National Reserve Bank

The Chairman's statement

In 1995 the industrial and financial world of the Russian Federation went through a difficult period of challenges. Factors complicating the country's economic climate included the 1995 State Duma election, the early start of the presidential election campaign and its hardly predictable outcome. Notwithstanding the difficult environment, 1995 was the starting year of the National Reserve Bank (NRBank) in its new institutional form. From the beginning we have faced a number of challenges and risks affecting the modern economic life of Russia. After a successful start the Bank is ready and well-equipped to challenge these difficult times, exploiting all available opportunities and offering our clients an excellent service utilising new approaches.

In our development plan we have outlined our major objectives:

  • increase market share in the investment banking area;
  • constantly keep a high liquidity grade in relation to our financial position;
  • maintain and increase our competitiveness in all related banking sectors.

At the same time we are paying great attention to the
following important strategic lines:

  • excellency of reputation;
  • quality of client base;
  • return on capital;
  • quality of management and staff.

In our relationship with existing and future clients and
correspondents we are guided by two major principles:

  • highest reputation in business;
  • careful selection of new clients.

The actual structure of our client base is that of a mixture of leading high quality banks, corporations and businesses in Russia, while on the international side, equally presitigious financial institutions are among our clients and counterparties.

One of the highlights was the appointment of NRBank as agent of the Federal Commission for National Debt Servicing of the Russian Federation. We have actively penetrated this specific market sector, and have also worked out new approaches to the problem of external indebtedness of Russia. The Bank is providing financial and infrastructural support to Russian exporters, so improving the country's balance of payments.

Today we are active in a number of Commonwealth Institute of States (CIS) countries, with Ukraine, Belarus and Moldova being the most attractive business areas for NRBank. NRBank started operations on the Ukrainian local currency bond market, acting as a depository agent and supporting trading on the secondary market. In 1995 a representative office of NRBank was set up in Kiev, Ukraine.

Other very successful areas of business are various domestic government securities and the soft and clearing currency business (eg, clearing Indian rupees).

Throughout our history we focused on attracting western investors who have long-term interests in Russia. The Bank has succeeded in compiling an excellent corporate client list.

We are constantly modifying our range of services, trying to be flexible and attentive to our clients' needs. NRBank provides a combination of traditional and innovative facilities:
  • deposit operations in hard and soft currencies;
  • forwards;
  • options and derivatives trading on internal and external financial markets, fixed income and equity brokerage;
  • as well as asset management for our clients.

I would sincerely like to thank all the personnel of the NRBank for the efficient and excellent service they deliver to our clients and for their contribution to the success of the National Reserve Bank during our first years of existence.

Finally I would like to thank all our clients and partners for the trust and support they have demonstrated. We will make every possible effort to ensure that, as in the past, our services are always of a high quality and standard.

On behalf of the Board of Directors of the National Reserve Bank,

Chairman of the Board