FINANCIAL RESULTS FIRST 9 MONTHS OF 2015

Transcription

1 FINANCIAL RESULTS FIRST 9 MONTHS OF 2015

2 DISCLAIMER IMPORTANT: The information in this presentation may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. The information has been prepared by the company. No other party accepts any responsibility, or makes any representation or warranty, express or implied, for the contents of the information, including its accuracy, completeness or verification, or for any statement made or purported to be made in connection with the company. Nothing in this presentation shall be considered a promise. The information includes forward-looking statements. All statements, other than statements of historical fact, that are included in the information are forward-looking statements. Forward-looking statements include the company s current expectations and projections of its financial condition, and results of operations, plans, objectives, future performance and business. These statements may include words such as target, believe, expect, aim, intend, may, anticipate, estimate, plan, project, will, can have, likely, should, would, could and other words and terms of similar meaning. Known and unknown risks, uncertainties and other important factors beyond the company s control could cause the company s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are based on numerous assumptions about the company s present and future business strategies and the environment in which it will operate in the future. No representation, warranty or undertaking, express or implied, is made about - and no reliance should be placed on - the fairness, accuracy, completeness or correctness of the information or the opinions contained therein. The information has not been independently verified and will not be updated. The information, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurances of future results. The company expressly disclaims any obligation to disseminate any updates or revisions to the information, including any financial data or forward-looking statements. It also will not publicly release any revisions it may make to the information that may result from any change in the company s expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this presentation. Market data used that are not attributed to a specific source are estimates of the company and have not been independently verified. 2

3 TABLE OF CONTENTS 1. EURASIAN BANK 2. DYNAMICS OF KEY FINANCIAL INDICATORS 3. CREDIT HIGHLIGHTS Appendices Figures for nine months ended September 30, 2015, are under International Financial Reporting Standards (IFRS) and are consolidated and unaudited, unless otherwise stated. Year-end figures are KPMG-audited consolidated financial statements unless otherwise stated. The exchange rate used in this presentation is $1 to tenge, the National Bank of Kazakhstan s rate on September 30, NBRK data means data that meets National Bank of Kazakhstan requirements. NBRK financial data are used for comparisons with other Kazakhstan banks. All financial information in this presentation meets IFRS requirements unless otherwise expressly stated. 3

4 EURASIAN BANK 4

5 EURASIAN BANK PROFILE Ninth-largest bank by assets and one of the leading banks in retail financing as of September 30, Established in 1994 by owners of ENRC (now ERG) to serve affiliated companies in natural resources and mining. ERG is no longer a material part of the bank s business. Currently provides all types of banking services to corporate clients, small and mediumsized enterprises and individuals (1,114,994 active unique clients as of September 30, 2015). As of September 30, 2015, the bank had 4,694 employees and more than 3,700 points of sale in Kazakhstan. Eurasian Bank also has a subsidiary in Russia, with a presence in Moscow, Novosibirsk, Omsk and Chelyabinsk. The bank has a B+ long-term rating from S&P. KEY INDICATORS: SEPTEMBER 30, 2015 Billions of tenge Billions of dollars Total assets Net loans Customer accounts and deposits Total equity, including retained earnings Capital adequacy, total (NBRK) 11.2% Non-performing loans, NPLs 9.7% Return on Average Equity, ROAE (1) 5.1% Return on Average Assets, ROAA (1) 0.4% Net Interest Margin, NIM (1) 6.1% INTERNATIONAL AWARDS DISTRIBUTION NETWORK BEST BANK IN KAZAKHSTAN Award from EMEA Finance BANK OF THE YEAR IN KAZAKHSTAN 2012 and 2014 Award from The Banker (1) Annualized DOMESTIC RETAIL BANK OF THE YEAR , 2015 Award from Asian Banking & Finance BEST BANK IN KAZAKHSTAN 2014 Award from IAIR Over 3,700 points of sales: 16 branches 133 service centers 459 ATMs 419 IPTs 4 branches in Russia 5

6 CONSISTENT STRATEGY 5-6% market share over the medium term GROWTH TARGETS Further expansion in the CIS region, with focus on Russian Federation in midterm Diversification of funding sources Growth opportunities given changes in strategies of bigger banks Enhancement of risk management system Unified information-technology system ASSET QUALITY Top qualifications and strong business culture among team members Conservative loan portfolio and control of credit risks UNIVERSAL BANK Healthy balance between corporate, SME and retail operations Optimization of distribution network in Kazakhstan Cross-sales among existing client base Product innovations and top-quality service Robust IT infrastructure supporting business growth, product development and operational efficiency RETAIL Leadership positions in consumer-finance lending Focus on service quality, customized approach, innovations and convenience Alternative channels prioritization, physical network optimization CORPORATE Focus on the Natural Resources, Energy and Power, Transportation and Agricultural sectors of economy Opportune time to gain market share Current accounts and deposits support funding profile SMALL AND MEDIUM-SIZED ENTERPRISES Selective approach in small and medium-sized enterprises market Analyzing and building client base for future expansion, taking into account risk dynamics born out of crisis Participation in State Support Programs, jointly with the Baiterek and DAMU funds PRIVATE BANKING Expansion of product lines for high-net-worth individuals Cross-sale opportunity for corporate and individual accounts 6

7 HIGHLIGHTS STRONG TRACK RECORD WITH NEW STRATEGY AND TEAM SINCE 2010 Since new management team with extensive international and local experience took over at the end of 2009, the Bank has sufficiently improved its performance and shown sound growth NIM improvement from 2.4% in 2010 to 6.1% as of September 30, 2015 Increased operational efficiency with Cost/Income ratio reduced to 60.4% as of September 30, 2015 from 75.7% as of 2010 Active unique customer base increased almost seven times in the past five years and reached 1,114,994 as of September 30, 2015 Loans growing by 20-30% per year from 2010 to 2014, with 40-60% growth in the retail segment BALANCED BUSINESS MIX AND EXPANSION INTO RETAIL SEGMENT The Bank has balanced loan portfolio with practically equal exposure to corporate&sme and retail segments Acquisition of a consumer-loan portfolio and ProstoCredit were key drivers of the retail portfolio growth in recent years The bank is the market leader in auto financing, issuing about half of all car loans in Kazakhstan Corporate loan portfolio is well diversified within industries with Wholesale trade, Construction, Agriculture and Mining/metallurgy being the largest exposures ROBUST RISK MANAGEMENT Automated scoring model for retail (majority of loan applications processed in minutes) and a rating system for corporate&sme loans New collection procedures led to collections efficiency reaching more than 90% for retail loans as of September 30, 2015 At the end of 2013 the bank started a loan assignment and servicing program for standard retail loans that is unique to the market. The program allows the bank to obtain higher-margin retail business, including post-deal servicing fees, and better manage business mix and risk exposure GOOD LIQUIDITY POSITION AND STRONG FUNDING BASE Diversified funding mix, primarily consisting of customer deposits supported by international and domestic bonds, subordinate debt and other borrowings A higher level of liquidity (around 20%) was maintained after the devaluations in as a precautionary measure Long-standing relationships with key corporate providers of deposits, including state-owned companies and ERG STRONG SHAREHOLDER SUPPORT Supportive shareholders are one of the bank s key competitive advantages Shareholders are planning to make a new capital injection of KZT 6.1 billion tenge by the end of 2015 The bank s shareholders are key players in the Kazakhstan economy and are included in Forbes World s Billionaires List 7

8 EURASIAN BANK IS A STRONG MIDDLE PLAYER IN MARKET TOP 15 BANKS BY NET INTEREST MARGIN MARKET SHARE BY ASSETS MARKET SHARE BY LOANS (1) MARKET SHARE BY DEPOSITS HomeCredit 27,7% KKB 20,7% KKB 24,0% KKB 21,0% Exim 13,7% Halyk 16,3% Halyk 14,6% Halyk 15,8% Zaman 10,8% Sber 7,9% Tsesna 9,3% Sber 8,6% NB Pakistan 9,5% Tsesna 7,6% Sber 7,3% Tsesna 8,5% Capital 8,9% BCC 6,2% BCC 6,8% BCC 6,5% Pozitiv 7,7% KASPI 5,5% KASPI 5,9% KASPI 5,1% KKB 7,7% ATF 4,8% ATF 5,0% ATF 4,8% KZI 7,3% Forte 4,7% Eurasian 4,3% Forte 4,8% Kazinvest 7,2% Eurasian 4,3% RBK 3,9% Eurasian 4,0% PNB 6,6% RBK 3,7% Forte 3,9% RBK 3,9% Delta 6,6% Zhilstroisber 2,2% Delta 2,2% Citi 2,3% Kassa Nova 6,6% Citi 2,0% Zhilstroisber 2,1% Zhilstroysber 2,0% Eurasian 6,5% Nur 1,7% Nur 1,3% Altyn 1,6% Astana 6,4% Delta 1,6% Qazaq 1,2% Qazaq 1,4% Al Hilal 6,2% Alfa 1,4% Alfa 1,1% Nur 1,4% (1) Net loans including repurchase agreements and interbank operations Source: NBRK unconsolidated data as of October 1,

9 DYNAMICS OF KEY FINANCIAL INDICATORS 9

10 OPERATING PERFORMANCE The bank reported net profit of 2.6 billion tenge ($9.8 million) for the first nine months of 2015 as profitability was under pressure after tenge devaluation. Cost-cutting and increased income under the new management reduced the Cost/Income ratio to 60.4% as of September 30, 2015, from 75.7% at the end of billions of tenge NET PROFIT DYNAMICS 9,8 13,1 11,4 Net Interest Margin grew from 2.4% in 2010 to 6.1% as of September 30, Although Net Interest Margin remained high, it was lower than the 8.8% reached in 2013 mostly due to increased funding costs reflecting the current market environment. Loans to customers accounted for over 97% of all interest income. 0,6 6,0 2, /30/2015 New management joined NET INTEREST MARGIN. COST / INCOME RATIO INTEREST INCOME, FEE AND COMMISSIONS INCOME NIM Cost/income ratio billions of tenge 09/30/ /30/ ,7% 29,1 31,6 52,2% 55,2% 50,5% 54,7% 60,4% 2,4% 6,3% 7,8% 8,8% 7,2% 6,1% 7,8 6, /30/2015 Net interest income Net fee and commission income 10

11 ASSETS Assets as of September 30, 2015, had increased 10.6% to billion tenge ($3.3 billion) from billion tenge ($2.9 billion) at the end of Efficient asset structure - interest earning assets comprise more than 80% of total assets. billions of tenge ASSETS AND LOANS GROWTH Assets Gross loans 808,6 894,6 Management continues to focus on balance-sheet efficiency. Reflecting that strategy, the share of loans to customers grew from 59.8% of assets at the end of 2010 to 70.8% as of September 30, The liquid-assets position is managed with care, with the bank taking into consideration external market factors. Liquidity remained at a level of 23.7% of assets as of September 30, A key management goal is a liquidity level of more than 15% of assets. 356,9 369,4 234,7 281,2 470,5 383,5 588,6 468,1 620,4 671, /30/2015 LIQUID ASSETS (1) STRUCTURE OF ASSETS billions of tenge 000,0 900,0 800,0 700,0 600,0 500,0 400,0 300,0 200,0 100,0 0,0 33,2% 24,9% 356,9 369,4 Assets 470,5 Liquid assets/assets 588,6 (1) Liquid assets: cash and short term funds due from the central banks, trading securities, interbank assets and short-term KZT-denominated government securities 808,6 19,7% 20,7% 20,8% 894,6 23,7% /30/ % 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Cash and cash equivalents 12,6% Loans to customers 70,8% Securities 10,8% PP&E and intangibles 2,7% billion tenge Loans to banks 0,7% Other assets 2,3% 11

12 LOAN PORTFOLIO For the first nine months of 2015, gross loan portfolio increased by 8% year-to-date, reflecting the current market environment. Increasing focus on retail lending after acquisition the ProstoCredit loan portfolio and trademark in Loan portfolio is well-diversified between industries with Retail, Wholesale trade, Construction, Agriculture and Mining/metallurgy as key exposures. Balanced loan portfolio structure with roughly equally split between Retail and Corporate&SME segments. LOAN BREAKDOWN BY INDUSTRY: SEPETEMBER 30, 2015 Mining/metallur gy Agriculture, 5,4% forestry and timber 6,0% Construction 6,7% Wholesale trade 18,9% Transport 3,9% Manufacturing 3,2% Services 2,7% Retail trade 2,0% billion tenge Food production 0,9% Other 3,2% Retail customers 47,2% LOAN CONTRIBUTION LOAN BREAKDOWN BY CURRENCY/MATURITY: SEPTEMBER 30, 2015 Corporate customers SME Retail customers Currency Maturity 30% 36% 44% 51% 51% 47% 11% 12% 10% 8% 5% 6% 59% 52% 46% 41% 44% 47% /30/ % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% EUR RUB USD KZT 100% overdue 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% more than 5 years from 1 to 5 years from 3 to 12 months up to 3 months 12

13 LEADING POSITION IN CONSUMER AND CAR LENDING The bank and it s activity was completely transformed by the 2010 ProstoCredit acquisition. The share of retail business increased both in loans and deposits. The mix in the retail loan portfolio has changed in the past five years. From 2010 to September 30, 2015, car loans and uncollateralized consumer loans have grown from 6.2% to 94.4% of the retail portfolio. Loan amount RETAIL BUSINESS Retail (Except Mortgages) Mortgage $52 - $69,906 $524 - $524,292 Our continued success in the car loans segment has led to 9.2% growth in the portfolio as of September 30, 2015 (to billion tenge), and accounts for 49.7% of the retail portfolio (up from 3.4% in 2010). Mortgage loans decreased significantly at the end of 2013 (by 46.9% year-over-year), as the bank sold about a third of the mortgage loan book to the Kazakhstan Mortgage Company. Loan maturity 3-84 months months Average number of loans made per month 32,215 5 Average loan amount Average loan maturity $1,194 $43, months 152 months RETAIL BANKING CONTRIBUTION RETAIL LOAN MIX billions of tenge Deposits 35,4% 41,2% Retail Corporate 29,9% Gross Loans ,2% /30/ /30/2015 3,4% 2,8% 9,5% 17,0% 22,9% 32,0% 45,7% 49,7% 41,8% 29,8% 51,8% 19,0% 53,3% 44,4% 41,1% 11,0% 41,1% 29,3% 19,9% 7,0% 4,8% 3,3% 7,5% 5,1% 5,9% /30/2015 Auto loans Uncollateralized loans Loans collateralized by cash Small business loans Mortgage loans 13

14 LOAN PORTFOLIO QUALITY New management has established sound risk control. Share of non-performing loans are lower among loans issued after The share of restructured loans was 8.6% of gross loans as of September 30, 2015, vs. 7.3% in The portfolio is well collateralized, with unsecured loans comprising less than one third of the portfolio. The average loan-to-value ratio was 45% as of September 30, 2015, compared with 47.1% in Reduced loan concentration. The share of top 10 loans fell from 33.3% of all loans in 2010 to 21.1% as of September 30, About 90% of interest income is collected in cash, versus accrued. LOAN CLASSIFICATION : SEPTEMBER 30, 2015 Corporates and SMEs 100% overdue more than 1 year(2) 90% 80% overdue more than 90 days and 70% less than 1 year(2) 60% overdue less than 90 days(2) 50% 40% (2) not overdue 30% 20% loans without 10% individual signs of impairment 0% 100% overdue more 90% than 360 days 80% 70% 60% 50% 40% 30% 20% 10% (1) Gross book value of impaired loans overdue by more than 90 days (2) Impaired loans 0% Retail overdue days overdue days overdue days overdue less than 30 days not overdue 9,4% 9,1% NON-PERFORMING LOANS (1), PROVISIONS NPLs /Gross loans 9,0% 7,6% 6,9% 9,9% 7,5% 7,6% Provisions / Gross loans 8,5% 9,7% 5,2% 5,6% /30/2015 billions of tenge 24,8% 9,6% 576,1 47,7 33,2 (3) Source: NBRK unconsolidated data LOANS ISSUED BEFORE 2010 vs. 09/30/2015 (3) 240,2 5,0% 4,8% 88,1% 294,6 15,3% 12,8% 41,2 5,7 8,7 58,7% Total Corporate SME Retail Loans issued before 2010 NPLs before 2010 Loans issued /30/ % 30% -30% NPLs /30/

15 LIABILITIES The bank relies mainly on the local deposit market for funding. As of September 30, 2015, clients accounts and deposits accounted for 68.5% of liabilities (year-end 2014: 73.9 %). Total accounts and deposit base (16.3% are current accounts) increased by 2.9% year-todate. Corporate accounts and deposits continue to be the mainstay of the deposit funding base and represented 58.8%. The devaluation of the tenge led to an increase in demand for dollar-denominated accounts. Tenge-denominated deposits have dropped by 12.4% year-to-date. The bank issued a $500 million debut Eurobond and swapped it efficiently into tenge in November These three-year notes give the bank secure longer-term funding, helping to reduce the gap between assets and liabilities over time. LIABILITIES STRUCTURE: SEPTEMBER 30, 2015 Repurchase agreements 1,5% Due to banks 0,9% Other liabilities 2,1% billion tenge Subordinated debt 2,6% Other borrowings 5,4% Debt securities issued 19,0% Customer accounts and deposits 68,5% BREAKDOWN OF CUSTOMER ACCOUNTS AND DEPOSITS BY TYPE billions of tenge 245,8 245,6 64.6% 73.8% Retail Corporate 548,5 564,3 404,7 314,7 69.2% 65.2% 68.5% 35.4% 26.2% 31.5% 34.8% 30.8% 58.8% 41.2% /30/2015 BREAKDOWN OF CUSTOMER ACCOUNTS AND DEPOSITS BY CURRENCY KZT FX 38,9% 28,7% 24,5% 33,6% 54,9% 67,3% 61,1% 71,3% 75,5% 66,4% 45,1% 32,7% /30/

16 CREDIT HIGHLIGHTS 16

17 Strong shareholder support One of the cleanest balance sheets on the market Eurasian Bank Financial stability Mix of top Western and local management 17

18 APPENDICES 18

19 BALANCE SHEET IFRS 09/30/2015 Thousands of tenge (unaudited) 12/31/2014 Thousands of tenge (audited) % change year-to-date ASSETS Cash and cash equivalents 112,405, ,083, % Financial instruments at fair value through profit or loss 77,206,689 4,547,700 NSF% Available-for-sale financial assets 4,583,688 5,913, % Deposits and balances with banks 6,588,695 13,476, % Loans to customers 633,707, ,232, % Held-to-maturity investments 15,173,436 35,184, % Current tax assets 2,007,379 2,146, % Property, equipment and intangible assets 24,132,267 22,847, % Other assets 18,803,885 24,171, % Total assets 894,608, ,602, % LIABILITIES Financial instruments at fair value through profit or loss 2,100 - Deposits and balances from banks 7,711,664 3,469, % Amounts payable under repurchase agreements 12,491,787 7,353, % Current accounts and deposits from customers 564,277, ,499, % Debt securities issued 156,147, ,242, % Subordinated debt securities issued 21,558,764 26,028, % Other borrowed funds 44,658,991 37,862, % Deferred tax liabilities 1,754,511 1,795, % Other liabilities 15,190,803 13,662, % Total liabilities 823,793, ,914, % EQUITY Share capital 30,110,207 30,110, % Share premium 25,632 25, % Reserve for general banking risks 8,234,923 8,234, % Dynamic reserve 6,733,233 6,733, % Revaluation reserve for available-for-sale financial assets (89,288) (74,143) 20.4% Foreign currency translation reserve (709,949) (2,213,707) -67.9% Retained earnings 26,510,291 23,871, % Total equity 70,815,049 65,688, % Total liabilities and equity 894,608, ,602, % 19

20 INCOME STATEMENT IFRS 09/30/2015 Thousands of tenge (unaudited) 09/30/2014 Thousands of tenge (unaudited) % change year-to-year Interest income 66,864,259 57,297, % Interest expense (35,278,032) (28,165,365) 25.3% Net interest income 31,586,227 29,132, % Fee and commission income 7,375,961 8,433, % Fee and commission expense (437,986) (539,109) -18.8% Net fee and commission income 6,937,975 7,894, % Net (loss)/gain on financial instruments at fair value through profit or loss 71,767,545 (276,538) NSF% Net foreign exchange (loss)/gain (71,537,636) 3,122,337 NSF% Net (loss)/gain on available-for-sale financial assets 13,324 (356) NSF% Gain from sale of mortgage and consumer loans 494, , % Other operating expenses, net (129,451) (276,282) -53.1% Operating income 39,132,582 40,217, % Impairment losses (11,986,583) (7,944,102) 50.9% Personnel expenses (13,293,040) (12,302,300) 8.1% Other general administrative expenses (10,356,358) (9,428,461) 9.8% Profit before income tax 3,496,601 10,542, % Income tax expense (858,197) (2,352,239) -63.5% Profit for the period 2,638,404 8,190, % Revaluation reserve for available-for-sale financial assets: Net change in fair value (1,821) 23, % Net change in fair value transferred to profit or loss (13,324) 356 NSF% Foreign currency exchange differences on translation 1,503,758 (227,468) % Total other comprehensive income/(loss) for the period, net of income tax 1,488,613 (203,702) % Total comprehensive income for the period 4,127,017 7,986, % 20

21 HOLDING STRUCTURE Alijan Ibragimov (33.33%) (1) Alexander Machkevich (33.33%) (1) Patokh Chodiev (33.33%) (1) Eurasian Financial Company (2) 100% Eurasian Bank (Kazakhstan) 99.9% Eurasian Bank (Russia) 100% Eurasian Capital 95% Eurasian Insurance (1) Alijan Ibragimov, Alexander Machkevich and Patokh Chodiev are included in Forbes World s Billionaires List. Together, they established Eurasian Natural Resources Corporation ENRC (now ERG). ERG is one of the largest diversified companies in the world, developing natural resources with integrated mining, processing, energy, logistical and marketing operations. ERG accounts for one third of activity in the mining and metallurgy sector of Kazakhstan. (2) Eurasian Financial Company is the holding company of Eurasian Bank, Eurasian Capital and Eurasian Insurance. - Eurasian Insurance is the leading insurance company in Kazakhstan, providing insurance solutions both in Kazakhstan and worldwide. - Eurasian Capital is a Kazakhstan-based broker-dealer and asset-management company. It is a member of the Kazakhstan Stock Exchange. 21

22 BANK ORGANIZATIONAL STRUCTURE Alijan Ibragimov (33.33%) Alexander Machkevich (33.33%) Patokh Chodiev (33.33%) Board of Directors Committees of the Management Board Operational Risk Management Committee Front and Back office Project Management Committee Market Risks and Liquidity Committee Equal Opportunities Committee IT and Business Processes Commission Corporate Titles Assignment Committee Position Evaluation Committee EURASIAN FINANCIAL COMPANY (100%) Board of Directors Management Board Committees of the Board of Directors Audit Committee Remuneration Committee Assets and Liabilities Management Committee Strategic Planning and Social Issues Committee Risk and Internal Control Committee Credit Committee of the Board of Directors Chairman Alexander Machkevich Members Alijan Ibragimov Patokh Chodiev Michael Eggleton Boris Umanov Independent Directors Nikolay Radostovets Olga Rozmanova David Alun Bowen Felix Jeff Vulis Michael Eggleton CEO, Chairman of Management Board Corporate secretary Compliance Internal Audit Management Board Roman Maszczyk Deputy Chairman- Director of Department, Board Member, CRO Seitzhan Yermekbayev Deputy Chairman- Director of Department, Board Member Anna Bichurina Deputy Chairman- Director of Department, Board Member, CFO Nurbek Ayazbayev Deputy Chairman- Director of Department, Board Member Hermann Tischendorf Managing Director- Director of Department Zhanna Bubeyeva Managing Director- Director of Department Romain Hochet Managing Director- Director of Department, COO Bertrand Gossart Managing Director- Director of Department Gulmira Ubegaliyeva Managing Director- Director of Department Risk management Corporate, Institutional, SME and Transactional Banking Accounting, methodology and resources Treasury and ALM Information technologies Human resources Debt capital markets Operational Business Retail Business Finance and reporting Zhanar Zhubaniyazova Managing Director- Director of Department Olga Kindyakova Managing Director- Director of Department Viktor Yevdokimov Executive Director- Director of Department Victoriya Sadykova Executive Director- Director of Department Sergey Borovitskiy Executive Director- Director of Department Alexander Razgon Director of Department Cross-sales Legal affairs IT Security Corporate communications Security Project management 22