Petu godinu zaredom banka beleæi kontinuirani rast u svim segmentima poslovanja, jaëajuêi lidersku poziciju na domaêem bankarskom træiπtu. Raiffeisen banka je i dalje na prvom mestu u zemlji po ukupnoj aktivi, po ukupnom obimu odobrenih kredita, kao i po ukupnom iznosu prikupljenih depozita i pribavljenih dodatnih izvora finansiranja iz inostranstva. Tokom godine, Raiffeisen banka je, kao univerzalna banka, nastavila sa kontinuiranim rastom kreditnih plasmana u radu sa klijentima, i to u sva tri segmenta: privredi, stanovniπtvu i malim preduzeêima i preduzetnicima. Banka beleæi vrlo visoko træiπno uëeπêe, izmeappleu 15% i 20%, u svim osnovnim kategorijama poslovanja. Sa porastom ukupne aktive za oko 60%, Raiffeisen banka je i u godini bila glavni pokretaë rasta bankarskog sektora u Srbiji. Ovako impresivne rezultate banka je ostvarila pre svega svojom opredeljenoπêu da sa klijentima razvija dugoroënu poslovnu saradnju, visokom profesionalnoπêu u radu i stalnim inoviranjem bankarskih proizvoda. Kontinuiranom uspehu Raiffeisen banke na ovom træiπtu doprinela je i Ëinjenica da je banka Ëlan Raiffeisen International grupacije, jedne od vodeêih bankarskih grupacija u zemljama Centralne i IstoËne Evrope. Takoapplee, znaëajna je i podrπka Raiffeisen Zentralbank Österreich AG, kao indirektnog veêinskog akcionara banke. Zavidan uspeh banke potvrappleen je i nagradama koje su tokom godine dodeljene banci od strane vodeêih svetskih finansijskih Ëasopisa: The Banker za Banku godine u SCG, Euromoney za Najbolju banku u SCG i Global Finance za Najbolju banku u oblasti plaêanja putem interneta. Neosporno je da je uspeh banke u godini, kao i u predhodnim godinama, rezultat zalaganja, visoke profesionalnosti, struënosti i timskog rada, kako svih zaposlenih tako i rukovodstva banke. U doπlo je do promena u rukovodstvu banke. Naime, od prvog novembra, za predsednika Izvrπnog odbora imenovan je gospodin Oliver Roegl, dotadaπnji zamenik predsednika Izvrπnog odbora banke. Gospodin Boπko KostiÊ, dotadaπnji predsednik Izvrπnog odbora, ostaêe i dalje u organima rukovoappleenja bankom, ali na poziciji zamenika predsednika Upravnog odbora, na koju je stupio poëev od godine. Ovom prilikom æeleo bih da se zahvalim gospodinu Boπku KostiÊu, koji je svojim izuzetnim liënim doprinosom umnogome zasluæan za uspeh banke i njenu lidersku poziciju na træiπtu. Takoapplee, svima se zahvaljujem na uloæenom trudu i liënom angaæovanju, duboko uveren da Êe i u narednoj godini, punoj novih izazova i pojaëane konkurencije, dati svoj doprinos daljem dinamiënom razvoju banke i oëuvanju liderske pozicije na lokalnom træiπtu. 5

8 Report by the Chairman of the Board of Directors I especially thank the customers who recognized Raiffeisenbank a.d, Belgrade, as a reliable partner and entrusted it with their confidence. I also hope that this cooperation will continue in 2006 to our mutual benefits. Herbert Stepic Chairman of the Board of Directors BOARD OF DIRECTORS Herbert Stepic Heinz Hoedl Peter Lennkh Roberto Albisetti 6

9 Izveπtaj predsednika Upravnog odbora Posebno se zahvaljujem klijentima koji su Raiffeisenbank a.d, Beograd, prepoznali kao pouzdanog partnera ukazavπi joj svoje poverenje i nadam se da Êe se ta saradnja nastaviti i u narednoj godini na obostrano zadovoljstvo. Herbert Stepic Predsednik Upravnog odbora UPRAVNI ODBOR Herbert Stepic Heinz Hoedl Peter Lennkh Roberto Albisetti 7

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12 Introduction by the Chairman of the Managing Board Introduction by the Chairman of the Managing Board Dear shareholders and business partners, It is a special pleasure for us to be able to address you at the end of another, very successful business year for Raiffeisenbank a.d, Belgrade. This is the third consecutive year that Raiffeisenbank has been ranked as the leading bank in the local market, a fact evidenced by the enviable results it has accomplished. Namely, the bank continues to be the first in the country in terms of total assets and total credit portfolio, as well as in terms of the amount of the deposits it has accumulated and additional foreign funding sources. The bank successfully maintained a very high market share in the key business categories, ranging from 15% to 20%, and recorded a constantly growing number of clients. As a bank having the largest total assets in the country, amounting to over EUR 1.41 billion (an increase of about 61% in relation to the previous year), as well as the largest credit portfolio, which ranged in the level of about EUR million (an increase of about 72% in relation to the previous year), Raiffeisenbank was the main driving force of banking sector activities in the country. The bank generated a profit of approximately EUR 20.8 million, a 33.6% growth in relation to The results achieved were the logical consequence of the determination of the bank, as a universal bank, to develop a long-term business cooperation strategy in relation to its clients across the corporate, consumer and SME business segments. The support provided by Raiffeisen International, Vienna, as the majority shareholder, coupled with the fact that Raiffeisenbank is part of a banking group which is extremely active in Central and Eastern European countries, significantly contributed to the bank taking the lead in the banking sector in the country. The corporate sector marked evident growth, registering a credit portfolio volume of EUR 573.3, accounting for an increase of 53.6% in relation to the volume of its credit portfolio in As compared to the previous year, 2005 was the year of the largest total annual increase in the credit portfolio. This is a clear illustration of the bank s strong support provided to the local economy. The market share of Raiffeisenbank in the total amount of loans granted to the corporate sector was 20.6%, an increase of about 20% in relation to its market share in More than 3,000 clients, among which also the most renowned domestic and foreign companies, carry out all their banking transactions through Raiffeisenbank. Outstanding results in 2005 were achieved also by the Consumer Banking Division, which provided services to more than 296,000 clients. Throughout the whole of 2005, the bank recorded a stable accrual in the deposits accumulated on the basis of retail savings. As of December 31, 2005, the total retail savings deposited with Raiffeisenbank amounted to EUR million, based on which the bank achieved a 43.15% increase in relation to the previous year. At the end of 2005, the bank s total consumer loan portfolio amounted to over EUR million, which was double the amount in Raiffeisenbank was also very active in its operations with the SME sector. The figure of more than 11,000 clients, almost three times that in the previous year, and a credit portfolio of EUR million, twice the amount recorded in the previous year, clearly outline the special attention the bank devotes to this client segment. 10

13 Uvodna reë predsednika Izvrπnog odbora Uvodna reë predsednika Izvrπnog odbora Poπtovani akcionari i poslovni partneri, Posebno nam je zadovoljstvo da vam se obratimo na kraju joπ jedne, izuzetno uspeπne, poslovne godine za Raiffeisenbank a.d, Beograd. TreÊu godinu zaredom Raiffeisen banka je vodeêa banka na domaêem træiπtu, πto potvrappleuju i ostvareni zavidni rezultati. Naime, banka je i dalje prva u zemlji po ukupnoj aktivi, ukupnim kreditnim plasmanima i po visini prikupljenih depozita i pribavljenih dodatnih izvora finansiranja iz inostranstva. Banka ima permanentno vrlo visoko træiπno uëeπêe u osnovnim kategorijama poslovanja, izmeappleu 15% i 20%, uz stalan rast broja klijenata. Raiffeisen banka je, kao banka sa najveêom ukupnom aktivom u zemlji u iznosu od preko 1,41 milijardi evra (porast za oko 61% u odnosu na prethodnu godinu) i najveêim obimom kreditnih plasmana u visini od oko 930,0 miliona evra (porast od 72% u odnosu na proπlu godinu), bila glavni pokretaë bankarskog sektora u zemlji. Banka je ostvarila profit od oko 20.8 miliona evra, πto je za 33,6% viπe nego u godini. Ostvareni rezultati su logiëna posledica opredeljenja banke da kao univerzalna banka razvije dugoroënu poslovnu saradnju sa klijentima iz sektora privrede, stanovniπtva, kao i malih preduzeêa i preduzetnika. Podrπka Raiffeisen International iz BeËa, kao veêinskog akcionara, i Ëinjenica da je Raiffeisen banka u sastavu Raiffeisen bankarske grupacije, koja je izuzetno aktivna u zemljama Centralne i IstoËne Evrope, umnogome su pomogli da banka ostvari lidersku poziciju u bankarskom sektoru zemlje. Evidentni rast zabeleæen je u sektoru poslovanja sa privredom, gde je ostvaren obim kreditnog portfolia u visini od 573,3 miliona evra, πto predstavlja porast za 53,6% u odnosu na obim kreditnih plasmana ostvaren u prethodnoj godini. Takoapplee, je godina najveêeg ukupnog godiπnjeg prirasta kreditnih plasmana u poreappleenju sa predhodnim godinama. Ovo je jasan pokazatelj snaæne podrπke banke domaêoj privredi. Træiπno uëeπêe Raiffeisen banke u ukupno odobrenim kreditima privredi je 20,6%, πto je poveêanje za oko 20% u poreappleenju sa ostvarenim træiπnim uëeπêem u godini. Preko klijenata, meappleu kojima su i najpoznatije domaêe i strane kompanije, obavljaju svoje kompletno bankarsko poslovanje preko Raiffeisen banke. Izuzetne rezultate u godini ostvario je i sektor za poslovanje sa stanovniπtvom usluæujuêi preko klijenata. Tokom cele godine banka je beleæila stabilan prirast prikupljenih depozita po osnovu πtednje graappleana. ZakljuËno sa ukupna deponovana πtednja graappleana kod Raiffeisen banke iznosila je 409,6 miliona evra, Ëime je banka ostvarila porast od oko 43,15% u odnosu na predhodnu godinu. Ukupni plasmani banke graappleanima na kraju iznosili su preko 253,3 miliona evra, πto je dvostruko veêi iznos u odnosu na godinu. Raiffeisen banka je bila vrlo aktivna i u sektoru poslovanja sa malim preduzeêima i preduzetnicima. Preko klijenata, skoro trostruko veêi broj nego u godini, i kreditni portfolio od 100,9 miliona evra, dvostruko veêi u poreappleenju sa prethodnom godinom, jasno ukazuju da banka ovoj kategoriji klijenata posveêuje posebnu paænju. 11

14 Introduction by the Chairman of the Managing Board The bank also achieved outstanding results in its payment card operations. It acquired the largest market share in the country in terms of the overall (credit and debit) Visa card operations, amounting to above 30%, while the number of cards issued in 2005 was almost four times the figure achieved in the previous year. The bank scored enviable results also thanks to the operation of the Treasury & Investment Banking Division. A 24.91% increase in relation to 2004 was registered in foreign currency trading. A high market share of more than 16% was also achieved in foreign currency trading with clients, while the market share of transactions with local banks was more than 20%. The newly-established Brokerage Department successfully handled foreign investors transactions relating to the acquisition of two local banks, the total value of which was about EUR 60,0 million. Raiffeisenbank was the first bank in the local market to enjoy the trust of foreign investors, who selected it as their agent in the acquisition process of two local banks. Raiffeisenbank continued to make an active contribution to the development of the market, in terms of both innovation of banking products and constant improvement of the banking services provided. The bank made the first, pioneering steps, encouraging other banks to join in the project of development of the local interbank market and the model for defining the reference interest rate for dinar as the local currency, which is expected to contribute to the development of local currency transactions in the local market in the future. The bank took care of the proper implementation of the rules and principles of Raiffeisen Group as well as the rules relating to minimizing credit, market and operational risks. Thanks to providing first-class service for its clients, the Operations Division marked a significant growth in the number of transactions in the local and international payment operations. The clients were also offered access to the model of Internet payments, which was assessed as a first-class service on the international level. The IT Division had an extremely important role in the functioning of the bank and the provision of prime banking services, in terms of both stable and unhindered functioning of the existing services and the development of new ones. During the course of 2005, Raiffeisenbank continued to expand its branch network by opening 18 new branch offices and outlets as part of the plan to ensure an even coverage of the territory of Serbia in order to meet the requirements of its clients. In 2005, the bank provided its services to clients at 44 branch offices altogether. The leasing company established by Raiffeisenbank a.d, Belgrade, continued to operate successfully as one of the leading companies in the country in the field of leasing. In the course of 2005, Raiffeisenbank supported a series of cultural, sports and humanitarian events. In the cities where the bank has been active, it provided funding for the construction of children s playgrounds, contributing to the improvement of the quality of life, primarily for the youngest generations. 12

15 Uvodna reë predsednika Izvrπnog odbora Banka je postigla izvanredne rezultate i u poslovanju sa platnim karticama. U ukupno ostvarenom prometu po osnovu Visa kartica (kreditnih i debitnih) banka ima najveêe træiπno uëeπêe u zemlji od oko 30%, a broj izdatih kartica u godini skoro da je Ëetvorostruko veêi u odnosu na predhodnu godinu. Zavidne rezultate banka je postigla i zahvaljujuêi aktivnostima Sektora sredstava i investicionog bankarstva. U trgovini devizama zabeleæen je rast od 24,91% u poreappleenju sa godinom. Visoko træiπno uëeπêe od preko 16% ostvareno je i u trgovanju devizama sa klijentima, a træiπno uëeπêe u transakcijama sa domaêim bankama iznosi preko 20%. Novoosnovano brokersko odeljenje uspeπno je obavilo poslove za potrebe stranih investitora oko preuzimanja dve domaêe banke u ukupnoj vrednosti od oko 60.0 miliona evra. Raiffeisen banka je prva banka na domaêem træiπtu kojoj su strani investitori ukazali poverenje i odabrali je kao agenta u procesu preuzimanja dve domaêe banke. Raiffeisen banka je nastavila sa aktivnim doprinosom u razvoju træiπta, kako u pogledu inoviranja bankarskih proizvoda, tako i u oblasti stalnog usavrπavanja kvaliteta pruæenih bankarskih usluga. Banka je uëinila pionirske korake, animirajuêi ostale banke da se okupe oko projekta razvoja domaêeg meappleubankarskog træiπta i modela definisanja referentne kamatne stope za dinar kao lokalnu valutu, πto bi trebalo da doprinese buduêem razvoju dinarskih transakcija na domaêem træiπtu. Banka je vodila raëuna o primeni pravila i principa, kako Raiffeisen bankarske grupacije, tako i vaæeêih zakonskih propisa u vezi sa minimiziranjem kreditnog, træiπnog i operativnog rizika. Sektor operativnih poslova je zahvaljujuêi prvoklasnoj usluzi pruæenoj klijentima, zabeleæio bitno poveêanje broja transakcija u domaêem i meappleunarodnom platnom prometu. Takoapplee, klijentima je na raspolaganju model plaêanja putem interneta koji je i u meappleunarodnim razmerama ocenjen kao prvoklasan servis. Izuzetno vaænu ulogu u funkcionisanju banke i pruæanju visoko kvalitetne bankarske usluge imao je Sektor za informatiëke tehnologije, kako u smislu stabilnog i nesmetanog funkcionisanja postojeêih servisa, tako i u razvoju novih. Tokom godine Raiffeisen banka je nastavila aktivno πirenje svoje mreæe otvorivπi 18 novih filijala i ekspozitura, u æelji da ravnomerno pokrije podruëje Srbije shodno potrebama klijenata. U godini banka je pruæala usluge klijentima u ukupno 44 filijale. Lizing kompanija koju je osnovala Raiffeisenbank a.d, Beograd, nastavila je sa izuzetno uspeπnim poslovanjem i jedna je od vodeêih lizing kompanija u zemlji. Raiffeisen banka je u godini podræala niz kulturnih i sportskih manifestacija i humanitarnih akcija. Banka je, u gradovima u kojima je prisutna, finansirala izgradnju deëijih igraliπta, koja doprinose poboljπanju kvaliteta æivota najmlaappleih. Izuzetni rezultati koje je Raiffeisen banka ostvarila u dosadaπnjem radu ne bi se mogli ostvariti bez izuzetnog zalaganja svih zaposlenih, profesionalnog odnosa prema poslu i timskog rada. Ovom prilikom im se u ime Izvrπnog odbora zahvaljujemo na uloæenom trudu i liënom angaæovanju. 13

16 Introduction by the Chairman of the Managing Board The outstanding results achieved by Raiffeisenbank a.d. so far would have been impossible if it had not been for the remarkable efforts invested by all its employees, as well as their professional attitude in relation to their jobs and team work. We are using this opportunity to convey our gratitude to them on behalf of the Managing Board, for their diligence and personal commitment. The year 2006 is going to be a year in which the bank will continue to work on strengthening its role and position in the market in all the segments of its activities, i.e. in its corporate, SME and consumer segments. The enhanced competition by the leading banks in the market, as well as the entry of new foreign banks, is going to be a new challenge for all the employees of the bank as well, calling for their contribution to the further strengthening of the bank s position by their professionalism, team work, devotion to their jobs and their commitment. Budimir KostiÊ Oliver Roegl Chairman of the Managing Board Chairman of the Managing Board until Oct. 31, 2005 as of Nov. 1, 2005 Vision & Mission of Raiffeisenbank a.d, Belgrade Vision Raiffeisenbank a.d, Belgrade, is the leading bank in all target customer segments across the country. Mission We seek long-term customer relationships. We provide a full range of high quality financial services with a special focus on lending. We are a friendly, flexible and constructive partner for our customers and we are proactive, innovative and quick in developing new products and in delivering our services. As part of the Raiffeisen International network, we contribute to the achievement of the overall group objectives, while generating sustainable and above-average return on equity for our shareholders. As a member of the RZB Group, we cooperate closely with Raiffeisen Zentralbank and the other members of the Austrian Raiffeisen Banking Group. We empower our employees to be entrepreneurial, to show initiative and we foster their development. 14

17 Uvodna reë predsednika Izvrπnog odbora Naredna godina biêe godina u kojoj Êe banka dalje jaëati svoju ulogu i poziciju na træiπtu u svim segmentima svojih aktivnosti. PojaËana konkurencija od strane postojeêih banka, kao i dolazak novih banaka sa stranim kapitalom, biêe dodatni izazov svim zaposlenima u banci da svojom profesionalnoπêu, timskim radom, trudom i zalaganjem doprinesu daljem jaëanju pozicije banke. Budimir KostiÊ Oliver Roegl Predsednik Izvrπnog odbora do Predsednik Izvrπnog odbora od Vizija i misija Raiffeisenbank a.d, Beograd Vizija Raiffeisenbank a.d, Beograd, je vodeêa banka u svim segmentima ciljnih grupa πirom zemlje. Misija Æelimo da uspostavimo dugoroëne veze sa klijentima. Obezbeappleujemo πirok dijapazon prvoklasnih finansijskih usluga, a poseban akcenat stavljamo na kreditiranje. Mi smo otvoren, fleksibilan i konstruktivan partner, proaktivni smo i inovativni u brzom razvoju novih proizvoda, kao i u pruæanju usluga. Kao deo mreæe Raiffeisen International, doprinosimo ostvarenju svih ciljeva grupacije, u isto vreme stvarajuêi odræiv i natproseëan povraêaj uloæenog kapitala za naπe deoniëare. Kao Ëlanica RZB grupacije, blisko saraappleujemo sa Raiffeisen Zentralbank Österreich AG i ostalim Ëlanicama austrijske Raiffeisen bankarske grupacije. PodstiËemo naπe zaposlene da budu preduzimljivi i preuzimaju inicijativu, te podræavamo njihov razvoj. 15

18 Nenad SibinoviÊ»lan Izvrπnog odbora Operativni i opπti poslovi, IT Goran KesiÊ»lan Izvrπnog odbora Poslovanje sa privredom Budimir KostiÊ Predsednik Izvrπnog odbora do Member of the Managing Board Operations, General Services & IT Member of the Managing Board Corporate Banking Chairman of the Managing Board until Oct. 31, 2005

19 Oliver Roegl Zamenik predsednika Izvrπnog odbora do Predsednik Izvrπnog odbora od Deputy Chairman of the Managing Board until Oct. 31, 2005 Chairman of the Managing Board as of Nov. 1, 2005 Zoran PetroviÊ»lan Izvrπnog odbora Sredstva i investiciono bankarstvo Member of the Managing Board Treasury & Investment Banking Svetozar ijaëiê»lan Izvrπnog odbora Poslovanje sa stanovniπtvom Member of the Managing Board Retail Banking

20 Macroeconomic Environment, Opportunities for Foreign Investors and Prospects Macroeconomic Environment, Opportunities for Foreign Investors and Prospects The World Bank has declared Serbia and Montenegro the top reformer among the group of 155 countries, while the European Bank for Reconstruction and Development has rated it as one of the leading reformers among 27 countries in transition, in view of the progress it has achieved in the process of transition. The good results in the process of transition in 2005 were achieved primarily thanks to the successful continuation of the banking sector consolidation through privatisation or sale, as well as the fiscal surplus in the republic budget and suppressing the trade deficit growth. The accomplishment of these results was made possible by the greater stability of the macroeconomic environment, and certainly, by the contribution made by the current as well as the new foreign investors, who entered the market in Thanks to the improved macroeconomic environment and Serbia s appearance for the first time at the Luxembourg Stock Exchange, by its issuing Eurobonds (USD 1,08 billion) on the basis of the restructuring of its debt in relation to the London Club Creditors, the credit rating of the country improved from B+ to BB-. In addition to this, 2005 saw the commencement of the negotiations with the European Union regarding the signing of the Stabilisation and Association Agreement, as well as the negotiations with the World Trade Organisation regarding the country s future membership in this institution. The fact that the negotiations with the European Union started only six months after the European Commission adopted a positive Feasibility Study for Serbia and Montenegro, shows that the European Union counts on the government as a serious partner in future negotiations. The consolidation of the banking sector in 2005 continued to unfold through the privatisation of state-owned banks (Jubanka a.d. Belgrade, Novosadska banka a.d. Novi Sad, Continental banka a.d. Novi Sad, Niπka banka a.d. Niπ) and the sale of privately owned banks (Delta banka a.d. Belgrade), Atlas banka a.d. Belgrade, Nacionalna πtedionica - banka a.d. Belgrade, Eksim banka a.d. Belgrade). The entry of new banks from the West European market was motivated by the huge potential of this market given the low degree of development assessed on the basis of the banking assets / GDP ratio, which amounted to 34% in 2004 (the average for South-Eastern European countries was 56.3%, while the relevant figure for the European Union was 202%). 22

21 Makroekonomsko okruæenje, moguênosti za strane investitore i perspektive Makroekonomsko okruæenje, moguênosti za strane investitore i perspektive Srbija i Crna Gora proglaπena je od strane Svetske banke najveêim reformatorom u konkurenciji 155 zemalja, a od strane Evropske banke za obnovu i razvoj jednom od vodeêih zemalja reformatora meappleu 27 tranzicionih zemalja, zbog uëinjenih pomaka u tranzicionom procesu. Dobri rezultati procesa tranzicije u godini ostvareni su, pre svega, uspeπnim nastavkom konsolidacije bankarskog sektora kroz privatizaciju ili prodaju, ostvarenim fiskalnim suficitom republiëkog budæeta i usporavanjem rasta trgovinskog deficita. Realizacija ovih rezultata omoguêena je stabilnijim makroekonomskim okruæenjem, a svakako i doprinosom kako postojeêih stranih investitora, tako i novih koji su uπli na ovo træiπte u toku godine. ZahvaljujuÊi poboljπanom makroekonomskom okruæenju i Ëinjenici da se Srbija po prvi put pojavila na Luksemburπkoj berzi izdavanjem euro-obveznica (1.08 milijardi ameriëkih dolara) po osnovu restrukturiranja duga prema Londonskom klubu poverilaca, kreditni rejting zemlje poboljπan je sa B+ na BB-. Pored toga, zapoëeti su pregovori sa Evropskom unijom o potpisivanju Sporazuma o stabilizaciji i pridruæivanju, kao i pregovora sa Svetskom trgovinskom organizacijom o buduêem Ëlanstvu u ovoj instituciji.»injenica da su pregovori sa Evropskom unijom zapoëeti samo πest meseci nakon πto je Evropska komisija usvojila pozitivnu Studiju izvodljivosti za Srbiju i Crnu Goru, takoapplee ukazuje da Evropska unija raëuna na vladu kao ozbiljnog partnera u buduêim pregovorima. Konsolidacija bankarskog sektora u godini nastavljena je kroz privatizaciju banaka u dræavnom vlasniπtvu (Jubanka a.d. Beograd, Novosadska banka a.d. Novi Sad, Continental banka a.d. Novi Sad, Niπka banka a.d. Niπ) i prodaju banaka u privatnom vlasniπtvu (Delta banka a.d. Beograd, Atlas banka a.d. Beograd, Nacionalna πtedionica - banka a.d. Beograd, Eksim banka a.d. Beograd). Ulazak novih banaka sa zapadnoevropskog træiπta motivisan je Ëinjenicom da ovo træiπte ima ogroman potencijal, s obzirom na nizak stepen razvijenosti meren odnosom bankarske aktive i BDP-a koji u godini iznosi 34% (prosek zemalja JugoistoËne Evrope je 58.3%, a prosek Evropske unije je 202%). 23

22 Macroeconomic Environment, Opportunities for Foreign Investors and Prospects The extraordinary growth of banking assets in 2005 was generated by the growth of the borrowings obtained from abroad (annual growth rate: 73%) as well as by the growth of savings in the retail sector (annual growth rate: 61%). In 2005, the retail sector deposited as much as 861 million euros as new deposits with the banks (361 million euros in 2004), which is an indicator of increased confidence of the citizens in the banking sector. According to the National Bank of Serbia, the dynamic credit activity, and particularly the growth of consumer loans, was one of the causes of a rise in the inflation. As a result, 2005 was marked by enhancing the restrictive monetary policy, by separating the mandatory reserve into the dinar basis and the foreign currency basis, as well as by increasing the rate from 21% to 38% applicable only to the foreign currency basis, as well as by extending the basis for allocations so as to include borrowings obtained from abroad. On the other hand, the mandatory reserve rate on dinar deposits was cut down to 18% with the purpose of stimulating dinar savings. The segment of housing loans insured with the National Housing Loans Insurance Corporation was exempt from restrictive measures and, hence, targeted by many banks. The growth trend which started in 2004, continued in 2005, resulting in a 17.7% retail price increase in relation to the previous year (2004: 13.8%). The causes of this increase were: growth in the administratively controlled prices of infrastructural services, growth in oil prices in the world market, introduction of VAT and delay in the restructuring of the social sector as a generator of high public expenditures. The plan for 2006 is to maintain an inflation of 9% by cutting down public expenditures, deregulating controlled prices and pursuing a restrictive monetary policy. 24

23 Makroekonomsko okruæenje, moguênosti za strane investitore i perspektive Izuzetan rast bankarske aktive u godini, generisan je rastom uzetih kredita iz inostranstva (godiπnja stopa rasta od 73%), kao i rastom πtednje stanovniπtva (godiπnja stopa rasta od 61%). U godini stanovniπtvo je poloæilo Ëak 861 miliona evra novih depozita kod banaka (361 miliona evra u godini), πto je pokazatelj sve veêeg poverenja graappleana u bankarski sektor. DinamiËnu kreditnu aktivnost, naroëito rast potroπaëkih kredita, Narodna banka smatrala je jednim od uzroënika rastuêe inflacije. Zato je restriktivna monetarna politika dodatno pojaëana u godini, razdvajanjem obavezne rezerve na dinarsku i deviznu osnovicu, poveêanjem stope sa 21% na 38%, ali samo na deviznu osnovicu, kao i proπirenjem osnovice za izdvajanje i na uzete kredite iz inostranstva. Sa druge strane, smanjena je stopa izdvajanja na dinarske depozite na 18% u cilju stimulisanja dinarske πtednje. Segment stambenih kredita osiguranih kod Nacionalne korporacije za osiguranje stambenih kredita izuzet je od restriktivnih mera i samim tim je veoma atraktivan za mnoge banke. Trend rasta inflacije zapoëet u godini nastavljen je i u tako da su cene na malo porasle za 17,7% u odnosu na prethodnu godinu (2004: 13,8%). UzroËnici rasta su: rast administrativno kontrolisanih cena infrastrukturnih usluga, rast cena nafte na svetskim træiπtima, uvoappleenje PDV-a i odlaganje restrukturiranja druπtvenog sektora koji generiπe visoku javnu potroπnju. Plan za godinu je realizacija inflacije od 9% kroz smanjenje javne potroπnje, deregulaciju kontrolisanih cena i restriktivnu monetarnu politiku. Ukupne devizne rezerve poveêane su za 43% (2,12 milijarde evra) i na kraju godine iznosile su 5,52 milijarde evra, od Ëega 4,94 milijarde evra predstavljaju rezerve NBS. 25

24 Macroeconomic Environment, Opportunities for Foreign Investors and Prospects The total foreign exchange reserves grew by 43% (2.12 billion euros) amounting to 5.52 billion euros at the end of 2005, of which 4.94 billion euros were the reserves of the National Bank of Serbia. The main source of growth of foreign currency reserves was the net purchase of foreign currency (1.84 billion euros) while a significant income was achieved by the privatisation of state-owned banks (0.30 billion euros). Thanks to such growth, all liabilities due in relation to foreign creditors (0.3 billion euros), the foreign currency savings, and the Serbian economic revival loan (0.25 billion euros) were duly serviced. During the course of 2005, the dinar depreciated in relation to the euro by 8.39% in nominal terms. According to preliminary data, foreign direct investment in 2005 marked an increase of 73%, compared to the year before, reaching 1.23 billion euros. The largest income within the framework of this figure was achieved through take over bids (700 million euros) is expected to bring an income of 1.5 billion euros mainly from granting a concession for the construction of the Horgoπ - Poæega highway, granting a licence to a third mobile operator, and from the privatisation of parts of the Serbian Oil Industry. The republic budget surplus amounting to 316 million euros and representing 1.6% of GDP is the result of the growth in public income (20% in relation to the previous year), and partly, the result of slashing public expenditures. The largest income was achieved by the collection of the newly-introduced valueadded tax, and the excise duty income. The focus of the fiscal policy in the forthcoming period will be on reducing public expenditures, structural adjustments (a reduction in current expenditures and an increase in capital expenditures) as well as on the introduction of a law on synthetic income tax. The problem of foreign trade deficit is under control, compared to the previous year. One of the sources of this problem in 2004 was the extraordinary import increase at the end of the year because of the introduction of VAT. The foreign trade deficit in 2005, in relation to 2004, was reduced for 16%. 26

25 Makroekonomsko okruæenje, moguênosti za strane investitore i perspektive Glavni izvor rasta deviznih rezervi bio je neto otkup efektivnog stranog novca (1,84 milijarde evra), a znaëajan priliv ostvaren je iz privatizacije banaka u dræavnom vlasniπtvu (0,30 milijardi evra). ZahvaljujuÊi rastu, sve dospele obaveze prema inostranim kreditorima (0,3 milijarde evra), stare devizne πtednje i zajma za privredni preporod (0,25 milijardi evra) uredno su otplaêene. U toku godine dinar je nominalno depresirao prema evru za 8,39%. Prema preliminarnim podacima, strane direktne investicije u godini porasle su za 73% u odnosu na prethodnu godinu i dostigle 1,23 milijarde evra, od Ëega je najveêi priliv realizovan kroz ponude za preuzimanje (700 miliona evra). U godini oëekuje se priliv od 1,5 milijardi evra, najveêim delom iz davanja koncesije za izgradnju autoputa na deonici Horgoπ - Poæega, davanja licence treêem mobilnom operateru i privatizacije delova Naftne industrije Srbije. Ostvareni suficit republiëkog budæeta u iznosu od 316 miliona evra, πto predstavlja 1,6% BDP-a, rezultat je rasta javnih prihoda (20% u odnosu na prethodnu godinu), a delimiëno smanjenja javne potroπnje. NajveÊi prihod ostvaren je naplatom novouvedenog poreza na dodatu vrednost, a potom prihodom od akciza. Fokus fiskalne politike u narednom periodu biêe na smanjivanju javnih rashoda, strukturnom prilagoappleavanju (smanjenje tekuêih rashoda uz poveêanje kapitalnih rashoda) i uvoappleenju Zakona o sintetiëkom porezu na dohodak. U odnosu na prethodnu godinu, problem spoljnotrgovinskog deficita je stavljen pod kontrolu. Jedan od uzroënika ovog problema u godini bio je vanredni rast uvoza pred kraj godine zbog uvoappleenja PDV-a. Deficit spoljnotrgovinske razmene u u odnosu na godinu smanjen je za 16%. 27

26 Macroeconomic Environment, Opportunities for Foreign Investors and Prospects The positive results were achieved thanks to the dynamic export (growth of 29.5% at the annual level), the slowing down of the import (a drop of 1.01% at the annual level) and the successful results of privatized companies. The largest share in the field of export relates to iron and steel (US Steel was declared the exporter of the year), non-ferrous metals, vegetables and fruit, clothing and different finished products. The following goods account for the major share in the imports: oil, road vehicles, industrial machinery, gas, iron and steel. Thanks to the methodology adopted by the Republic Statistics Office, the most important economic aggregate, gross domestic product, became an internationally comparable statistic. The estimated 2005 GDP growth rate, as compared to the figure in 2004, was 6.5%. The main GDP growth drivers were the sectors of trade, traffic and financial mediation. In comparison to the previous year, the result was poorer because of the slump in agricultural production (-5.3%) and a comparative slow down in the growth of other sectors. Legislation was additionally improved by the adoption of the following laws: the Law on Banks (which introduced a new concept of risk management); the Law on Deposit Insurance (which increased the minimum amount of retail deposits that must be insured by banks with the Deposit Insurance Agency); the Law on Voluntary Pension Funds and Pension Schemes, the Mortgage Law, etc. In 2006, we are expecting the adoption of the Law on Investment Funds, the Law on the Acquisition of Joint Stock Companies, and a new Law on Foreign Currency Transactions. The supervision by the National Bank of Serbia has been extended so as to include leasing companies in addition to banks and insurance companies, and the plan is to also include investment funds. At the beginning of 2006, the financial arrangement with the IMF was signed and, as a result, the Paris Club of Creditors wrote off the remaining 15% of the debt. The main tasks of the economic policy in 2006 are: completion of the privatisation of banks, continuation of the restructuring of public companies through privatisation, and bringing down the level of inflation. 28

27 Makroekonomsko okruæenje, moguênosti za strane investitore i perspektive Dobar rezultat ostvaren je zahvaljujuêi dinamiënom izvozu (rast od 29,5% na godiπnjem nivou), usporavanju uvoza (pad od 1,01% na godiπnjem nivou) i ostvarenju rezultata preduzeêa koja su privatizovana ranijih godina. U izvozu najveêe uëeπêe imali su: gvoæapplee i Ëelik (US Steel je proglaπen izvoznikom godine), obojeni metali, voêe i povrêe, odeêa i razni gotovi proizvodi, dok su u uvozu najveêe uëeπêe imali: nafta, drumska vozila, industrijske maπine, gas, gvoæapplee i Ëelik. Najvaæniji makroekonomski agregat, bruto druπtveni proizvod, je zahvaljujuêi metodologiji koju je usvojio RepubliËki statistiëki zavod, postao meappleunarodno uporediv podatak. Procenjena stopa rasta BDP-a u godini u odnosu na prethodnu godinu iznosila je 6,5%. Glavni nosioci rasta BDP-a su sektor trgovine, saobraêaja i finansijskog posredovanja. U odnosu na prethodnu godinu, ostvaren je slabiji rezultat zbog pada poljoprivredne proizvodnje (-5,3%) i relativno usporenog rasta ostalih sektora. Zakonska regulativa dodatno je poboljπana usvajanjem sledeêih zakona: Zakon o bankama (uveden je novi koncept upravljanja rizikom); Zakon o osiguranju depozita (poveêan je iznos minimalnog depozita fiziëkog lica koji banke moraju osigurati kod Agencije za osiguranje depozita); Zakon o dobrovoljnim penzijskim fondovima i penzijskim planovima, Zakon o hipoteci, itd. U godini oëekuje se usvajanje Zakona o investicionim fondovima, Zakona o preuzimanju akcionarskih druπtava i novi Zakon o deviznom poslovanju. Nadzor Narodne banke Srbije proπiren je, pored banaka i osiguravajuêih druπtava, i na lizing kompanije, a u perspektivi i na investicione fondove. PoËetkom godine potpisan je finansijski aranæman sa MMF-om, te je, kao rezultat toga, Pariski klub poverilaca otpisao preostalih 15% duga. Glavni zadaci ekonomske politike u godini su: zavrπetak privatizacije banaka, nastavak restrukturiranja javnih preduzeêa kroz privatizaciju i smanjenje inflacije. 29

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30 Corporate Banking Corporate Banking In the course of 2005, Raiffeisenbank has reasserted its leading position as the principal financial service provider in Serbia, retaining the largest market share in corporate loans and deposits in the banking industry. In the last year the bank continued to actively support the Serbian economy by substantially expanding its corporate portfolio volume, which recorded a net increase exceeding 200 million euros (i.e. from 370 million euros achieved in 2004 to 573 million euros realized at the end of last year). This is the biggest amount achieved in a single year ever since the bank commenced its active operations in Serbia almost five years ago. The accomplished result is even more respectable given increased pressure on pricing induced through aggressive efforts of the competitor banks, and, as equally important, introduction and considerable increase in mandatory reserves on the banks foreign borrowings imposed as a new stringent measure by the National Bank of Serbia. The latter represented an additional challenge to our bank s existing pricing policy and its earning potential within the corporate customer segment. At the end of December, 2005, Raiffeisenbank s market share in the total corporate loan volume reached %, which, if the market share of 17.28% at the beginning of 2005 is taken into account, represents a 20% increase in comparison to In the course of 2005, the structure of the corporate loan portfolio remained akin to the previous years. Loans to corporate customers are still dominated by short- term facilities, which accounted for 71% in the overall volume. 32

31 Poslovanje sa privredom Poslovanje sa privredom U toku godine, Raiffeisen banka je potvrdila svoju poziciju kao vodeêa finansijska institucija u Srbiji, zadræavajuêi najveêi udeo na træiπtu u oblasti privrednih kredita i depozita u bankarskom sektoru. U protekloj godini banka je nastavila aktivnu podrπku srpskoj privredi, znatno uveêavajuêi svoj privredni kreditni portfolio, koji je zabeleæio neto poveêanje od preko 200 miliona evra (tj. rast sa 370 miliona evra, ostvarenih u godini, na 573 miliona evra, koliko je ostvareno na kraju proπle godine). Ovo je najveêi iznos ostvaren u toku jedne godine otkako je banka poëela sa radom u Srbiji pre gotovo pet godina. Postignuti rezultat je joπ znaëajniji ako se ima u vidu sve veêi pritisak na visinu kamata usled sve veêe konkurencije na træiπtu, kao i usled uvoappleenja znatnog poveêanja obaveznih rezervi na bankarske kredite iz inostranstva u okviru nove pooπtrene mere Narodne banke Srbije. Upravo ova mera predstavlja dodatni izazov za postojeêu politiku cena naπe banke, kao i moguênost ostvarivanja zarade u okviru segmenta poslovanja sa privredom. Krajem decembra godine, udeo Raiffeisen banke na træiπtu u ukupnom iznosu kredita odobrenih privredi dostigao je 20,68%, πto predstavlja, ako se uzme u obzir træiπno uëeπêe od 17,28% poëetkom 2005, poveêanje od 20% u poreappleenju sa godinom. U toku godine, struktura privrednog kreditnog portfolija ostala je pribliæno sliëna onoj iz prethodnih godina. Kod kredita klijentima iz privrede i dalje najznaëajnije mesto zauzimaju kratkoroëni krediti, koji Ëine 71% ukupnog kreditnog portfolija. 33

32 Corporate Banking In 2005, the bank s policy was aimed at providing credit products to newly acquired clients whilst, as equally important, keeping the existing ones. The number of credit clients rose to 414, which represents a substantial 38% increase, if compared to the year before. Corporate Credit Exposure by Industry Industry % Consumer Non-Cyclical 211,278, % Trading 115,634, % Construction 67,186, % Materials 41,595, % Energy (including oil & gas) 40,132, % Financials (classified as corporate) 30,407, % Consumer Cyclical 28,717, % Industrials 20,043, % Telecom 7,095, % Healthcare 6,072, % Special 1,900, % Real Estate 1,054, % Other 1,012, % Information Technology 930, % Utilities 130, ,0% Total 573,192, ,0% 34

33 Poslovanje sa privredom Tokom godine, najvaæniji strateπki ciljevi bili su kako akvizicija novih klijenata kroz poveêanje ponude kreditnih proizvoda, tako i zadræavanje postojeêih klijenata. Broj kreditiranih klijenata porastao je na 414, πto predstavlja znaëajno poveêanje od 38% u odnosu na prethodnu godinu. NajveÊi kreditni plasmani po industrijskim granama Industrijska grana % Potroπna dobra (hrana, piêe, lekovi i sl.) ,38 36,9% Trgovina ,08 20,2% Graappleevina ,45 11,7% Materijali ,29 7,3% Energetika (ukljuëujuêi naftu i gas) ,42 7,0% Finansijske institucije (klasifikovane kao privredni klijenti) ,18 5,3% Trajna potroπna dobra (odeêa, nameπtaj, kuêni aparati i sl.) ,40 5,0% Industrija ,95 3,5% Telekom ,99 1,2% Zdravstvo ,78 1,1% Posebne delatnosti ,38 0,3% Nekretnine ,67 0,2% Ostalo ,86 0,2% Informaciona tehnologija ,43 0,2% Komunalna preduzeêa ,00 0,0% Ukupno ,27 100,0% 35

34 Corporate Banking Documentary Business Documentary business is another segment the bank has dedicated special attention to in respect of additional flexibility in approaching all client profiles, i.e. small, medium and large companies. In 2005, the achieved volume of issued incoming and outgoing instruments reached 472,8 million euros, which is 1.39 times more than in 2004, when this volume amounted to 338,8 million euros. As in the previous years, in 2005 it was again necessary to confirm less than 1% of all outgoing instruments this year, which proves the high rating of our bank. Apart from the issuance and receipt of documentary instruments, the bank has been particularly active in providing consulting services in this area of business. The bank played an important role in negotiating with its clients the underlying commercial conditions under which the documentary instruments had to be issued, so that its products could be offered at an even more favourable price, more fitting to the clients respective business operations and in line with domestic and international legal background. In addition to the essential training of our clients carried out in the bank, which enabled them to get acquainted with documentary instruments in a more practicable way than before, the bank has in the last year started with organized promotion of these products in close cooperation with our regional centres. This action has been a noteworthy success, especially when the regional clients are concerned, given that this was a fitting opportunity for them to obtain an update on how these products could be appropriately implemented into their day-to-day businesses. Apart from this, renowned institutions often invite Raiffeisenbank s senior colleagues with long-term experience in this subject to hold lectures on specific subjects connected with documentary business, which is another proof of the bank s top service in this area of business. Strengthening The Leading Position As observed in the preceding years, the corporate banking industry in Serbia has seen significant changes in 2005, particularly in terms of further increase of international competition. Several renowned financial institutions coming from Italy, Austria and France have taken over domestic banks and have fully committed themselves to realise integration into their groups, while concurrently attempting to promote their corporate banking products at an ever more competitive price. Having obtained considerable advantage by entering the Serbian market first, Raiffeisenbank has continued its thoroughly planned development. In line with its new business policy, which shall come into effect in early 2006, the area of the Republic of Serbia is to be divided into eight regions, as opposed to four so far. Bearing in mind that the bank already actively supports activities of most of the large companies as well as international investors in the country, this new regional structure is aimed at more concrete presence in the regions. This should expectantly lead to an increase of our overall market share, and ultimately be beneficial to the Serbian economy, particularly when considering improvement of banking standards country-wide and sustaining better conditions in the market. 36

35 Poslovanje sa privredom Dokumentarni poslovi Dokumentarni poslovi predstavljaju joπ jedan segment kome je banka posvetila posebnu paænju u pogledu dodatne fleksibilnosti u pristupu svim profilima klijenata, ukljuëujuêi mala, srednja i velika preduzeêa. U toku godine, ostvareni broj izdatih loro i nostro instrumenata dostigao je vrednost od 472,8 miliona evra, πto je za 1,39 puta viπe nego u toku godine, u kojoj je ostvareno 338,8 miliona evra. Kao i prethodnih godina, i je bilo potrebno obezbediti konfirmaciju za manje od 1% svih nostro instrumenata, πto potvrappleuje visok rejting naπe banke. Pored izdavanja i primanja dokumentarnih instrumenata, banka je bila posebno aktivna i u pruæanju konsultantskih usluga u oblasti ovih poslova. ZnaËajna uloga ostvarena je i pri ugovaranju osnovnih komercijalnih uslova sa klijentima banke, na osnovu kojih je banka trebalo da izda dokumentarne instrumente. Sve ovo stvorilo je moguênost da banka svoje proizvode ponudi po povoljnijoj ceni i po uslovima koji su bolje prilagoappleeni poslovanju klijenata, a u skladu sa domaêim i meappleunarodnim zakonskim propisima. Pored osnovne obuke za klijente, koja im je omoguêila da se na praktiëniji naëin upoznaju sa dokumentarnim proizvodima, banka je proπle godine zapoëela organizovanu promociju ovih proizvoda u bliskoj saradnji sa svojim regionalnim centrima. Ova akcija je postigla znaëajan uspeh, posebno kada je reë o regionalnim klijentima, buduêi da im je ona pruæila odliënu moguênost da se upoznaju sa najnovijim informacijama o tome kako ovi proizvodi mogu na odgovarajuêi naëin biti primenjeni u njihovom svakodnevnom poslovanju. Takoapplee, renomirane institucije pozivaju naπe kolege sa dugogodiπnjim struënim iskustvom u ovoj oblasti da dræe predavanja o konkretnim pitanjima vezanim za dokumentarne poslove, πto predstavlja joπ jedan dokaz vrhunskih usluga Raiffeisen banke u ovoj oblasti poslovanja. JaËanje vodeêe pozicije Kao πto je uoëeno u prethodnim godinama, sektor poslovanja s privredom u Srbiji proπao je kroz velike promene tokom godine, posebno u pogledu daljeg poveêanja meappleunarodne konkurencije. Nekoliko poznatih svetskih institucija iz Italije, Austrije i Francuske su kupile domaêe banke i u potpunosti se obavezale da Êe ostvariti njihovu punu integraciju u okviru svojih grupacija, istovremeno nastojeêi da promoviπu svoje bankarske proizvode privredi po sve konkurentnijim uslovima. Ostvarivπi znaëajnu prednost zahvaljujuêi Ëinjenici da se prva pojavila na srpskom træiπtu, Raiffeisen banka uspeπno nastavlja svoj planirani razvoj. U skladu sa novom poslovnom politikom banke koja stupa na snagu poëetkom godine, teritorija Republike Srbije Êe se podeliti na osam regiona za razliku od dosadaπnjih Ëetiri. ImajuÊi u vidu da banka veê aktivno podræava poslovanje veêine velikih kompanija, kao i meappleunarodnih investitora u zemlji, ova nova regionalna struktura usmerena je na postizanje aktivnijeg prisustva u regionima. Ovo bi trebalo da dovede do poveêanja ukupnog træiπnog uëeπêa banke, πto Êe biti od koristi i privredi Srbije, posebno u smislu unapreappleenja bankarskih standarda u celoj zemlji i boljih uslova na træiπtu uopπte. 37

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38 Retail Banking Retail Banking The basic characteristic of the business year 2005 in the Consumer Banking Division was the significant acquisition of new clients as well as the constant and intense growth of loan activities in the field of business with private individuals. The number of clients increased by more than 150,000 whereby the client base doubled in relation to the previous year. The dynamic development trend was also reflected in the opening of 18 new banking outlets and the extension of the network of direct sale agents, a unique accomplishment in the market, consisting of 83 agents covering the territory of 34 towns. During the course of 2005, more than 150 million euros worth of loans were granted to private individuals, increasing the total loan portfolio to million euros and the share of Raiffeisenbank in the market to over 18%. 40

39 Poslovanje sa stanovniπtvom Poslovanje sa stanovniπtvom Osnovno obeleæje poslovne godine u Sektoru za poslovanje sa stanovniπtvom bila je znaëajna akvizicija novih klijenata, kao i konstantan i intenzivan rast kreditnih aktivnosti u oblasti poslovanja sa fiziëkim licima. Broj klijenata se poveêao za viπe od , Ëime je baza klijenata udvostruëena u odnosu na prethodnu godinu. DinamiËan razvoj se ogleda i u otvaranju 18 novih ekpozitura i πirenju mreæe direktnih agenata prodaje, koja je jedinstvena na træiπtu i Ëine je 83 agenta koji pokrivaju teritoriju 34 grada. U toku godine fiziëkim licima je isplaêeno viπe od 150 miliona evra kredita, Ëime je ukupan kreditni portfolio dostigao 253,3 miliona evra i uëeπêe Raiffeisen banke na træiπtu je poveêano na preko 18%. 41

40 Retail Banking The amount of retail deposits increased by 43.14% and the total volume of deposits amounted to million euros. The greatest part of the loan portfolio referred to cash loans (107.5 million euros accounting for 42.5% of the total loan portfolio), and housing loans (83.9 million euros, comprising 33.2% of the total loan portfolio). During the course of 2005, the National Bank of Serbia gradually introduced increasingly restrictive measures in the field of consumer loans, necessitating constant adjustments to the newly-created conditions. In order to meet the requirements of our clients, we constantly advanced the terms for granting cash loans, loans for purchasing automobiles and housing loans. The changes involved increasing the maximum loan amount, the term of repayment, and reducing the level of loan collaterals. The good results achieved were made possible by the constant efforts throughout the whole of 2005, directed towards improving loan terms for private individuals. The novelties that attracted the greatest interest among the clients, contributing to improving the overall results of the Consumer Banking Division were: the introduction of a new product named Package Account and housing loans for young people, supported by state subsidies. The Package Account had significant results in the previous year because it offered the clients a set of basic banking products and services (current account, Visa Electron card, e-banking services, the possibility of payment for services by means of a standing order), including the possibility of obtaining cash loans and the Visa credit card. 42

41 Poslovanje sa stanovniπtvom Iznos depozita stanovniπtva je porastao za 43,14%, Ëime su ukupni depoziti dostigli iznos od 409,6 miliona evra. NajveÊi deo kreditnog portfolija odnosi se na gotovinske kredite (107,5 miliona evra, πto Ëini 42,5% ukupnog kreditnog portfolija), kao i stambene kredite (83,9 miliona evra, πto Ëini 33,2% ukupnog kreditnog portfolija). Tokom godine Narodna banka Srbije postepeno je uvodila sve restriktivnije mere u oblasti kreditiranja stanovniπtva, πto je uslovilo potrebu stalnog prilagoappleavanja novonastalim uslovima. U æelji da izaappleemo u susret potrebama naπih klijenata, konstantno smo unapreappleivali uslove za odobravanje gotovinskih kredita, kredita za kupovinu automobila i stambenih kredita. Promene su se odnosile na poveêanje maksimalnog iznosa kredita, perioda otplate, kao i smanjenje nivoa kreditnog obezbeappleenja. Ostvarenju dobrih rezultata upravo su doprineli stalni napori usmereni ka poboljπanju uslova kreditiranja fiziëkih lica tokom cele godine. Novine koje su izazvale najviπe interesovanja kod klijenata i doprinele poboljπanju ukupno ostvarenih rezultata u Sektoru za poslovanje sa stanovniπtvom su: uvoappleenje novog proizvoda pod nazivom paket raëun i stambeni krediti za mlade, uz subvenciju dræave. Paket raëun je u prethodnoj godini postigao znaëajne rezultate jer smo klijentima ponudili set osnovnih bankarskih proizvoda i usluga (tekuêi raëun, VISA Electron kartica, e-banking usluge, moguênost plaêanja usluga putem trajnog naloga), ukljuëujuêi i moguênost dobijanja gotovinskog kredita i VISA kreditne kartice. 43

42 Retail Banking The introduction of a new housing loan model, supported by state subsidies, contributed to reducing the interest rates and extending the loan repayment terms, coupled with a significant participation by the state through subsidies for clients deposits. Cooperation with the National Housing Loans Insurance Corporation, which started in 2004, went on successfully. The share of housing loans insured with the National Housing Loans Insurance Corporation increased to 28% of the total mortgage loan portfolio marked the beginning of the operation of the Agency for Business Registers of the Republic of Serbia, which ensured greater legal security by providing for the registration of lien on moveable property and rights, as well as simple, prompt and modern services for the clients. The very end of 2005 saw the launching of a new model of consumer loans entitled web loans. This project was implemented in collaboration with companies dealing with the sale of consumer products. It is a new model of loans provided to clients at the sales outlet itself. The effects of this type of loan are expected to be registered in The year 2005 ended with a clear definition of the business strategy in developing loan products for the next year, where emphasis will be placed on the further development of cash, consumer, car and mortgage loans. The very dynamic plan of development of the banking outlets network and alternative sales channels is expected to contribute to the enhancement of the quality of services provided to our clients. Payment Cards The year 2005 was marked by extraordinary productivity in the bank s payment cards segment, both with regard to the number of payment cards issued, as well as concerning the increase in the number of clients. At the end of 2005, the number of cards issued reached the figure of 225,000. The number of cards issued in 2005 alone exceeded 155,000 of which 70,000 account for Visa credit cards. The bank s market share in terms of the number of Visa credit cards issued was above 70%. The market share in the overall card transactions rose from 20% in 2004, to 30% in 2005, i.e. 157 million euros (3.1 million transactions). The first year of issuing Visa credit cards was marked by an impressive number of cards issued, more precisely 70,000, while the amount of approved credit limits reached 34 million euros. The outstanding balance at the end of 2005 was 16,3 million euros. The existing ATM network was extended, as a result of which the number of ATMs at the end of 2005 was 69. The turnover achieved by Raiffeisenbank ATMs was 84,7 million euros (1,3 million transactions), accounting for about 17% of the market share. 44

43 Poslovanje sa stanovniπtvom Uvoappleenje novog modela stambenog kredita, uz subvenciju dræave dovelo je do sniæenja kamatnih stopa i produæenog roka otplate kredita, a sve to uz znaëajan udeo dræave koji se ogleda u subvencioniranju uëeπêa klijentu. Saradnja sa Nacionalnom korporacijom za osiguranje stambenih kredita koja je zapoëeta u godini, sa uspehom je nastavljena. Udeo stambenih kredita osiguranih kod Nacionalne korporacije je porastao na 28% od ukupnog portfolija stambenih kredita. U godini poëela je sa radom Agencija za privredne registre Republike Srbije koja je, kroz upis zaloænog prava na pokretnim stvarima i pravima, omoguêila klijentima veêu pravnu sigurnost i jednostavnu, brzu i savremenu uslugu. Na samom kraju godine plasiran je novi model potroπaëkog kredita pod nazivom web kredit. Projekat se realizuje u saradnji sa firmama koje se bave prodajom robe πiroke potroπnje i predstavlja novi naëin kreditiranja klijenata koji se sastoji u odobravanju kredita na samom mestu prodaje. Rezultati ove vrste kredita se oëekuju u godini godina zavrπena je sa jasno definisanom poslovnom strategijom koja za cilj ima dalji razvoj gotovinskih, potroπaëkih, auto i stambenih kredita. Takoapplee, veoma dinamiëan plan razvoja mreæe ekspozitura i alternativnih kanala prodaje Êe doprineti daljem poveêanju kvaliteta usluge. Platne kartice U segmentu poslovanja banke sa platnim karticama u toku godine ostvaren je veoma veliki porast kako broja izdatih kartica, tako i porast broja klijenata. Broj izdatih kartica na kraju godine dostigao je kartica. Samo u godini izdato je preko kartica, od Ëega VISA kreditnih kartica. Træiπno uëeπêe banke u broju izdatih VISA kreditnih kartica iznosilo je preko 70%, dok je træiπno uëeπêe u ukupnom prometu kartica sa 20% u godini poveêano na 30%, odnosno na 157 miliona evra (3,1 miliona transakcija) u godini. U prvoj godini izdavanja VISA kreditne kartice zabeleæen je impresivan broj od izdatih kartica, sa ukupno 34 miliona evra odobrenih kreditnih limita. Iznos iskoriπêenih kreditnih limita je na kraju godine iznosio 16,3 miliona evra. PostojeÊa mreæa bankomata je proπirena, tako da je na kraju godine bilo 69 bankomata u funkciji. Na bankomatima Raiffeisen banke ostvaren je promet u vrednosti od 84,7 miliona evra (1,3 miliona transakcija), πto Ëini oko 17% træiπnog uëeπêa. 45

44 Retail Banking Small Enterprises and Entrepreneurs In the domain of operations with small enterprises and entrepreneurs, in 2005, Raiffeisenbank continued to promote its extremely good business development trend, extending its operations in such a way as to include the segment of micro-businesses and entrepreneurs. The total number of clients was 11,011, which was an increase of 187% in comparison to the previous year (when the number of clients was 3,840). At the end of 2005, the number of accounts opened was 15,960, which was an increase of 182% in relation to The credit portfolio was increased by 106,5% in relation to 2004, amounting to million euros. There was a very dynamic activity involving the issuing of guarantees and L/Cs to clients in this segment, the amount of which increased by %, equaling 5 million euros. The total deposits reached million euros, which was an increase by 112% in relation to

45 Poslovanje sa stanovniπtvom Mala preduzeêa i preduzetnici Raiffeisen banka je, u domenu poslovanja sa malim preduzeêima i preduzetnicima u godini, nastavila izuzetno dobar trend razvoja poslovanja, proπirujuêi poslovanje i na segment mikro preduzeêa i preduzetnika. Ukupan broj klijenata porastao je sa 3.840, koliko ih je bilo krajem godine, na , πto predstavlja poveêanje od 187% u odnosu na prethodnu godinu. U toku godine otvoreno je raëuna, πto predstavlja poveêanje od 182% u odnosu na godinu. Kreditni portfolio je poveêan za 106,5% u odnosu na godinu i time dostigao 100,94 miliona evra. Veoma dinamiëna aktivnost ostvarena je i u izdavanju garancija i akreditiva malim preduzeêima i preduzetnicima, Ëiji ukupan iznos je poveêan za 204,88% u odnosu na godinu i iznosi 5 miliona evra. Ukupan iznos depozita je 33,27 miliona evra, πto predstavlja poveêanje od 112% u odnosu na prethodnu godinu. 47

46 Retail Banking The first quarter of the year marked the commencement of operations with the micro-segment (companies and entrepreneurs with an annual income of up to 500,000 euros and an annual credit liability of up to 100,000 euros), including decentralized processing and payment of loans in the value of up to 30,000 euros, at the level of regional branch offices. This significant extension of the target group, as well as innovations in terms of introduction of a scoring-system (i.e. automatic client scoring with the purpose of assessing their creditworthiness), significantly enlarged the client base and expanded the scope of business in this segment. At the same time, efforts were constantly made to reduce the time needed for completing the process of granting loans in the segment of small enterprises and entrepreneurs with a total income of up to 2.5 million euros, by introducing automatic loan applications processing. In addition to the above, the elements that also contributed to the continuing increase in the number of clients, the constant growth of the loan portfolio and the competitiveness of Raiffeisenbank in the segment of small enterprises and entrepreneurs in the second half of 2005, were the introduction of new products: overdraft, framework loans, revolving loans, general purpose loans, and unsecured micro-loans. In the fourth quarter of the year, the micro-segment made a significant step forward by decentralizing the processing of loans of up to 100,000 euros at the level of regional branch offices, by which these loans were made more easily available in places where the bank has its regional branch offices. 48

47 Poslovanje sa stanovniπtvom U prvom kvartalu godine, Raiffeisen banka zapoëela je poslovanje i sa mikro-segmentom (preduzeêa i preduzetnici sa godiπnjim prihodom do evra i kreditnim zaduæenjem do evra), uz decentralizovanu obradu i isplatu kredita do evra na nivou regionalnih filijala. Ovim znaëajnim proπirenjem ciljne grupe, kao i inovacijama u smislu uvoappleenja skoring-sistema (automatskog bodovanja klijenata u cilju ocene kreditne sposobnosti), znaëajno je uveêana baza klijenata i proπiren obim poslovanja. Istovremeno, banka je konstantno ulagala napore u cilju skraêenja trajanja kreditnog procesa u segmentu malih preduzeêa i preduzetnika sa ukupnim prihodom do 2,5 miliona evra putem uvoappleenja automatske obrade kreditnih aplikacija. Pored navedenog, daljem poveêanju konkurentnosti Raiffeisen banke u ovom poslovnom segmentu u drugoj polovini godine doprinelo je i uvoappleenje novih proizvoda: pozajmice, okvirnih kredita i kredita na revolving osnovi, kredita za opπte namene i mikro kredita bez Ëvrstog obezbeappleenja. U Ëetvrtom kvartalu uëinjen je znaëajan korak napred za mikro-segment, jer je obrada kredita do evra decentralizovana na nivo regionalnih filijala, Ëime su ovi krediti postali dostupniji u mestima gde banka ima regionalne filijale. 49

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50 Treasury and Investment Banking Treasury and Investment Banking Foreign Currency Trading In 2005, Raiffeisenbank strengthened its position as one of the market leaders in the segment of trading in foreign currency and banknotes. The bank s share in the overall foreign currency trading with corporate clients was 17.55%, while its share in trading with banks was 15.18%. The continuation of the privatization process, as well as the growth of the credit portfolio and the entry of new banks in the market, led to an increase in foreign currency trading outside the Interbank Foreign Currency Market (IBFCM) as compared to 2004, by 28.78%. This trend resulted in the further reduction in interventions by the National Bank of Serbia in the Interbank Foreign Currency Market by 4.66% in relation to The larger volume of trading outside the Interbank Foreign Currency Market, as well as the growing competition, resulted in decreasing the spread in foreign currency purchase and sale transactions. In 2005, the dinar depreciated in relation to the euro by 8.39%, in nominal terms. In the same period, the dinar appreciated in relation to the euro by 7.11%, in real terms. 52

51 Sredstva i investiciono bankarstvo Sredstva i investiciono bankarstvo Trgovanje devizama Raiffeisen banka je u godini uëvrstila poziciju jednog od lidera na træistu u trgovanju devizama i efektivnim stranim novcem. U ukupnoj trgovini devizama sa privrednim klijentima banka je uëestvovala sa 17,55%, dok je uëeπêe u trgovini sa bankama iznosilo 15,18%. Dalji razvoj procesa privatizacije, rast kreditnog portfolija i ulazak novih banaka na træiπte, uslovio je poveêanje trgovine devizama van Meappleubankarskog træiπta deviza (MTD) za 28,78% u odnosu na godinu. Ovakav trend je doveo do daljeg pada intervencije Narodne banke Srbije na MTD-u za 4,66% u odnosu na prethodnu godinu. PoveÊana trgovina van MTD-a kao i rastuêa konkurencija, doveli su do pada margina na poslovima kupoprodaje deviza. U odnosu na evro, dinar je u ovoj godini izgubio nominalno 8,39%. U istom periodu dinar je realno apresirao u odnosu na evro za 7,11%. 53

52 Treasury and Investment Banking Money Market The bank reaffirmed its leading position in the creation of new products, by making a decisive contribution to the development and implementation of the first local currency reference interest rate - BEONIA (Belgrade Over Night Index Average) and BELIBOR (Belgrade Interbank Offered Rate). This year marked a growth trend in the dinar interbank market transactions. The highest growth was recorded in the O/N interbank dinar placements. Considering that the budget of the Republic of Serbia marked a surplus, the average discount rate applied to 3-month treasury bills went down from 20.57% to 14.62%, and the one applied to 6-month treasury bills, from 21.45% to 14.52%. At the beginning of this year, the National Bank of Serbia introduced its repo operations based on 14- and 60-day terms. At the end of the year, the average weighted interest rate for the 14-day term amounted to 19.93%. Securities For the first time in its history, the Republic of Serbia issued a long-term security on the basis of the settlement of its debt in relation to the London Club Creditors, the amount of the issue being USD 1.08 billion. The stability of the country, its improved BB- credit rating, the successful finalisation of the threeyear stand by arrangement with the IMF, as well as the negotiations that have started with the EU regarding the Stabilisation and Association Agreement, resulted in a further drop in the yields of old foreign currency savings bonds. Late in 2005, the yields ranged from %. In mid-2005, the bank obtained a licence for brokerage transactions, winning two mandates for local bank take over bids before the end of the year. 54

53 Sredstva i investiciono bankarstvo Træiπte novca Banka je potvrdila svoju lidersku poziciju u kreiranju novih proizvoda, dajuêi odluëujuêi doprinos razvoju i uvoappleenju prve referentne kamatne stope za domaêu valutu - BEONIA (Belgrade Over Night Index Average) i BELIBOR (Belgrade Interbank Offered Rate). U ovoj godini, zabeleæen je trend rasta transakcija na dinarskom meappleubankarskom træiπtu. NajveÊi rast zabeleæili su O/N meappleubankarski plasmani u dinarima. ImajuÊi u vidu da je budæet Republike Srbije zabeleæio suficit, doπlo je do pada proseëne diskontne stope na trezorske zapise i to za tromeseëne sa 20,57% na 14,62% i za πestomeseëne sa 21,45% na 14,52%. PoËetkom ove godine Narodna banka Srbije je zapoëela sa repo operacijama na rok od 14 i 60 dana. ProseËna ponderisana kamatna stopa na 14 dana je krajem godine iznosila 19,93%. Hartije od vrednosti Republika Srbija je prvi put u svojoj istoriji izdala dugoroënu hartiju od vrednosti po osnovu izmirivanja duga Londonskom klubu poverilaca, gde je iznos emisije iznosio 1,08 milijardi ameriëkih dolara. Stabilnost zemlje, poboljπanje kreditnog rejtinga na BB-, uspeπna finalizacija trogodiπnjeg stand-by aranæmana sa MMF-om, kao i zapoëeti pregovori sa Evropskom unijom o Sporazumu o stabilizaciji i pridruæivanju, uslovili su dalji pad prinosa na obveznice stare devizne πtednje. Prinosi su se krajem godine kretali u rasponu od 4,5% do 5,5%. Sredinom godine banka je dobila licencu za obavljanje brokerskih poslova i veê krajem iste osvojila dva mandata za preuzimanje lokalnih banaka. 55

54 Treasury and Investment Banking Custody Services Raiffeisenbank has always been one step ahead of the others as regards initiatives and finding new solutions, and it has developed a wide range of new services and products. This was the practice implemented in 2005 as well, and in addition to standard clearing services and maintenance of securities accounts, the bank also focused on developing special services relating to providing information about corporate events of significance to our clients. Financial Institutions Correspondence Department In order to obtain additional sources of funding, the bank signed a Loan Agreement with the European Investment Bank (EIB) in 2005, for the purpose of financing infrastructural projects relating to SMEs. A loan agreement was signed with the International Finance Corporation (IFC) on funding housing loans. Two subordinated loan agreements were entered into in 2005, one with the German Investment Fund DEG and the other with KfW Banking Group. Good cooperation with the European Bank for Reconstruction and Development (EBRD) continued throughout the whole year. In its constant contacts with European and American commercial banks, Raiffeisenbank invested great efforts to provide additional short-term funding sources. During the course of 2005, a significant number of foreign banks granted commercial lines to back up our clients trading transactions. The support provided by Raiffeisen Zentralbank Österreich, Vienna, in procuring additional sources of funding, as well as the loan arrangements entered into with foreign creditors, provided the prerequisites for the further expansion of the bank s loan portfolio in all its business segments: corporates, small businesses and professionals and private individuals. 56

55 Sredstva i investiciono bankarstvo Kastodi usluge Raiffeisen Banka je uvek bila korak ispred drugih u inicijativi i iznalaæenju novih reπenja razvijajuêi πiroku lepezu novih usluga i proizvoda. Takvu praksu banka je nastavila i u godini, fokusirajuêi se, pored standardnih usluga saldiranja i voappleenja raëuna hartija od vrednosti, i na razvoj posebnih usluga u vezi sa dostavljanjem informacija o korporativnim dogaappleajima od znaëaja za naπe klijente. Odeljenje za odnose sa finansijskim institucijama U cilju pribavljanja dodatnih izvora finansiranja, banka je u godini zakljuëila Ugovor o kreditu sa Evropskom investicionom bankom (EIB) u cilju finansiranja infrastrukturnih projekata malih i srednjih preduzeêa. Sa Meappleunarodnom finansijskom korporacijom (IFC) zakljuëen je aranæman za potrebe finansiranja stambenih kredita. Tokom godine zakljuëena su dva subordinirana kredita, i to sa nemaëkim investcionim fondom DEG i bankarskom grupom KfW. Takoapplee, nastavljena je i dobra saradnja sa Evropskom bankom za obnovu i razvoj (EBRD). U stalnim kontaktima sa evropskim i ameriëkim komercijalnim bankama, Raiffeisen banka je nastojala da obezbedi dodatne kratkoroëne izvore finansiranja. Tokom godine, znaëajan broj inostranih banaka odobrio je komercijalne linije kao podrπku trgovinskim transakcijama naπih klijenata. Podrπka Raiffeisen Zentralbank Österreich iz BeËa u pribavljanju dodatnih izvora finansiranja, kao i zakljuëeni kreditni aranæmani sa ino-kreditorima, omoguêili su dalju ekspanziju kreditnih plasmana banke u radu sa privredom, malim preduzeêima i preduzetnicima i graappleanima. 57

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